Friday, June 3, 2016

This Week in Bank Failures

Indicted: two former Deutsche Bank traders, in New York, on charges related to manipulating benchmark interest rates.

The International Monetary Fund (IMF) has suspended a program of financial support for Guinea-Bissau after the country spent a week’s worth of GDP on a bank bailout program. The IMF said the country could not afford the bank bailout.

The Fed has become the focus of cyber attacks, and now a House committee is investigating the central bank’s information security practices.

Cuts: Layoffs around 4 percent are on the way at Bank of Montreal in Canada and Bank of East Asia in Hong Kong. Bank of Italy says that country’s banks must cut costs and staff to avoid a crisis.