Citigroup
UBS raises US recession odds to 60%, but what does this mean for crypto prices?
On Aug. 30, global investment bank UBS increased its view on the risk of the United States entering a recession within one year to 60%, up from 40% in June. According to economist Pierre Lafourcade, the latest data showed a 94% chance of the economy contracting, but added that it “does not morph into a full-blown recession.” Partially explaining the difference is the “extremely low levels” of non-performing loans, or defaults exceeding 90 days from credit borrowers. According to Citigroup Chief Executive Jane Fraser, the institution “feels very good about” liquidity and credit quality. Furthermore, Reuters states that the financial industry wrote off merely 0.1% of its loans in the 2Q. The problem is that even in the now-improbable scenario of avoiding a...
US company mistakenly deposits $1.2 million into woman’s account
It’s not quite the nearly $1 billion blunder that Citigroup Inc. made last summer, but Charles Schwab Corp. said it accidentally sent more than $1 million dollars to the Fidelity Brokerage Services account of a woman in Louisiana. Schwab blamed an “issue created by a software enhancement” for erroneously transferring $1.2 million in February to the Fidelity account of Kelyn Spadoni, rather than the $82.56 she had requested, according to a lawsuit filed in federal court in New Orleans last month. When the company realized the mistake and attempted to take the money back, it was gone and Spadoni wasn’t answering her phone, the bank said. Spadoni, 33, of Harvey, Louisiana, was arrested earlier this week and fired from her job as a 911 dispatcher, nola.com and WVUE-TV reported, citing the Jeff...
Major banks moved vast sums of illicit money – investigation
Massive sums of allegedly dirty money have flowed for years through some of the world’s largest banking institutions, said an international journalism investigation published Sunday, which denounced shortcomings in sector regulations. “Profits from deadly drug wars, fortunes embezzled from developing countries, and hard-earned savings stolen in a Ponzi scheme were all allowed to flow into and out of these financial institutions, despite warnings from the banks’ own employees,” according to the probe from Buzzfeed News and the International Consortium of Investigative Journalists (ICIJ). The investigation, which was led by 108 international media outlets from 88 different countries, is based on thousands of suspicious activity reports (SARs) submitted to the US Treasury Department’s financi...
