The Government has reformed banking to make it internationally competitive. In 2007, the Ministry of Finance proposed to raise bank capital from Sh250 million ($3.1 million) to Sh1 billion ($12.5 million) by 2010. This deadline has since been pushed to 2012. Foreign banks (Nigerian, South African and others) are investing in low-capital institutions.
After the profit growth of the first five years of the Kibaki administration, bank expansion has since crossedborders to Tanzania, Rwanda, Southern Sudan and Uganda. Local banks such as Equity, KCB and Cooperative are present in the region.
A significant development in banking has been the licensing of two Sharia-compliant commercial banks. First Community andGulf African were licensed in 2007. Consequently, the sector had 45 institutions – 43 commercial banks, two mortgage finance companies – by the end of 2008. of the 45,33 were local and 12 foreign-owned.
In 2009, the banks’ total assets were worth Sh 1.37 trillion ($17.1 billion). Profit before tax was a whopping Sh48.7 billion ($608.7 million). The Kenya Commercial Bank is the biggest in Kenya, with assetsworth Sh191 billion ($2.38 billion) in 2008. At the Nairobi Stock Exchange, banks and their holding companies are worth Sh270billion ($3.375 billion).
List of Banks in Kenya
1. African Banking Corporation Ltd.
2. Bank of Africa Kenya Ltd.
3. Bank of Baroda (K) Ltd.
4. Bank of India
5. Barclays Bank of Kenya Ltd.
6. CFC Stanbic Bank Ltd.
7. Charterhouse Bank Ltd
8. Chase Bank (K) Ltd.
9. Citibank N.A Kenya
10. Commercial Bank of Africa Ltd.
11. Consolidated Bank of Kenya Ltd.
12. Co-operative Bank of Kenya Ltd.
13. Credit Bank Ltd.
14. Development Bank of Kenya Ltd.
15. Diamond Trust Bank (K) Ltd.
16. Dubai Bank Kenya Ltd.
17. Ecobank Kenya Ltd
18. Equatorial Commercial Bank Ltd.
19. Equity Bank Ltd.
20. Family Bank Ltd
21. Fidelity Commercial Bank Ltd
22. Fina Bank Ltd
23. First community Bank Limited
24. Giro Commercial Bank Ltd.
25. Guardian Bank Ltd
26. Gulf African Bank Limited
27. Habib Bank A.G Zurich
28. Habib Bank Ltd.
29. Imperial Bank Ltd
30. I & M Bank Ltd
31. Jamii Bora Bank Ltd.
32. Kenya Commercial Bank Ltd
33. K-Rep Bank Ltd
34. Middle East Bank (K) Ltd
35. National Bank of Kenya Ltd
36. NIC Bank Ltd
37. Oriental Commercial Bank Ltd
38. Paramount Universal Bank Ltd
39. Prime Bank Ltd
40. Standard Chartered Bank (K) Ltd
41. Trans-National Bank Ltd
42. Victoria Commercial BankLtd
43. UBA Kenya Bank Ltd.
Showing posts with label Banking and finance. Show all posts
Showing posts with label Banking and finance. Show all posts
Wednesday 14 November 2012
Tuesday 13 November 2012
What's the Fiscal Cliff About?
The "fiscal cliff" is a combination of dramatic spending cuts and tax increases mandated to take effect beginning January 2013 if Democratic and Republican lawmakers cannot bridge their differences on how best to reduce the nation's budget deficit and debt.
WHAT IS IT?
The Budget Control Act of 2011, set into law in a grudging political compromise in August that year, forces the government to slash spending by $1.2 trillion over 10 years from Jan. 1, 2013. Next year's cuts, called "sequestration," would be about $109 billion.
What's the Fiscal Cliff About? Also on that date, a package of tax reductions set or extended in 2010 to spur economic growth, as well as an extension of unemployment benefits, willexpire, meaning taxes will rise significantly for most Americans.
WHY WILL THIS HAPPEN?
Democrats and Republicans have long been deadlockedover whether to address a$1 trillion-plus annual budget gap with higher taxes or lower spending.
The BCA was a poison-pill deal designed to force themto find a less austere compromise, but neither sidewould budge before the Nov. 6 election. Now that the vote has passed, they only have a few weeks to find a solution to beat the year-end deadline.
WHAT HAPPENS IF THE CLIFF IS NOT AVOIDED
Together the higher taxes paid and lowered spending could slice the $1.1 trillion deficit racked up in fiscal 2012 (ended September 30)by almost $500 billion next year, according to the Congressional Budget Office,vastly improving the government's financial picture.
Recessions: Good for Our Health? But the CBO estimates the shock treatment would send the country back to recession and push the unemployment rate to 9.1 percent.
Deep cuts would come to both defense and non-defense spending. Government suppliers and contractors would lose business, and temporary furloughs could be in store for tens of thousands of federal employees.
Taxes and automatic paycheck deductions would increase for most Americans, reducing the cash they havefor spending, and taxes on capital gains and dividends would rise, hitting investors.
WHAT IS IT?
The Budget Control Act of 2011, set into law in a grudging political compromise in August that year, forces the government to slash spending by $1.2 trillion over 10 years from Jan. 1, 2013. Next year's cuts, called "sequestration," would be about $109 billion.
What's the Fiscal Cliff About? Also on that date, a package of tax reductions set or extended in 2010 to spur economic growth, as well as an extension of unemployment benefits, willexpire, meaning taxes will rise significantly for most Americans.
WHY WILL THIS HAPPEN?
Democrats and Republicans have long been deadlockedover whether to address a$1 trillion-plus annual budget gap with higher taxes or lower spending.
The BCA was a poison-pill deal designed to force themto find a less austere compromise, but neither sidewould budge before the Nov. 6 election. Now that the vote has passed, they only have a few weeks to find a solution to beat the year-end deadline.
WHAT HAPPENS IF THE CLIFF IS NOT AVOIDED
Together the higher taxes paid and lowered spending could slice the $1.1 trillion deficit racked up in fiscal 2012 (ended September 30)by almost $500 billion next year, according to the Congressional Budget Office,vastly improving the government's financial picture.
Recessions: Good for Our Health? But the CBO estimates the shock treatment would send the country back to recession and push the unemployment rate to 9.1 percent.
Deep cuts would come to both defense and non-defense spending. Government suppliers and contractors would lose business, and temporary furloughs could be in store for tens of thousands of federal employees.
Taxes and automatic paycheck deductions would increase for most Americans, reducing the cash they havefor spending, and taxes on capital gains and dividends would rise, hitting investors.
Australia’s Swan warns of U .S. Fiscal Cliff to world economy
The U.S. needs to end itspolitical gridlock in order to avert the so-called fiscal cliff that is jeopardizing a “fragile”recovery in the global economy, Australian Treasurer Wayne Swan said.
“Without action by Congress, the consequences would be very grave,” Swan said in his e-mailed weekly note yesterday. “The world cannot afford to see a continuation of the gridlock that has bedeviled the U.S. political system in recent years.”
President Barack Obama , claiming a mandate from voters after his Nov. 6 re-election, faces opposition over his call foran immediate tax-cut extension for people earning less than$250,000 and insistence that top earners pay more.
The U.S. faces $1.2 trillion in mandated spending reductions and tax boosts over a decade starting Jan. 1 should Congress fail to agree to reduce theU.S. deficit, which totaled$1.09 trillion in fiscal 2012.
Obama has offered no public concessions to House Speaker John Boehner , who has cited public support for the re-elected House Republican majority for hisstance of backing no increases in tax rates. Obama and Boehner will meet at the White House Nov. 16, along with HouseDemocratic Leader Nancy Pelosi , Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell .
Swan, who held discussions with Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben S. Bernanke in Washington last week, called for the Democrats and the Republicans to work together to avoid the cliff.
“Congress must heed President Obama’s call to work together to find common ground and get the U.S. budget back on asustainable long-term track while also continuing to support jobsand economic growth,” Swan said.
The president wants to letGeorge W. Bush-era tax cuts lapse on income of individuals above$200,000 and of married couples above $250,000. That would push the top tax rate to 39.6 percent from 35 percent.
The Senate, controlled by Democrats, and the House, controlled by Republicans, have each passed one-year extensions of their own proposals. The policies preferred by Democrats would lead to about $58 billion in higher taxes on top earners in 2013.
Concern about the impact of a potential political stalemate over the fiscal cliff has already had an impact on global markets. On Nov. 10, the euro slid the most in four months versus the yen on concernthe U.S. budget showdown will push the world’s biggest economy into recession and Greece will struggle for more rescue funds.
The European Commissionon Nov. 7 forecast that the17- nation euro economy will expand 0.1 percent in2013, down from a May forecast of 1 percent. It cut the estimate for Germany, Europe’s largesteconomy, to 0.8 percent from 1.7 percent.
The Congressional BudgetOffice has said the U.S. economy would slow by as much as 0.5 percent next year if Congress fails to prevent measures to reduce the deficit from kicking in on Jan. 1.
While Australia , the world’s 12th-largest economy, has shown resilience to the global slowdown by expanding at an annual pace of about4 percent in the first half of the year, Swan said the lack of a political compromise over the fiscalcliff would threaten all economies.
“The impact could stretch far beyond the U.S., striking a severe blow to the fragile global recovery,” Swan said. “No one should underestimatethe urgency of averting this kind of dire scenario.”
To contact the reporter onthis story: Jason Scott in Perth at jscott14@bloomberg.net
To contact the editor responsible for this story: Paul Tighe at ptighe@bloomberg.net
“Without action by Congress, the consequences would be very grave,” Swan said in his e-mailed weekly note yesterday. “The world cannot afford to see a continuation of the gridlock that has bedeviled the U.S. political system in recent years.”
President Barack Obama , claiming a mandate from voters after his Nov. 6 re-election, faces opposition over his call foran immediate tax-cut extension for people earning less than$250,000 and insistence that top earners pay more.
The U.S. faces $1.2 trillion in mandated spending reductions and tax boosts over a decade starting Jan. 1 should Congress fail to agree to reduce theU.S. deficit, which totaled$1.09 trillion in fiscal 2012.
Obama has offered no public concessions to House Speaker John Boehner , who has cited public support for the re-elected House Republican majority for hisstance of backing no increases in tax rates. Obama and Boehner will meet at the White House Nov. 16, along with HouseDemocratic Leader Nancy Pelosi , Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell .
Swan, who held discussions with Treasury Secretary Tim Geithner and Federal Reserve Chairman Ben S. Bernanke in Washington last week, called for the Democrats and the Republicans to work together to avoid the cliff.
“Congress must heed President Obama’s call to work together to find common ground and get the U.S. budget back on asustainable long-term track while also continuing to support jobsand economic growth,” Swan said.
The president wants to letGeorge W. Bush-era tax cuts lapse on income of individuals above$200,000 and of married couples above $250,000. That would push the top tax rate to 39.6 percent from 35 percent.
The Senate, controlled by Democrats, and the House, controlled by Republicans, have each passed one-year extensions of their own proposals. The policies preferred by Democrats would lead to about $58 billion in higher taxes on top earners in 2013.
Concern about the impact of a potential political stalemate over the fiscal cliff has already had an impact on global markets. On Nov. 10, the euro slid the most in four months versus the yen on concernthe U.S. budget showdown will push the world’s biggest economy into recession and Greece will struggle for more rescue funds.
The European Commissionon Nov. 7 forecast that the17- nation euro economy will expand 0.1 percent in2013, down from a May forecast of 1 percent. It cut the estimate for Germany, Europe’s largesteconomy, to 0.8 percent from 1.7 percent.
The Congressional BudgetOffice has said the U.S. economy would slow by as much as 0.5 percent next year if Congress fails to prevent measures to reduce the deficit from kicking in on Jan. 1.
While Australia , the world’s 12th-largest economy, has shown resilience to the global slowdown by expanding at an annual pace of about4 percent in the first half of the year, Swan said the lack of a political compromise over the fiscalcliff would threaten all economies.
“The impact could stretch far beyond the U.S., striking a severe blow to the fragile global recovery,” Swan said. “No one should underestimatethe urgency of averting this kind of dire scenario.”
To contact the reporter onthis story: Jason Scott in Perth at jscott14@bloomberg.net
To contact the editor responsible for this story: Paul Tighe at ptighe@bloomberg.net
Monday 12 November 2012
Morgan Stanley has sued a former employee
US financial firm Morgan Stanley has sued a former employee convicted for insider trading scheme in order to recover $33m, which it claims to have paid to the US Securities and Exchange Commission (SEC) to settle the civil case associated with the fraudulent activities.
The lender has filed a case with the Manhattan federal court, and sought recovery of the amount from the ex-FrontPoint Partners hedge fund manager Joseph"Chip" Skowron, reported Reuters.
Additionally, the bank sought for unspecified compensation and punitive damages.
In August 2008, Skowron acknowledged of being guilty for trading the stock ofHuman Genome Sciences after receiving non-public information from the biotech company's consultant.
The bank in the complaint claimed that it defended themanager based on the facts provided by the accused that he had not breached the regulation.
The US bank, which purchased FrontPoint in 2006, wanted to recover approximately $45m from the hedge fund manager, but in a March ruling, a judge said that it cannot recover the payment made to the SEC.
Instead, Skowron was ordered to pay $10.2m as compensation to the bank.
The lender has filed a case with the Manhattan federal court, and sought recovery of the amount from the ex-FrontPoint Partners hedge fund manager Joseph"Chip" Skowron, reported Reuters.
Additionally, the bank sought for unspecified compensation and punitive damages.
In August 2008, Skowron acknowledged of being guilty for trading the stock ofHuman Genome Sciences after receiving non-public information from the biotech company's consultant.
The bank in the complaint claimed that it defended themanager based on the facts provided by the accused that he had not breached the regulation.
The US bank, which purchased FrontPoint in 2006, wanted to recover approximately $45m from the hedge fund manager, but in a March ruling, a judge said that it cannot recover the payment made to the SEC.
Instead, Skowron was ordered to pay $10.2m as compensation to the bank.
AIG keen to sell bank, expand in mortgages: CEO
HONG KONG (Reuters) - American International Group Inc is planning to sell its savings and loan business as soon as a federal panel labels the insurance giant"too big to fail," its chief executive said on Monday.
But even without a banking business, AIG is now lookingmore aggressively at making and purchasing mortgages asinvestment vehicles, Chief Executive Officer Bob Benmosche said in a telephone interview from Tokyo.
AIG, which received $182.5 billion in bailout money fromU.S. taxpayers at the height of the financial crisis four years ago, has been working to repay the government and regain its credibility ever since.
AIG is regulated by the Federal Reserve because it has a savings and loan business. But even without it,the insurer is likely to come under permanent Fed oversight anyway as a"systemically important financial institution ," or SIFI.Those designations have not been made yet, but AIG has said all along it is certain to receive one.
Benmosche said of the S&L,"we are planning to close it down. It's a business that doesn't makes sense to be in."
He said he would wait to sellthe unit so there would be no break in regulatory oversight. He declined to discuss how much the sale might fetch, but he said the business had less than $1 billion of assets.
Having the Fed oversee AIG's liquidity and capital structure is strategically important because it establishes credibility, said Benmosche , who was in Japan overseeing a rebranding effort.
Benmosche said he did not know when AIG would receive the SIFI label.
"We're exploring a sale, we're exploring turning it into a trust vehicle rather than a savings institution withdeposits. We're looking at a whole bunch of options," he said.
AIG has spoken to banks as potential purchasers and hired lawyers, Benmosche said.
MORTGAGE EXPANSION
Even as it looks to sell off thebank, though, one place AIGis bulking up is in mortgages . The company's mortgage insurer, UGC, has become unexpectedly strong in recent years as competitors have faltered due to crisis-era losses.
But Benmosche said AIG would like to go even deeper than just insuring home loans.
"We are also now looking at ways we could become direct investors in mortgages," he said. "We aregoing to do more of our owndirect lending, both commercially and residentially."
AIG's motivation is the same as for many insurers in this persistently low interest rate environment -- yield. With fixed income portfolios struggling, insurers are hungry for even a few extra basis points of relatively safe return.
Benmosche said "it makes a big deal" at the current low rates to get that little bit of extra yield by buying mortgages directly, which is why he said AIG is talking tobig banks about buying theirnon-agency mortgage debt.
DEBT REDUCTION
The CEO, credited with turning AIG around from a battered company in the midst of a fire sale of assets, has been active in the media,talking up AIG's prospects after a November 1 earnings report that some analysts found disappointing.
Shares are down nearly 10 percent since, with most of that drop coming after the company said it would ease up on buybacks in favor of using its capital to manage itsdebt load.
One way AIG might manage that debt is with the sale of ILFC , its aircraft leasing business. The company filed for an IPO of ILFC in the fall of 2011, but progress has been stymied by weak markets. Benmosche said Monday the sale would haveto wait until circumstances improved.
"The main thing is we feel we should try to get to a 51 percent sale such that we can deconsolidate the debt from AIG, so that's a target that we have, but we will have to see how it goes," he said. "We are looking for a major launch that gets us more than halfway there."
With the debt under control,and buybacks essentially completed, AIG has talked about the possibility of paying a dividend as soon asnext year.
"There's several things we could be doing and we are still exploring all of those possibilities," Benmosche said.
But even without a banking business, AIG is now lookingmore aggressively at making and purchasing mortgages asinvestment vehicles, Chief Executive Officer Bob Benmosche said in a telephone interview from Tokyo.
AIG, which received $182.5 billion in bailout money fromU.S. taxpayers at the height of the financial crisis four years ago, has been working to repay the government and regain its credibility ever since.
AIG is regulated by the Federal Reserve because it has a savings and loan business. But even without it,the insurer is likely to come under permanent Fed oversight anyway as a"systemically important financial institution ," or SIFI.Those designations have not been made yet, but AIG has said all along it is certain to receive one.
Benmosche said of the S&L,"we are planning to close it down. It's a business that doesn't makes sense to be in."
He said he would wait to sellthe unit so there would be no break in regulatory oversight. He declined to discuss how much the sale might fetch, but he said the business had less than $1 billion of assets.
Having the Fed oversee AIG's liquidity and capital structure is strategically important because it establishes credibility, said Benmosche , who was in Japan overseeing a rebranding effort.
Benmosche said he did not know when AIG would receive the SIFI label.
"We're exploring a sale, we're exploring turning it into a trust vehicle rather than a savings institution withdeposits. We're looking at a whole bunch of options," he said.
AIG has spoken to banks as potential purchasers and hired lawyers, Benmosche said.
MORTGAGE EXPANSION
Even as it looks to sell off thebank, though, one place AIGis bulking up is in mortgages . The company's mortgage insurer, UGC, has become unexpectedly strong in recent years as competitors have faltered due to crisis-era losses.
But Benmosche said AIG would like to go even deeper than just insuring home loans.
"We are also now looking at ways we could become direct investors in mortgages," he said. "We aregoing to do more of our owndirect lending, both commercially and residentially."
AIG's motivation is the same as for many insurers in this persistently low interest rate environment -- yield. With fixed income portfolios struggling, insurers are hungry for even a few extra basis points of relatively safe return.
Benmosche said "it makes a big deal" at the current low rates to get that little bit of extra yield by buying mortgages directly, which is why he said AIG is talking tobig banks about buying theirnon-agency mortgage debt.
DEBT REDUCTION
The CEO, credited with turning AIG around from a battered company in the midst of a fire sale of assets, has been active in the media,talking up AIG's prospects after a November 1 earnings report that some analysts found disappointing.
Shares are down nearly 10 percent since, with most of that drop coming after the company said it would ease up on buybacks in favor of using its capital to manage itsdebt load.
One way AIG might manage that debt is with the sale of ILFC , its aircraft leasing business. The company filed for an IPO of ILFC in the fall of 2011, but progress has been stymied by weak markets. Benmosche said Monday the sale would haveto wait until circumstances improved.
"The main thing is we feel we should try to get to a 51 percent sale such that we can deconsolidate the debt from AIG, so that's a target that we have, but we will have to see how it goes," he said. "We are looking for a major launch that gets us more than halfway there."
With the debt under control,and buybacks essentially completed, AIG has talked about the possibility of paying a dividend as soon asnext year.
"There's several things we could be doing and we are still exploring all of those possibilities," Benmosche said.
Sunday 11 November 2012
Clyne National Australia Bank CEO set to reap $4m bonus
NATIONAL Australia Bank chief executive Cameron Clyne stands to be awarded almost $4 million worth of bonuses.
The bank's shareholders willvote on the grant of performance rights to Mr Clyne and the bank's director of finance Mark Joiner in December, just months after NAB posted a 22 per cent drop in full yearnet profit to $4.08 billion.
Mr Clyne stands to be awarded up to $1.2 million in NAB shares under short-term incentives, and up to$2.7m in shares as part of long-term incentives.
Mr Joiner could be granted shares worth more than$1.5m.
The long-term incentive performance rights will be subject to the achievement of a performance hurdle, NAB said in its notice of annual general meeting issued today.
The bank's shareholders willvote on the grant of performance rights to Mr Clyne and the bank's director of finance Mark Joiner in December, just months after NAB posted a 22 per cent drop in full yearnet profit to $4.08 billion.
Mr Clyne stands to be awarded up to $1.2 million in NAB shares under short-term incentives, and up to$2.7m in shares as part of long-term incentives.
Mr Joiner could be granted shares worth more than$1.5m.
The long-term incentive performance rights will be subject to the achievement of a performance hurdle, NAB said in its notice of annual general meeting issued today.
Know how Islamic Banking operate.
A. INTRODUCTION
With the rapid growth of the world-wide economy along with the expanding economy in the Islamic countries, Islamic banking isevolving to play a vital role in the world. The principlesof Islamic banking differ substantially from those of conventional financing by traditional financial institutions. Islamic principles prohibit usury, the conducting any business involving Riba (interest), i.e. collection or payment of interest, under the Syariah law (Islamic law). Therefore Islamic banks were, during the Middle Ages, functioning essentially as savings institutions rather than commercial banks.
B. LAW AND PRINCIPLE
The principles of Islamic banking were derived fromthe Quran (the revealed book of Muslims) and the Prophet Muhammad (pbuh)and are governed by Shariah law (Islamic law). Islamic law besides prohibiting the payment and/or collection of interests, regardless of the purpose for which loans aremade and the rates at which interests are charged,also prohibits activities dealing with liquor, pork, gambling, pornography and anything which Islamiclaw deems Haram (unlawful).
Islamic banking is instrumental to the development of an Islamic economic order which ensures social justice, such as forbidding all forms of economic activities which are morally or socially injurious, ensuring ownership of wealth legitimately acquired, allowing an individual to retain any surplus wealth and seeking to prevent the accumulation of wealth in a few hands to the detriment of society as a whole through its laws of inheritance.
C. STRUCTURING ISLAMIC PRODUCTS
The commercial purpose of Islamic banking is the same as conventional banking butit needs to operate within the principles stated above. Due to the rules of Shariah, Islamic finance products areoften based on the principles of risk-sharing and profit-sharing. Commonconcepts used are profit sharing (Mudharabah), safekeeping (Wadiah), joint venture (Musharakah), cost plus (Murabahah) and leasing (ljarah). Such sharing principles can provide acceptable financialreturns to investors by providing potential profit inproportion to the risk assumed. This type of structured products can satisfy the demands of investors in the contemporary environment within the guidelines of theIslamic Law. The most activefinancing provided are in the areas of trade, commodity finance, property and leasing.
Also, Islamic financing is only permissible to acceptable deals which exclude those involving alcohol, pork, gambling, etc.Therefore ethical investing is the only acceptable form of investment for Muslims.
With the rapid growth of the world-wide economy along with the expanding economy in the Islamic countries, Islamic banking isevolving to play a vital role in the world. The principlesof Islamic banking differ substantially from those of conventional financing by traditional financial institutions. Islamic principles prohibit usury, the conducting any business involving Riba (interest), i.e. collection or payment of interest, under the Syariah law (Islamic law). Therefore Islamic banks were, during the Middle Ages, functioning essentially as savings institutions rather than commercial banks.
B. LAW AND PRINCIPLE
The principles of Islamic banking were derived fromthe Quran (the revealed book of Muslims) and the Prophet Muhammad (pbuh)and are governed by Shariah law (Islamic law). Islamic law besides prohibiting the payment and/or collection of interests, regardless of the purpose for which loans aremade and the rates at which interests are charged,also prohibits activities dealing with liquor, pork, gambling, pornography and anything which Islamiclaw deems Haram (unlawful).
Islamic banking is instrumental to the development of an Islamic economic order which ensures social justice, such as forbidding all forms of economic activities which are morally or socially injurious, ensuring ownership of wealth legitimately acquired, allowing an individual to retain any surplus wealth and seeking to prevent the accumulation of wealth in a few hands to the detriment of society as a whole through its laws of inheritance.
C. STRUCTURING ISLAMIC PRODUCTS
The commercial purpose of Islamic banking is the same as conventional banking butit needs to operate within the principles stated above. Due to the rules of Shariah, Islamic finance products areoften based on the principles of risk-sharing and profit-sharing. Commonconcepts used are profit sharing (Mudharabah), safekeeping (Wadiah), joint venture (Musharakah), cost plus (Murabahah) and leasing (ljarah). Such sharing principles can provide acceptable financialreturns to investors by providing potential profit inproportion to the risk assumed. This type of structured products can satisfy the demands of investors in the contemporary environment within the guidelines of theIslamic Law. The most activefinancing provided are in the areas of trade, commodity finance, property and leasing.
Also, Islamic financing is only permissible to acceptable deals which exclude those involving alcohol, pork, gambling, etc.Therefore ethical investing is the only acceptable form of investment for Muslims.
India to probe black money Bank claims.
A day after Indian activist Arvind Kejriwal accused it of inaction over black money allegedly stashed away in HSBC Bank in Geneva, government on Saturday said investigations are in progress with tax authorities to obtain more information regarding the reported account holders.
Without naming either the bank or the account holders involved, Indian government came out with a statement saying that appropriate action has been taken on these cases based on information received last year from the French government.
"And further including assessment, tax collection and levy of penalty will be taken as per the provisions ofthe Income Tax Act, 1961 and based on the facts of theeach case", said a statement issued on behalf of the Department of Revenue of the Finance Ministry.
The statement comes in the wake of allegations levelled by India Against Corruption (IAC) activist Kejriwal and lawyer Prashant Bhushan that government has taken no action on the information provided purportedly on 700 account holders in HSBCGeneva by the French government.
They had also named top industrialists and a politician as having parked their money to the tune of R s. 6000 crore in the bank.
The official statement merely said that information was received in June last year bythe government from its counterpart in France relating to certain bank accounts reportedly held by certain individuals and non-individuals in a foreign bank.
Reference to this matter was made by the then Finance Minister during the course ofthe debate on adjournment motion in the Lok Sabha on December 14. Subsequently,answers to question on this matter were furnished in theRajya Sabha on August 23 this year.
"Information was received inJune, 2011 by the Government of India from the Government of France relating to certain bank accounts reportedly held by certain individuals/ non-individuals in a foreign bank", the statement said.
"Information received from the Government of France has been analysed and investigations into the information have been undertaken by the different jurisdictional authorities under the Income Tax Act 1961", it said.
The statement said it would be pertinent to point out thatthe information received from France is covered by the confidentiality clause under the Double Taxation Avoidance Convention (DTAC) between India and France and can be used onlyfor the tax purposes specified there in.
Without naming either the bank or the account holders involved, Indian government came out with a statement saying that appropriate action has been taken on these cases based on information received last year from the French government.
"And further including assessment, tax collection and levy of penalty will be taken as per the provisions ofthe Income Tax Act, 1961 and based on the facts of theeach case", said a statement issued on behalf of the Department of Revenue of the Finance Ministry.
The statement comes in the wake of allegations levelled by India Against Corruption (IAC) activist Kejriwal and lawyer Prashant Bhushan that government has taken no action on the information provided purportedly on 700 account holders in HSBCGeneva by the French government.
They had also named top industrialists and a politician as having parked their money to the tune of R s. 6000 crore in the bank.
The official statement merely said that information was received in June last year bythe government from its counterpart in France relating to certain bank accounts reportedly held by certain individuals and non-individuals in a foreign bank.
Reference to this matter was made by the then Finance Minister during the course ofthe debate on adjournment motion in the Lok Sabha on December 14. Subsequently,answers to question on this matter were furnished in theRajya Sabha on August 23 this year.
"Information was received inJune, 2011 by the Government of India from the Government of France relating to certain bank accounts reportedly held by certain individuals/ non-individuals in a foreign bank", the statement said.
"Information received from the Government of France has been analysed and investigations into the information have been undertaken by the different jurisdictional authorities under the Income Tax Act 1961", it said.
The statement said it would be pertinent to point out thatthe information received from France is covered by the confidentiality clause under the Double Taxation Avoidance Convention (DTAC) between India and France and can be used onlyfor the tax purposes specified there in.
Saturday 10 November 2012
Vikram Pandit to receive$15m from Citigroup
Former Citigroup chief executive Vikram Pandit, who stood down last month, will get more than $15m (£9.4m) as part of a settlement with the banking giant.
John Havens, the chief operating officer who resigned at the same time, will receive a similar amount.
The payments were disclosed in filings to the Securities and Exchange Commission late on Friday.
At the time of the resignations there were reports of disagreements with investors over Citi's strategy.
Mr Pandit's payments include $6.65m for incentivepay for work in 2012 and deferred stock and cash incentive awards valued at$8.83m.
Mr Havens' payments include $6.79m for 2012 and $8.73m worth of deferred stock and cash incentive awards for work in 2011 and 2008.
"Vikram and John made significant contributions to Citi during their five years of service," Citigroup chairman Michael O'Neill said in statement included in the filing.
Mr Pandit resigned on 15 October, a day after Citi reported an 88% drop in quarterly profits to $468m.
In a conference call at the time, Citi chairman Michael O'Neill said Mr Pandit's departure was not due to any "strategic, regulatory or operating issue".
He added: "Vikram offered his resignation and the board accepted it."
John Havens, the chief operating officer who resigned at the same time, will receive a similar amount.
The payments were disclosed in filings to the Securities and Exchange Commission late on Friday.
At the time of the resignations there were reports of disagreements with investors over Citi's strategy.
Mr Pandit's payments include $6.65m for incentivepay for work in 2012 and deferred stock and cash incentive awards valued at$8.83m.
Mr Havens' payments include $6.79m for 2012 and $8.73m worth of deferred stock and cash incentive awards for work in 2011 and 2008.
"Vikram and John made significant contributions to Citi during their five years of service," Citigroup chairman Michael O'Neill said in statement included in the filing.
Mr Pandit resigned on 15 October, a day after Citi reported an 88% drop in quarterly profits to $468m.
In a conference call at the time, Citi chairman Michael O'Neill said Mr Pandit's departure was not due to any "strategic, regulatory or operating issue".
He added: "Vikram offered his resignation and the board accepted it."
Goldman in settlement talks with U.S. over trading loss
(Reuters) - Goldman Sachs Group Inc is in settlement talks with the U.S. government over an $8.3 billion position that one of the investment bank's traders had concealed five years ago, according to a published report.
The Financial Times said a settlement with the U.S. Commodity Futures Trading Commission , which regulatesU.S. futures and options markets, is expected in the coming weeks, citing two sources familiar with the plans.
Goldman declined to comment and the CFTC could not be reached for comment.
The planned settlement follows Thursday's announcement from the regulator that accused ex-Goldman trader Matthew Marshall Taylor of hiding a large position in S&P 500 e-mini futures contracts. Taylor has denied the accusations, his lawyer said on Thursday.
The Financial Times said a settlement with the U.S. Commodity Futures Trading Commission , which regulatesU.S. futures and options markets, is expected in the coming weeks, citing two sources familiar with the plans.
Goldman declined to comment and the CFTC could not be reached for comment.
The planned settlement follows Thursday's announcement from the regulator that accused ex-Goldman trader Matthew Marshall Taylor of hiding a large position in S&P 500 e-mini futures contracts. Taylor has denied the accusations, his lawyer said on Thursday.
Friday 9 November 2012
Banks Found Australia full list
ADELAIDE BANK LIMITED +61 8 8300 6000
ADVANCE BANK AUSTRALIA LIMITED +61 2 9236 1511
ALLIED BANKING CORPORATION AUSTRALIA +61 2 9415 4643
AMP BANK LIMITED +61 2 9257 8444
ARAB BANK +61 2 9377 8900
ARAB BANK AUSTRALIA LIMITED +61 2 9377 8900
AUSBIL DEXIA LIMITED +61 2 9259 0200
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED. +61 3 9273 5555
AUSTRAL MORTGAGE CORPORATION +61 2 9299 1833
BANK OF AMERICA, N.A. SYDNEY +61 2 9931 4200
BANK OF CYPRUS AUSTRALIA +61 3 8627 2745
BANK OF MELBOURNE +61 3 9520 0000
BANK OF QUEENSLAND LIMITED +61 4 3212 3494
BANK OF SCOTLAND INTERNATIONAL +61 2 8299 8853
BANK OF SOUTH AUSTRALIA LIMITED +61 8 210 4758
BANK OF TOKYO-MITSUBISHI LTD. +61 2 9296 1111
BANK OF WESTERN AUSTRALIA LTD (BANKWEST) +61 1 8001 99535
BANKSIA FINALCIAL GROUP +61 3 9602 0000
BANKSMART NA
BENDIGO BANK +61 1 3003 61911
BNP PARIBAS +61 2 9216 8633
CIBC - CANADIAN IMPERIAL BANK OF COMMERCE +61 2 9275 1300
CITIBANK LIMITED +61 2 9239 9100
COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT +61 2 9273 3000
COMMONWEALTH BANK OF AUSTRALIA +61 2 9378 2000
CREDIT SUISSE (INVESTMENT BANKING) +61 2 8205 4400
CREDIT UNION SERVICES CORPORATION +61 3 9286 4536
DEUTSCHE BANK +61 3 9270 4171
ELDERS RURAL BANK +61 1 3006 60115
ENDEAVOUR CREDIT UNION +61 2 9391 8044
GE MONEY +61 3 9921 6857
GOLDMAN SACHS JBWERE PTY LTD +61 3 9 679 1111
HERITAGE BUILDING SOCIETY +61 746 90 9000
HSBC BANK AUSTRALIA LIMITED +61 2 9255 2888
ILLAWARRA MUTUAL BUILDING SOCIETY LTD +61 2 4227 9111
INDUSTRIAL AND COMMERCIAL BANK OF CHINA +61 2 9233 2233
ING BANK AUSTRALIA +61 2 9028 4000
ING BANK NV +61 2 9234 8111
INVESTEC BANK (AUSTRALIA) LIMITED +61 2 9293 2000
KEB AUSTRALIA LTD. +61 2 9251 3355
LAIKI BANK AUSTRALIA LIMITED +61 2 8262 9000
MACQUAIRE GROUP +61 3 0036 5585
MACQUARIE BANK +61 2 8232 3333
MEMBERS EQUITY BANK +61 3 9605 6701
METWAY BANK +61 7 3362 2222
NATIONAL AUSTRALIA BANK LIMITED +61 3 8641 9083
NEW ENGLAND CREDIT UNION LTD. +61 2 6776 0444
POLICE CREDIT UNION LIMITED +61 8 8208 5761
PRIMARY INDUSTRY BANK OF AUSTRALIA LIMITED NA
RABOBANK AUSTRALIA LIMITED +61 2 8115 4000
RESERVE BANK OF AUSTRALIA +61 2 9551 8111
SCHRODER INVESTMENT MANAGEMENT AUSTRALIALIMITED +61 2 9210 9200
SGE CREDIT UNION +61 2 9891 4489
STANDARD CHARTERED BANK +61 2 9232 9333
ST. GEORGE BANK LIMITED +61 2 952 1111
SUNCORP METWAY BANK LIMITED +61 7 3362 1222
THE TORONTO-DOMINIONBANK +61 2 9619 8888
UBS IN SYDNEY +61 2 9324 2000
UNITED OVERSEAS BANK LIMITED
ADVANCE BANK AUSTRALIA LIMITED +61 2 9236 1511
ALLIED BANKING CORPORATION AUSTRALIA +61 2 9415 4643
AMP BANK LIMITED +61 2 9257 8444
ARAB BANK +61 2 9377 8900
ARAB BANK AUSTRALIA LIMITED +61 2 9377 8900
AUSBIL DEXIA LIMITED +61 2 9259 0200
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED. +61 3 9273 5555
AUSTRAL MORTGAGE CORPORATION +61 2 9299 1833
BANK OF AMERICA, N.A. SYDNEY +61 2 9931 4200
BANK OF CYPRUS AUSTRALIA +61 3 8627 2745
BANK OF MELBOURNE +61 3 9520 0000
BANK OF QUEENSLAND LIMITED +61 4 3212 3494
BANK OF SCOTLAND INTERNATIONAL +61 2 8299 8853
BANK OF SOUTH AUSTRALIA LIMITED +61 8 210 4758
BANK OF TOKYO-MITSUBISHI LTD. +61 2 9296 1111
BANK OF WESTERN AUSTRALIA LTD (BANKWEST) +61 1 8001 99535
BANKSIA FINALCIAL GROUP +61 3 9602 0000
BANKSMART NA
BENDIGO BANK +61 1 3003 61911
BNP PARIBAS +61 2 9216 8633
CIBC - CANADIAN IMPERIAL BANK OF COMMERCE +61 2 9275 1300
CITIBANK LIMITED +61 2 9239 9100
COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT +61 2 9273 3000
COMMONWEALTH BANK OF AUSTRALIA +61 2 9378 2000
CREDIT SUISSE (INVESTMENT BANKING) +61 2 8205 4400
CREDIT UNION SERVICES CORPORATION +61 3 9286 4536
DEUTSCHE BANK +61 3 9270 4171
ELDERS RURAL BANK +61 1 3006 60115
ENDEAVOUR CREDIT UNION +61 2 9391 8044
GE MONEY +61 3 9921 6857
GOLDMAN SACHS JBWERE PTY LTD +61 3 9 679 1111
HERITAGE BUILDING SOCIETY +61 746 90 9000
HSBC BANK AUSTRALIA LIMITED +61 2 9255 2888
ILLAWARRA MUTUAL BUILDING SOCIETY LTD +61 2 4227 9111
INDUSTRIAL AND COMMERCIAL BANK OF CHINA +61 2 9233 2233
ING BANK AUSTRALIA +61 2 9028 4000
ING BANK NV +61 2 9234 8111
INVESTEC BANK (AUSTRALIA) LIMITED +61 2 9293 2000
KEB AUSTRALIA LTD. +61 2 9251 3355
LAIKI BANK AUSTRALIA LIMITED +61 2 8262 9000
MACQUAIRE GROUP +61 3 0036 5585
MACQUARIE BANK +61 2 8232 3333
MEMBERS EQUITY BANK +61 3 9605 6701
METWAY BANK +61 7 3362 2222
NATIONAL AUSTRALIA BANK LIMITED +61 3 8641 9083
NEW ENGLAND CREDIT UNION LTD. +61 2 6776 0444
POLICE CREDIT UNION LIMITED +61 8 8208 5761
PRIMARY INDUSTRY BANK OF AUSTRALIA LIMITED NA
RABOBANK AUSTRALIA LIMITED +61 2 8115 4000
RESERVE BANK OF AUSTRALIA +61 2 9551 8111
SCHRODER INVESTMENT MANAGEMENT AUSTRALIALIMITED +61 2 9210 9200
SGE CREDIT UNION +61 2 9891 4489
STANDARD CHARTERED BANK +61 2 9232 9333
ST. GEORGE BANK LIMITED +61 2 952 1111
SUNCORP METWAY BANK LIMITED +61 7 3362 1222
THE TORONTO-DOMINIONBANK +61 2 9619 8888
UBS IN SYDNEY +61 2 9324 2000
UNITED OVERSEAS BANK LIMITED
list of the 50 largest banks and savings institutions in the United States
1 JPMORGAN CHASE & CO.(1039502) NEW YORK, NY $2,290,146,000
2 BANK OF AMERICA CORPORATION (1073757) CHARLOTTE, NC $2,162,083,396
3 CITIGROUP INC. (1951350) NEW YORK, NY $1,916,451,000
4 WELLS FARGO & COMPANY (1120754) SAN FRANCISCO, CA $1,374,715,000 $1,336,204,000
5 GOLDMAN SACHS GROUP, INC., THE (2380443) NEW YORK, NY $948,981,000
6 METLIFE, INC. (2945824) NEW YORK, NY $825,188,490
7 MORGAN STANLEY (2162966) NEW YORK, NY $748,517,000
8 U.S. BANCORP (1119794) MINNEAPOLIS, MN $352,253,000 $353,136,000
9 BANK OF NEW YORK MELLON CORPORATION, THE (3587146) NEW YORK, NY $330,490,000
10 HSBC NORTH AMERICA HOLDINGS INC. (3232316) NEW YORK, NY $317,482,381
11 PNC FINANCIAL SERVICES GROUP, INC., THE (1069778) PITTSBURGH, PA $299,712,018
12 CAPITAL ONE FINANCIAL CORPORATION (2277860) MCLEAN, VA $296,698,168
13 TD BANK US HOLDING COMPANY (1249196) PORTLAND, ME $207,333,395
14 STATE STREET CORPORATION (1111435) BOSTON, MA $200,368,976
15 ALLY FINANCIAL INC. (1562859) DETROIT, MI $178,560,000
16 BB&T CORPORATION (1074156) WINSTON-SALEM, NC $178,529,372
17 SUNTRUST BANKS, INC.(1131787) ATLANTA, GA $173,213,253 $178,307,292
18 PRINCIPAL FINANCIALGROUP, INC. (3853449) DES MOINES, IA $159,193,269 $152,050,658
19 AMERICAN EXPRESS COMPANY (1275216) NEW YORK, NY $146,890,000
20 AMERIPRISE FINANCIAL, INC. (2433312) MINNEAPOLIS, MN $135,271,252
21 RBS CITIZENS FINANCIAL GROUP, INC. (1132449) PROVIDENCE, RI $132,014,924 $129,313,757
22 REGIONS FINANCIAL CORPORATION (3242838) BIRMINGHAM, AL $122,344,664
23 FIFTH THIRD BANCORP(1070345) CINCINNATI, OH $117,482,869 $117,542,579
24 BMO FINANCIAL CORP.(1245415) WILMINGTON, DE $112,165,541
25 CHARLES SCHWAB CORPORATION, THE (1026632) SAN FRANCISCO, CA $117,658,000 $111,816,000
26 UNITED SERVICES AUTOMOBILE ASSOCIATION (1447376) SAN ANTONIO, TX $110,562,587
27 NORTHERN TRUST CORPORATION (1199611) CHICAGO, IL $94,455,895
28 UNIONBANCAL CORPORATION (1378434) SAN FRANCISCO, CA $87,939,869
29 KEYCORP (1068025) CLEVELAND, OH $86,741,424
30 SANTANDER HOLDINGSUSA, INC. (3981856) BOSTON, MA $82,943,616
31 M&T BANK CORPORATION (1037003) BUFFALO, NY $80,807,578
32 BANCWEST CORPORATION (1025608) HONOLULU, HI $78,655,826
33 DISCOVER FINANCIAL SERVICES (3846375) RIVERWOODS, IL $73,255,567
34 BBVA USA BANCSHARES, INC. (1078529) HOUSTON, TX $66,013,042
35 DEUTSCHE BANK TRUSTCORPORATION (1032473) NEW YORK, NY $64,994,000
36 COMERICA INCORPORATED (1199844) DALLAS, TX $62,756,597
37 HUNTINGTON BANCSHARES INCORPORATED (1068191) COLUMBUS, OH $56,443,000 $56,622,959
38 ZIONS BANCORPORATION (1027004) SALT LAKE CITY, UT $53,418,819
39 E*TRADE FINANCIAL CORPORATION (3412583) NEW YORK, NY $49,155,830
40 UTRECHT-AMERICA HOLDINGS, INC. (2307280) NEW YORK, NY $46,125,000
41 NEW YORK COMMUNITYBANCORP, INC. (2132932) WESTBURY, NY $44,075,366 $43,501,094
42 HUDSON CITY BANCORP, INC. (2367556) PARAMUS, NJ $42,961,040
43 CIT GROUP INC. (1036967) LIVINGSTON, NJ $42,796,446
44 POPULAR, INC. (1129382) SAN JUAN, PR $36,612,000
45 FIRST NIAGARA FINANCIAL GROUP, INC. (2648693) BUFFALO, NY $35,123,415
46 PEOPLE'S UNITED FINANCIAL, INC. (3650152) BRIDGEPORT, CT $28,134,752
47 SYNOVUS FINANCIAL CORP. (1078846) COLUMBUS, GA $26,294,110
48 BOK FINANCIAL CORPORATION (1883693) TULSA, OK $25,561,731
49 FIRST HORIZON NATIONAL CORPORATION(1094640) MEMPHIS, TN $25,740,652 $25,493,925
50 IMB HOLDCO LLC (3923614) PASADENA, CA $24,959,052
2 BANK OF AMERICA CORPORATION (1073757) CHARLOTTE, NC $2,162,083,396
3 CITIGROUP INC. (1951350) NEW YORK, NY $1,916,451,000
4 WELLS FARGO & COMPANY (1120754) SAN FRANCISCO, CA $1,374,715,000 $1,336,204,000
5 GOLDMAN SACHS GROUP, INC., THE (2380443) NEW YORK, NY $948,981,000
6 METLIFE, INC. (2945824) NEW YORK, NY $825,188,490
7 MORGAN STANLEY (2162966) NEW YORK, NY $748,517,000
8 U.S. BANCORP (1119794) MINNEAPOLIS, MN $352,253,000 $353,136,000
9 BANK OF NEW YORK MELLON CORPORATION, THE (3587146) NEW YORK, NY $330,490,000
10 HSBC NORTH AMERICA HOLDINGS INC. (3232316) NEW YORK, NY $317,482,381
11 PNC FINANCIAL SERVICES GROUP, INC., THE (1069778) PITTSBURGH, PA $299,712,018
12 CAPITAL ONE FINANCIAL CORPORATION (2277860) MCLEAN, VA $296,698,168
13 TD BANK US HOLDING COMPANY (1249196) PORTLAND, ME $207,333,395
14 STATE STREET CORPORATION (1111435) BOSTON, MA $200,368,976
15 ALLY FINANCIAL INC. (1562859) DETROIT, MI $178,560,000
16 BB&T CORPORATION (1074156) WINSTON-SALEM, NC $178,529,372
17 SUNTRUST BANKS, INC.(1131787) ATLANTA, GA $173,213,253 $178,307,292
18 PRINCIPAL FINANCIALGROUP, INC. (3853449) DES MOINES, IA $159,193,269 $152,050,658
19 AMERICAN EXPRESS COMPANY (1275216) NEW YORK, NY $146,890,000
20 AMERIPRISE FINANCIAL, INC. (2433312) MINNEAPOLIS, MN $135,271,252
21 RBS CITIZENS FINANCIAL GROUP, INC. (1132449) PROVIDENCE, RI $132,014,924 $129,313,757
22 REGIONS FINANCIAL CORPORATION (3242838) BIRMINGHAM, AL $122,344,664
23 FIFTH THIRD BANCORP(1070345) CINCINNATI, OH $117,482,869 $117,542,579
24 BMO FINANCIAL CORP.(1245415) WILMINGTON, DE $112,165,541
25 CHARLES SCHWAB CORPORATION, THE (1026632) SAN FRANCISCO, CA $117,658,000 $111,816,000
26 UNITED SERVICES AUTOMOBILE ASSOCIATION (1447376) SAN ANTONIO, TX $110,562,587
27 NORTHERN TRUST CORPORATION (1199611) CHICAGO, IL $94,455,895
28 UNIONBANCAL CORPORATION (1378434) SAN FRANCISCO, CA $87,939,869
29 KEYCORP (1068025) CLEVELAND, OH $86,741,424
30 SANTANDER HOLDINGSUSA, INC. (3981856) BOSTON, MA $82,943,616
31 M&T BANK CORPORATION (1037003) BUFFALO, NY $80,807,578
32 BANCWEST CORPORATION (1025608) HONOLULU, HI $78,655,826
33 DISCOVER FINANCIAL SERVICES (3846375) RIVERWOODS, IL $73,255,567
34 BBVA USA BANCSHARES, INC. (1078529) HOUSTON, TX $66,013,042
35 DEUTSCHE BANK TRUSTCORPORATION (1032473) NEW YORK, NY $64,994,000
36 COMERICA INCORPORATED (1199844) DALLAS, TX $62,756,597
37 HUNTINGTON BANCSHARES INCORPORATED (1068191) COLUMBUS, OH $56,443,000 $56,622,959
38 ZIONS BANCORPORATION (1027004) SALT LAKE CITY, UT $53,418,819
39 E*TRADE FINANCIAL CORPORATION (3412583) NEW YORK, NY $49,155,830
40 UTRECHT-AMERICA HOLDINGS, INC. (2307280) NEW YORK, NY $46,125,000
41 NEW YORK COMMUNITYBANCORP, INC. (2132932) WESTBURY, NY $44,075,366 $43,501,094
42 HUDSON CITY BANCORP, INC. (2367556) PARAMUS, NJ $42,961,040
43 CIT GROUP INC. (1036967) LIVINGSTON, NJ $42,796,446
44 POPULAR, INC. (1129382) SAN JUAN, PR $36,612,000
45 FIRST NIAGARA FINANCIAL GROUP, INC. (2648693) BUFFALO, NY $35,123,415
46 PEOPLE'S UNITED FINANCIAL, INC. (3650152) BRIDGEPORT, CT $28,134,752
47 SYNOVUS FINANCIAL CORP. (1078846) COLUMBUS, GA $26,294,110
48 BOK FINANCIAL CORPORATION (1883693) TULSA, OK $25,561,731
49 FIRST HORIZON NATIONAL CORPORATION(1094640) MEMPHIS, TN $25,740,652 $25,493,925
50 IMB HOLDCO LLC (3923614) PASADENA, CA $24,959,052
Swiss bank to lay off10,000 in restructuring
Swiss bank UBS unveiled plans on Tuesday to fire 10,000 staff and wind downits fixed income business, returning to its private banking roots as it adapts totough capital rules that make it harder to turn a profit from trading.
Zurich-based UBS will focuson wealth management anda smaller investment bank, ditching much of the trading business that ran up$50 billion in losses in the financial crisis.
Zurich-based UBS will focuson wealth management anda smaller investment bank, ditching much of the trading business that ran up$50 billion in losses in the financial crisis.
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