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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers

Category : Business, Stocks, Uncategorized, World News

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Chase Bank has moved to limit cash withdrawals while banning business customers from sending international wire transfers from November 17 onwards, prompting speculation that the bank is preparing for a looming financial crisis in the United States by imposing capital controls.

Numerous business customers with Chase BusinessSelect Checking and Chase BusinessClassic accounts have received letters over the past week informing them that cash activity (both deposits and withdrawals) will be limited to a $50,000 total per statement cycle from November 17 onwards.

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Lloyds chairman to retire in 2014

Category : World News

Lloyds Banking Group, which is 39%-owned by the UK taxpayer, says its chairman, Sir Win Bischoff, will retire before May 2014.

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Lloyds chairman Win Bischoff to step down

Category : Business

City veteran said the bank’s performance is ‘well on track’ ahead of government sell-off

Sir Win Bischoff said Lloyds Banking Group was “on track” for recovery as he announced he would step down as chairman before next year’s annual general meeting.

The search for a successor for the 72-year old City veteran will be led by a senior Lloyds director and is beginning just days before this year’s annual meeting, which takes place on Thursday.

Bischoff’s departure from a role he took on in September in 2009 has been the subject of speculation for many months although he now looks likely to leave before the sale of the government’s 39% stake.

“Lloyds Banking Group has, over the past four years, made significant progress in its goal to become a strong, efficient, UK-focused retail and commercial bank. Whilst clearly some challenges remain, the performance of the group is well on track. Indeed, in many areas, it is ahead of plan. This gives me every confidence in the future success of the group and it is therefore a good time to start the search for my successor,” Bischoff said.

Anthony Watson, the former fund manager and senior independent director, will lead the search for the new chairman, who will need to give investors enough confidence in the bank to buy shares during any stock market flotation.

In a surprise move in March, the government signalled its determination to privatise Lloyds by linking a bonus for its chief executive, António Horta-Osório, to selling off a stake in the bank at a price above 61p. This is considerably lower than the 73p that the City had previously assumed would be the price targeted by the government.

Bischoff was a key figure at the investment bank Schroders when it was sold to the US bank Citigroup in 2000. He ended up running the entire bank in the fall out of the 2007 credit crunch but left Citi in 2009 after the bank reported a $18.5bn (£12bn) loss.

He was named chairman of Lloyds after the HBOS rescue, which led to the departure of Sir Victor Blank, who had chaired Lloyds during the 2008 crisis. In 2001, Bischoff replaced the Lloyds chief executive, Eric Daniels, with Horta-Osório.

Speculation about Bischoff’s successor is already swirling around Paul Tucker, deputy governor of the Bank of England.

Anat Admati: the bankers are naked – video interview

Category : Business

The co-author of The Bankers’ New Clothes says the dangers inherent in the banking system before the financial crisis have not been dealt with

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Greater Hudson Bank, NA (NY) (GHDS: OTCQB) | Greater Hudson Bank, N.A. Welcomes Damiane Doyle As Commercial Loan Officer

Category : Stocks

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Greater Hudson Bank, N.A. Welcomes Damiane Doyle As Commercial Loan Officer

PR Newswire

MIDDLETOWN, N.Y., May 10, 2013

MIDDLETOWN, N.Y., May 10, 2013 /PRNewswire/ –

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G7 ministers to discuss bank reform

Category : World News

G7 finance ministers are meeting in the UK this weekend to discuss banking and financial reforms.

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RBS signals government could sell taxpayer stake next year

Category : Business

Bailed-out bank’s chairman uses strongest language yet to talk of sale, as RBS reports first-quarter profits of £826m

Royal Bank of Scotland has given the clearest signal yet that the government is preparing to sell off part of the taxpayer’s stake in the bailed-out bank next year.

As the Edinburgh-based bank reported a profit of £826m for the first quarter compared with a £1.4bn loss the same time last year, its chairman, Sir Philip Hampton, said RBS could be ready for sale from the middle of 2014 – or even earlier.

But the return to profit, and talk about a return to the private sector, did not impress the stock market. RBS shares were the biggest fallers in the FTSE 100, dropping 5.5% to 289p, a level that represents a £19bn loss on the £45bn ploughed in by the taxpayer during 2008 and 2009.

The decision to sell the 81% stake rests with the Treasury and the disposal is expected to take place in a series of tranches over a number of years. Hampton used more definitive language about the prospects of a share sale than he did at the results in February, issuing a video message in which he said drawing up a prospectus for shareholders could be achieved from the middle of 2014. “It could be earlier … we think the recovery process will be complete in about a year or so’s time,” he said.

A prospectus contains all the details about the bank’s financial performance and would be needed to be sent to prospective shareholders if the shares are to be sold off.

An uncharacteristically upbeat Stephen Hester, who became RBS chief executive at the time of the October 2008 banking crisis, said the group was “back in profit … a big change on recent times”.

Some £900bn has been taken off the bank’s balance sheet which was £2.3tn at the time of its bailout.

But Ian Gordon, banks analyst at Investec, said: “We were quite bemused listening to RBS management describe the business as ‘ready for privatisation in 12 months’. It is ready now – it was ready three years ago – surely the only issue we are actually discussing here is the price.”

The average share price at which taxpayers bought the stake in the bank was around 500p, although a figure has since emerged of 407p, which was the average price of the shares on the stock market on the days the shares were bought.

Hester, who described the possibility of privatisation as a “terrific thing for the country”, conceded that some of the share sales could take place at a loss. “There may well be a cogent case for starting at a lower price but I believe the average price can, and should, be above the government purchase price,” Hester said.

The slow economy and tougher regulations had made all bank shares less valuable, Hester said, but he insisted he was not complaining about the regulatory changes facing the industry. “It is our view that privatisation would be a terrific thing for the country psychologically and in terms of taxpayers money be freed up for other needs,” Hester said.

The parliamentary banking standards commission could still call for the break-up of RBS into a good and bad bank. Such a decision should be for the government, Hester said, but he did not dismiss the idea out of hand.

Even though RBS was back in profit, the City had been expecting a stronger performance and was surprised by the sharp downturn in the investment bank’s profits. “Underlying trends are weaker, with [group] operating profit of £800m – down 28% – a £400m consensus miss. The markets [investment bank] division [pre-tax profit down 64%] looks awful,” said Gordon.

Hester has been under political pressure to scale back the investment banking division and focus RBS on helping grow the domestic economy.

The bank did not make an additional charge for payment protection insurance on top of the existing £2.2bn it has set aside, although it ring-fenced an extra £50m for insurance rate swap mis-selling. It is also falling behind in selling off the 316 branches that it has been instructed to by Brussels and signalled a stock market flotation of the branches under the revived Williams and Glyn’s brand could take place in 2015.

The bank is also still waiting to learn the size of any fine for money laundering offences in the US and warned it could have a “material adverse affect” on future results.

Mega banks may disappear

Category : Business, Stocks

Consultant calls recently proposed banking regulations such as Brown-Vitter “weapons of mass dissolution.”

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Apple taps markets for record $17bn

Category : World News

Apple raises $17bn (£10.9bn) via a bond sale, the biggest ever by a non-banking company, to help fund its plan for extra payouts to shareholders.

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Lloyds sees profits rise to £2bn

Category : Business, World News

Lloyds Banking Group reports a big rise in profits for the first three months of the year, making a total of more than £2bn.

Excerpt from: Lloyds sees profits rise to £2bn

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