Unrealized losses in the US banking system are once again on the rise, according to new numbers from the Federal Deposit Insurance Corporation (FDIC). In its Quarterly Banking Profile report, the FDIC says banks are now saddled with more than half a trillion dollars in paper losses on their balance sheets, due largely to exposure to […]
The post $517,000,000,000 in Unrealized Losses Hit US Banking System As FDIC Warns 63 Lenders on Brink of Insolvency appeared first on The Daily Hodl.
In his speech on the release of the Financial Stability Report, Tiff Macklem, Governor of the Bank of Canada, sought to emphasize the purported strength of Canada’s financial system while cautioning against ongoing risks that could precipitate a “sharp correction” in markets, potentially leading to widespread financial strain. “Some indicators of financial stress have risen,” […]
People are once again pulling their money out of the US banking system. The latest data from the Federal Reserve Economic Data (FRED) system shows total deposits in all commercial banks fell $133.163 billion in seven days, from $17.580 trillion on April 10th to $17.446 trillion on April 17th. The new numbers have erased gains that […]
The post $133,163,900,000 in Deposits Exit US Banking System in One Week As Former Fed President Warns Lenders Are Vulnerable appeared first on The Daily Hodl.
Authorities in Hong Kong say they’ve cracked a massive, global money laundering operation that used the traditional banking system to wash approximately $1.8 billion. Seven people are now under arrest, accused of running a “large-scale transnational syndicate” powered by shell companies with fraudulent bank accounts, reports the Associated Press. The group’s phony businesses claimed to be […]
The post $1,800,000,000 Funneled Through Fraudulent Bank Accounts in Massive Money Laundering Operation: Report appeared first on The Daily Hodl.
US banks are now saddled with a staggering $684 billion in losses on securities, according to a new report from the Federal Deposit Insurance Corporation (FDIC). The agency says the total number of unrealized securities in the banking system at the end of Q3 surged by $126 billion – a 22.5% increase in the span […]
The post $684,000,000,000 in Unrealized Losses Hammer US Banks As Fed Reveals Surge in Underwater Assets appeared first on The Daily Hodl.
Engineers are investigating how hackers managed to crack the New York arm of the Industrial & Commercial Bank of China (ICBC) – a financial institution with $5.74 trillion in total assets. The hack forced the ICBC to settle trades using a USB stick while forcing banks, brokerages and market makers to reroute trades, reports Bloomberg. […]
The post Hackers Hit World’s Largest Bank, Forcing Financial Giant to Rely on USB Stick to Settle Trades: Report appeared first on The Daily Hodl.
The Federal Deposit Insurance Corporation (FDIC) has shut down a bank in Iowa after regulators discovered “significant loan losses” on its balance sheet. The FDIC is adding Citizens Bank in Sac City to its list of failed banks, and says Iowa Trust & Savings Bank has assumed all deposits in order to protect depositors. The […]
The post Fifth Bank Failure of 2023 Declared, Iowa Bank Insolvent Due to ‘Significant Loan Losses’ appeared first on The Daily Hodl.
The Federal Reserve and New York Department of Financial Services are hitting a US bank with a multi-million dollar fine for violating the Bank Secrecy Act. The agencies say Metropolitan Commercial Bank (MCB) will pay a total of $29.5 million in penalties for allowing criminals to open new accounts and misdirect a staggering $300 million. […]
The post Billion-Dollar Bank Pays $29,500,000 Fine Over ‘Massive Fraud’, Allowing Criminals to Access $300,000,000 appeared first on The Daily Hodl.
Banks are collectively posting their most substantial profits in a decade, according to a new assessment from the consulting giant McKinsey. McKinsey says the rise in interest rates has paved the way for banks to widen their net interest margins and earn more on loans and mortgages, with the industry’s global profits growing by roughly […]
The post Bank Profits Surge by $280,000,000,000 Globally Due to Sharp Increase in Interest Rates: McKinsey appeared first on The Daily Hodl.
Customers at one of America’s biggest banks are reportedly seeing erroneous withdrawals hit their accounts. Concerns over unexplained withdrawals at Wells Fargo tagged as “debit card pending correction” began circulating on social media a week ago, with thousands of people calling out the bank, reports the CBS-affiliated news station WNCT. The unexplained charges siphoned as […]
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