The clock is ticking for the financial services industry, with banks said to be months away from being forced to act on Brexit contingency plans that could see thousands of jobs leave the UK. The first quarter of 2018 has been dubbed the “point of no return” for banks, insurers and asset managers as the industry calls on the UK to clinch a transition period that would extend market access to the EU beyond March 2019.
All but four of 19 major United States banks got a green light yesterday to boost dividends and buy back shares after the Federal Reserve declared them strong enough to survive another serious recession.
Gibraltar could play a role in contingency plans drawn up by the Foreign Office to evacuate British expatriates in the event of a banking collapse in Spain and Portugal, according to the Sunday Times.
Fitch announced on Thursday it has downgraded the credit rating of six of the world’s largest banks. The banks include US’ Bank of America, British Barclays, and France’s BNP Paribas.
Latin America is in a good financial situation, but the problems currently being suffered by the US and Europe poses a threat, according to the region’s banks federation, FELEBAN.
Brazilian state-run development bank BNDES will receive at least 45 billion Real or 27 billion US dollars from the government to extend its program of low-cost loans for supporting company investments in capital goods, local media reported this week.
Uruguayan banks will probably be able to continue with last year’s profits in the current year, as the economy strengthens, Fernando Oliva, directory of consultancy at Doloitte told BNAmericas.
Banks operating in the UK will be hit with a levy in a move set to raise more than £8bn over four years, the chancellor has announced -The levy is part of a joint move between the UK, France and Germany.
Eight banks are facing a US investigation into the rating of their mortgage products, the BBC understands. New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain better ratings for risky securities.
A recent study from the Central Bank of Chile written by economists José Miguel Matus, Nancy Silva, Alejandra Marinovic y Karla Flores found that Chilean household debt increased from 23% of GDP in 2000 to 39.1% in 2009.