banks

Turkey cuts rates by 150 basis points and ends easing cycle

An electronic board displays exchange rate information at a currency exchange bureau in Istanbul, Turkey, on Monday, Aug. 29, 2022. Nicole Tung | Bloomberg | Getty Images Turkey’s central bank on Thursday cut interest rates by 150 basis points to 9% and decided to end its cycle of monetary policy easing, citing increased inflation risks. …

Turkey cuts rates by 150 basis points and ends easing cycle Read More »

Credit Suisse shareholders greenlight $4.2 billion capital raise

The logo of Swiss bank Credit Suisse is seen at its headquarters in Zurich, Switzerland March 24, 2021. Arnd Wiegmann | Reuters Credit Suisse shareholders on Wednesday approved a 4 billion Swiss franc ($4.2 billion) capital raise aimed at financing the embattled lender’s massive strategic overhaul. Credit Suisse’s capital raising plans are split into two …

Credit Suisse shareholders greenlight $4.2 billion capital raise Read More »

Credit Suisse projects $1.6 billion fourth-quarter loss

Switzerland’s second largest bank Credit Suisse is seen here next to a Swiss flag in downtown Geneva. Fabrice Coffrini | AFP | Getty Images Credit Suisse on Wednesday projected a 1.5 billion Swiss franc ($1.6 billion) fourth-quarter loss as it undertakes a massive strategic overhaul. The embattled lender last month announced a raft of measures …

Credit Suisse projects $1.6 billion fourth-quarter loss Read More »

Fintech banking app Dave wants to dispel doubts after 97% stock plunge

Mobile banking app provider dave has enough cash to survive the current downturn for fintech firms and reach profitability a year from now, according to CEO Jason Wilk. The Los Angeles-based company got caught up in the waves rocking the world of money-losing growth companies this year after it went public in January. But Dave …

Fintech banking app Dave wants to dispel doubts after 97% stock plunge Read More »

Credit card balances jump 15% as Americans fall deeper in debt

In an economy that has produced the highest inflation rate since the early 1980s, Americans are struggling to keep up with day-to-day expenses. More consumers are now relying on credit cards to get by, which has helped propel total credit card debt to $930 billion in the third quarter, just shy of the all-time record, …

Credit card balances jump 15% as Americans fall deeper in debt Read More »

Crypto will be fine, announces industry recovery fund

The CEO of the largest online exchange for trading cryptocurrency, Binance, said he is establishing a recovery fund to help people in the industry, while saying the sector “will be fine.” Ben McShane / Contributor / Getty Images The CEO of the largest online exchange for trading cryptocurrency said Wednesday that he’s establishing a recovery …

Crypto will be fine, announces industry recovery fund Read More »