The hot earnings growth Toronto-Dominion Bank demonstrated in the first quarter has cooled, suggesting that the sluggish economy is slowly weighing on its bottom line. Though the bank recorded a respectable profit of $1.72-billion, or $1.78 per share, in the … Continued
Overdue student loans reached an all-time high as students struggle to find work after college, according to a government report renewing alarms about the rising burden of higher-education debt. Eleven percent of student loans were seriously delinquent — at least 90 days … Continued
Hi, it’s another installment of Ask A Banker. We’ve gotten lots of good questions, and also lots of bad questions, on Twitter and email, but answered only a fraction of them, in part because in some columns I just answered questions that I or … Continued
On Tuesday, as Bitcoin’s exchange rate fell to its lowest level in days at around $64 per bitcoin, OKCupid announced that it would accept the digital currency from users wanting to pay for bonus features on the site. The popular (and … Continued
Even though the web first saw Bitcoins in 2009, the decentralized virtual currency is the talk of the Internet right now. It reached a record value of $256 USD last week, before it took a nosedive on Wednesday. In this Sunday Comic, … Continued
First on the Economics 101 “need to know” list is “reserve currency.” What is it, and why is it so important in the daily lives of every American? The rise of the American Century following World War II found societies desperate to rebuild their lives and economies, and as a result the US. dollar was viewed as the stable and secure “must have” currency. That position continued to strengthen over the second half of the 20th Century with the political upheaval in Europe and the emergence of Brazil, Russia, India, China and now South Africa as economic powerhouses. Add the Internet and the easing of world travel that opened the world to multiple global trading options and the world needed a…
Toronto-Dominion Bank CEO Ed Clark will retire next year, Canada’s second-biggest bank said.
Cyprus was always going to get the European Union’s take-it-or-leave-it deal. But this is clearly one case where the medicine is as bad as the disease. The tiny island that is as attractive to Russian oligarchs as it is to … Continued
Depositors in Cyprus banks are threatening to withdraw their savings and other types of deposits from the island after the Eurogroup and government imposed a one-off bank tax of 9.9 percent on deposits over 100,000 euros – and 6.75 percent … Continued
Fresh off its $1.92 billion money laundering settlement, British banking giant HSBC is reportedly nearing a decision to further slash costs by axing another 5,000 jobs. According to the Financial Times, the London-based lender is “gearing up” for thousands more … Continued
UBS drew fire on Thursday as it announced it paid CEO Sergio Ermotti almost $9 million in 2012 and welcomed a new investment bank chief with a $26 million package, just as the Swiss bank is in the process of firing 10,000 staff.
Executive pay in Switz…
HSBC paid CEO Stuart Gulliver $11.1 million last year, despite missing cost and profit targets and a record money laundering fine.
Wow. I’ve been a broken record about America’s stay-the-course monetary policy, about the Fed failing to fulfill its mandate to maximize employment at a time of rampant joblessness, about Ben Bernanke channeling Jerry Seinfeld and basically doing nothing while Congress … Continued