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The Latest Breaking News on Financial Services

Wells Fargo to pay $3.7 billion settling charges it wrongfully seized homes and cars

The case marks the largest penalty ever imposed by the federal watchdog agency the Consumer Financial Protection Bureau. Customers who were harmed will receive $2 billion in restitution.

WEKU

Biden to travel to Mexico City to meet with leaders of Mexico, Canada on Jan 9-10

President Joe Biden will to travel to Mexico City on January 9 for a two-day trip where he will meet with the leaders of Mexico and Canada, White House National Security Council spokesman John Kirby said in a call with reporters on Tuesday.

Reuters

Pending Mexican central bank post to be decided soon, president says

Mexico will in the next few days resolve the pending designation of a board member for the Mexican central bank, President Andres Manuel Lopez Obrador said on Tuesday, as deputy governor Gerardo Esquivel's mandate is set to expire at the end of the year.

Reuters

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Suspected thief named after shop targeted in Old Swan

A 49-year-old man has been bailed to appear in court later this week

Liverpool Echo

Livid demolition boss threatens to fill in bank after £36,000 'vanishes' from account

A man furious with bank staff who could not find what happened to money in his bank account destined to pay for a house threatened to fill in the entrance with blocks

Daily Mirror

Atom Bank makes its four day week permanent after successful trial

Lender says productivity, customer service ratings and staff turnover have all improved

Evening Standard

Wells Fargo to pay $3.7 billion for mistreating customers

NEW YORK: Wells Fargo Co agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau to settle a variety of allegations of mistreating customers, including a $1.7 billion fine that’s the biggest in CFPB history.

The Times of India

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Just two days left to cash in and get £200 free from your bank - how it works

The £200 switching offer is available to customers who move to HSBC’s Advance or Premier Bank Account, using the Current Account Switch Service (CASS)

Daily Mirror

2 Momentum Stocks That Are Too Cheap to Ignore

The Fed is expected to keep hiking rates well into 2023; consequently, the broader market might remain under pressure. However, value stocks have been gaining traction and are expected to perform well in the following year. So, fundamentally sound momentum stocks Berry Corporation (BRY) and Gran Tierra Energy (GTE), which…

StockNews.com

Bombay high court grants bail to Sanjeev Palande, PA to Maha ex-home minister Anil Deshmukh in ED case

MUMBAI: The Bombay high court on Tuesday granted bail to Sanjeev Palande, personal secretary to Maharashtra’s ex-home minister Anil Deshmukh, in a money laundering case registered by the Enforcement Directorate (ED).

The Times of India

Banking services return to Ethiopia's Tigray as conflict ends

Ethiopia’s largest bank has reopened branches in some towns in Tigray, allowing residents to access funds they have been blocked from using for over a year due to the conflict between the federal government and Tigrayan rebels.

Radio France Internationale

King Charles III banknotes revealed by Bank of England - and when you can get one

The King’s image will appear on the front of all four polymer banknotes, however notes carrying a portrait of Queen Elizabeth II still remain legal tender

Chronicle Live

TSB fined £48million over computer meltdown that left customers unable to access accounts

The issue occurred when TSB attempted to move customer data to a new computer system managed by Spanish owner Sabadell from the old one supplied by Lloyds Banking Group.

Daily Mirror

Six big UK banks to start lending on flats with cladding

Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander to offer mortgages on medium and high-rise properties from January

The Guardian - UK

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Manchester Evening News

First picture of King Charles III £5, £10, £20 and £50 bank notes released

The new notes won't be in circulation until 2024

Evening Standard

TSB fined almost £50 million for IT meltdown that locked customers out of accounts for weeks

The botched systems change in 2018 led to a weeks-long lockout for customers

Evening Standard

King Charles shown on Royal Mint bank notes for the first time but will not appear until 2024

The new notes will replace those featuring Queen Elizabeth II

Insider UK

TSB fined £48.7m over 2018 IT meltdown that left customers unable to access services

FCA said bank 'failed to plan for the IT migration properly' - TSB apologises again

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Wales Online

TSB Bank fined nearly £50m after botched computer upgrade in 2018

The bank was attempting to switch over to a new IT system but the transfer went wrong. Regulators said there were "widespread" issues in how it handled customer data.

The Guardian - UK

TSB fined £48m over ‘serious failings’ in IT meltdown

FCA penalises bank after millions of customers were locked out of their accounts for weeks

Liverpool Echo

Bank of England shares first look at new King Charles III bank notes

The new bank notes have been unveiled but when and where should you change old bank notes

The Independent UK

King Charles III bank notes unveiled by Bank of England

King Charles III is only the second monarch to appear on British banknotes

Reuters

World Bank cuts China growth outlook on COVID, property woes

The World Bank has cut its China growth outlook for this year and next, citing the impact of the abrupt loosening of strict COVID-19 containment measures and persistent property sector weakness.

The Guardian - UK

TSB fined £48m over IT migration meltdown; UK house prices ‘could fall 5%’ in 2023 soft landing – as it happened

Nationwide says a ‘relatively soft landing’ in housing market is possible, while TSB is penalised for operational failings over botched move to new IT platform in 2018

Wales Online

King Charles III banknotes design unveiled by Bank of England

The new notes are expected to enter circulation by mid-2024

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