Banking

U.S. Corporations Earn A Record $1.9 Trillion In Overseas Earnings And Offshore Accounts

Submitted by News Desk 2 on Wed, 05/08/2013 - 16:17

U.S. companies have earned a record $1.9 trillion in profits in overseas operations and offshore accounts according to reports.

Multinational Conglomerate General Electric earned the most profit in its overseas operations at $108 billion, and coming in second was drugmaker Pfizer at $73 billion.

Under current tax rules, corporations do not have to pay taxes on income earned overseas as long as they do not intend to bring the money back into the United States.

365 Bank Atlantic Employees To Loose Thier Jobs After BB&T Acquisition

Submitted by News Desk 2 on Wed, 08/22/2012 - 17:59

Fort Lauderdale, Fla. -

Bank Atlantic will be laying off about 365 employees as part of it being bought by BB&T. The report comes from state filings from BB&T.

Most of the lay offs will come from back office positions and administrative positions at Bank Atlantic's current headquaters that overlap BB&T or are duplicate of existing BB&T positions at its Winston-Samlem, NC headquaters.

New Investigation shows $21 Trillion Kept In Hidden Off Shore Accounts By The Super Rich

Submitted by News Desk 2 on Sun, 07/22/2012 - 10:22

A new study conducted by James Henry, a former chief economist at the consultancy McKinsey, and commissioned by the Tax Justice Network, has found that $21 trillion are being kept in off shore hidden accounts around the world. Henry added, that $21 trillion was a conservative number and that it could be as much as $32 trillion.

How much is $21 trillion? That is the GDP of the United States and Japan, combined.

Congress Accusses HSBC Bank Of Laundering Billions For Drug Cartels And Terrorist

Submitted by News Desk 2 on Tue, 07/17/2012 - 11:55

[Update] 7-17-12 2:30pm
The head of HSBC Compliance has said he is stepping down, other top executive apologize for "lapses".
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Washington, D.C. -

According to a year long congressional investigation, a new report says HSBC has intentionally not enforced security and overlooked numerous red flags that allows Mexican drug cartels and Middle East terrorist to launder as much as $17 billion in physical cash, and that HSBC failed to monitor some $60 trillion in wire transfer and account activities.

U.S. Companies Are Pulling Money Out Of Europe In Fear Of The Euro Collapsing

Submitted by News Desk 2 on Sat, 06/23/2012 - 00:13

New York City -

At nearly ever major corporation with operation in multiple countries, a recent poll by Fireapps found that as much as 88% are actively preparing plan in case the Euro collapses, as many fear its possibility. Fireapps consults for many of the Fortune 500 companies in the United States.

Among the most common plans are moving money every day out of European markets and into other more stable centers. The constant movement of large funds are futher putting Europe one step closer to a financial implosion.

Bank Of America Laying Off 675 In Fort Lauderdale Where The Bank Modifies Mortgages

Submitted by News Desk 2 on Fri, 06/08/2012 - 10:11

Bank Of America will be laying off 675 employees in two offices in Fort Lauderdale as part of its overall 30,000 layoffs that is previously had announced. The offices affected were primarily responsible for modifying homeowner mortgages.

The move is expected to save BofA an estimated $43 million a year and together with other layoffs will save the bank nearly $2 billion.

The bank has been under pressure to show better profits and has taken a beating by the public and regulators in its mortgage practices in the past which have cost it $11 billion in all.

SunTrust Bank Announces It Will Raise Banking Fees And Charge Customers More

Submitted by News Desk 2 on Thu, 06/07/2012 - 12:14

SunTrust has announced that it will be increasing fees for checking account customers starting August 24th. As part of the new fee matrix, customers will not have to maintain a $1,500 average daily balance in order to avoid a $7 monthly checking fee.

Also, the bank is hiking overdraft fee's; currently it is $25 for the first overdraft, and $36 for each thereafter, but now it will be $36 for the first and $36 for each overdraft after that.

The increases are for the banks “Everyday” checking accounts.

JP Morgan Chief Jamie Dimon To Testify Before Before Congress Over $2 Billion Loss At The Bank

Submitted by News Desk 2 on Fri, 05/18/2012 - 09:58

New York City -

JP Morgan chief Jamie Dimon has agreed to testify at the Senate Banking Committee hearing which is chaired by Senator Tim Johnson next month.

The Senate panel will examine the risk to the US banking industry as JP Morgan officials have said they will be "open and transparent."

The surprise losses at JP Morgan have revived the debate over whether regulators should tighten the so-called Volcker rule.

JPMorgan Chase To Pay $20 Million Fine Settle Claims it Mishandled Funds From Lehman Brothers

Submitted by News Desk 2 on Wed, 04/04/2012 - 13:22

New York City -

An agreement has been reach between JPMorgan Chase and the Commodity Futures Trading Commission, CFTC, requiring JPMorgan to pay $20 million over claims that it mishandled Lehman Brothers funds.

The CFTC claimed that JPMorgan Chase used customer funds from Lehman brothers between 2006 to 208 for their own routine business expenses, except that those funds were suppose to be segregated and used only for the specific investments they placed into.

Survey Shows Consumers Would Bank With Apple In U.S. and U.K.

Submitted by News Desk 2 on Sun, 03/25/2012 - 13:23

Apple owners again show their loyalty, in a recent survey by KAE and research and survey company Toluna, 43% of the respondents said they would bank with Apple if Apple opened an "i"bank or financial services division. The survey was done in both the United States and the U.K.

In the survey, 43% of Apple product owners said they would be willing to bank with Apple because they trust the brand, and even more interesting, 10% of the population at large said the same thing.