TD Bank's $3 Billion Fine Reveals the Shortcomings of the Banking ...
Nov 20, 2024 · 1K. 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 hundreds ...
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 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 · 333. 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 ...
Iraq Continues to Play a Delicate Geopolitical and Economic …
Nov 19, 2024 · 538. By Nicholas Larsen, International Banker. A ccording to an economic assessment issued in July by the Fitch Solutions company BMI, Iraq’s real gross domestic product (GDP) for the full year 2024 will reach 1.8 percent, which is higher than the firm’s previous forecast of 1.6 percent and a major turnaround from last year’s 2.3-percent contraction.
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.
Global Capability Centres (GCCs): Three Lessons on Challenges …
Sep 17, 2024 · 907. By Sreeram Iyer, Head of Group Capabilities Centre (GCC) and Chief Operating Officer, Institutional and ANZ Banking Group. G CCs are growing, but there is room for much more….. The global economy has continued to face headwinds from slower growth, rising inflation and tightening regulations. Despite this backdrop, Global Capability Centres (GCCs) have played pivotal roles in ...
Why Soybean Prices Have Continued to Fall Throughout 2024
Jul 18, 2024 · 1.1K. By Hilary Schmidt, International Banker. I n mid-July, the price of soybean futures contracts dipped below $11 per bushel for the first time since November 2020, as the U.S. Department of Agriculture (USDA) and other major analysts reported more favourable than expected supply conditions for the global market, as well as weak export demand. With the soybean market extending its long-term ...
The Customer Experience: An Inescapable Priority for Global …
Mar 11, 2024 · 578. 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 ...
Mashreq Bank: Disrupting the Status Quo Through Innovation
Dec 7, 2023 · 1.2K. By John Manning, International Banker. I n January, the chairman of Mashreq Bank, Mr. Abdul Aziz Al Ghurair, described 2022 as a “transformative year” for the lender. As one of the United Arab Emirates’ (UAE’s) leading banking institutions for much of the 56 years since its founding, as well as one of the oldest banks in the Middle East and North Africa (MENA), such an assessment ...