TD Bank's $3 Billion Fine Reveals the Shortcomings of the Banking ...
Nov 20, 2024 · 999. By Nicholas Larsen, International Banker. O n October 10, the United States Department of Justice (DOJ) announced that TD Bank had agreed to a $3-billion settlement with the US government over charges that it repeatedly failed to detect money-laundering activities within its institution. With the US unit of the Canadian lender unable to prevent a range of criminals from laundering ...
The WorldCom Scandal (2002) - International Banker
Sep 29, 2021 · 28.6K . C oming hot on the heels of accounting scandals involving Enron and Tyco, both of which sent financial markets into tailspins, the fraud committed by WorldCom, one of the world’s biggest telecommunications companies, ended up dwarfing even those infamous crimes in terms of sheer numbers.. By June 2002, the United States’ second-largest long-distance telecommunications company ...
The Generative AI Revolution in Banking: Transforming Research, …
Oct 8, 2024 · GenAI’s potential for metamorphosing operations has captured the attention of banks worldwide. While still new, the technology is already upgrading processes in three key areas: research, risk assessment and compliance. As banks increasingly embrace GenAI’s advantages, they must plan carefully and ensure necessary governance is in place.
The Enron Scandal (2001) - International Banker
Sep 29, 2021 · Enron Corp., once a top American energy-trading company, became a case study in corporate-accounting chicanery and filed for bankruptcy in 2001. The corporation’s troubles started with the introduction of mark-to-market accounting practices, leading to inflated valuations that could be hidden from investors and regulators for only so long.
Egypt Is on the Cusp of a Digital-Banking Boom
Oct 23, 2024 · 337. By Joseph Moss, International Banker. W ith the upcoming launch of its first digital bank, Egypt now has a massive opportunity to boost financial inclusion across the country, not to mention lay the groundwork for a thoroughly modern, customer-centric banking system. In early May, the Central Bank of Egypt (CBE) granted preliminary approval to Misr Digital Innovation (MDI), the investment ...
Sound 2024 Outlook for Global Banking, But Key Downside Risks …
Jan 11, 2024 · For most economies, 2023 was a trying year, but banks profited from high rates. What does 2024 have in store for global banking? With rates having likely peaked, banks will face higher funding costs. Factors such as slower economic growth, stricter regulations and growing geopolitical tensions will also weigh on banks in the coming months.
The Customer Experience: An Inescapable Priority for Global …
Mar 11, 2024 · 585. By Samantha Barnes, International Banker. A s the world continues its migration further into the digital realm to fulfil its banking needs, lenders in 2024 are only too willing to expand their digital-banking capacities to meet this increasing—and increasingly sophisticated—global demand. Indeed, customer preferences are evolving rapidly, with lenders striving to keep up with new ...
Geopolitical Risk and Default Risk of Global Systemically Important …
Sep 30, 2024 · Banks that are deemed “global systemically important banks” enjoy advantages over those that are not, especially during geopolitical tensions. This may heighten the financial system’s instability risks. A recent study used CDS spreads to investigate the correlation between geopolitical risks and the default risks of G-SIBs and non-G-SIBs.
The Top Challenges Banking Leaders Face—and How to Conquer …
Jun 8, 2023 · 1.5K. By Stephanie Peskett, Senior Vice President and Partner, BTS. I n May 2021, my company published research highlighting how banks had changed during the pandemic. The report revealed how banks had deepened their foci on customers and employees, accelerated their digital strategies and reinvented their relationships with risks.
Digitalisation and Sustainability: The Two Pillars Driving Zenith …
Sep 4, 2023 · 1.3K. By John Manning, International Banker. W hen Zenith Bank delivered its financial results for the first quarter (Q1) ending March 31, 2023—including a phenomenal 41-percent growth in gross earnings to ₦270 billion from Q1 2022—few were surprised at the strong performance registered. Given the near-endless stream of unparalleled achievements that the bank has notched up in recent ...