Banks

Unions group wants rate returned from 3% to 8% after big four UK lenders reveal £14bn total profit in first quarter An increased windfall tax should be imposed on the UK’s largest banks according to trade union leaders, after the big four lenders reported almost £14bn in first-quarter profits, partly fuelled by market turbulence caused by the Iran war.The Trades Union Congress (TUC) renewed its call for an increase in the current bank surcharge, which was reduced from 8% to 3% of profits above £100m by the Conservative government in 2023, as banks benefit from the high interest rate environment. Continue reading...

Lenders increase borrowing rates by 0.25%; pro-Palestine meeting barred from council venue goes ahead outside in Darlington. Follow updates liveGet our breaking news email, free app or daily news podcastNext week’s federal budget will fund a dedicated national centre to detect and disrupt the evolving threat of online violent extremism and terrorism.The home affairs minister, Tony Burke, will announce the $74m in funding over two years for the project on Wednesday. It is part of the government’s response to the Bondi terror attack in December.A bolstered online threat capability will give AFP and Asio the resources they need to target terrorists and violent extremists online.Just because I, and other people, might find it personally offensive does not mean that governments have unlimited power to constitutionally strike down the right of everybody else to freedom of political communication. Continue reading...

Artist has not yet confirmed whether large statue on plinth in Waterloo Place is by himBanksy’s signature has appeared scrawled at the base of a large new statue in central London.The elusive artist, known for his provocative works of graffiti, has not yet confirmed whether the statue is by him. He often posts confirmation on his website shortly after a work is discovered by the public. Continue reading...

Pair apologise in court after being accused of defrauding buyers including some of New York’s most prominent fine art auction housesA father and daughter in New Jersey have pleaded guilty to running a years-long counterfeiting scheme to trick art galleries and auction houses into buying forged paintings of works by prominent artists such as Andy Warhol, Banksy and Pablo Picasso.Federal prosecutors said Erwin Bankowski, 50, and Karolina Bankowska, 26, commissioned an artist in Poland to create at least 200 of the fakes and ultimately defrauded buyers of at least $2m. Continue reading...

• Florida Gators standout Caleb Banks was selected by the Minnesota Vikings with the 18th overall pick in the recent NFL Draft. • Banks' selection marks a major moment for the Gators program and represents a top-20 draft selection for the defensive player. • The Vikings bolster their defensive roster with the University of Florida standout in their first-round selection.

• Fraud incidents continue climbing at US banks even with substantial spending on advanced detection tools and analytics. • The gap highlights limitations in current tech defenses against evolving fraudster tactics. • This trend matters as it pressures financial institutions to innovate faster, amid rising economic impacts from cyber fraud.

Release of new Claude model, so far limited to US firms, will expand to British institutions in coming daysBritish banks will be given access in the next week to a powerful AI tool that was deemed too dangerous to be released to the public, as a series of senior finance figures warned over its impact.Anthropic, which has so far limited the release of the new model to a small clutch of primarily US businesses, including Amazon, Apple and Microsoft, said it would expand that to UK financial institutions in the coming days. Continue reading...

Six lenders, including Bank of America, Morgan Stanley and JP Morgan report jump in first-quarter earningsBusiness live – latest updatesBig US banks raked in nearly $50bn (£37bn) worth of profits in the first three months of the year, as they benefited from stock market turbulence triggered by the US-Israeli war on Iran.Wall Street’s largest lenders have reported a jump in first-quarter earnings, reflecting the surge in demand for trading services as investors dumped risky stocks and bonds and sought safer havens for their cash. Continue reading...

NYPD have yet to catch suspect who appears to be on losing streak after stealing limited funds from Chase banksAn allegedly well-practiced New York bank robber is on a losing streak – and still on the run – after hitting six Chase branches across Queens, Brooklyn, Harlem and the Bronx over five consecutive days and coming away with just $605, according to authorities.New York police have yet to catch the suspect, identified as 33-year-old Gustavo DeJesus Torres, who began holding up the banks on Friday, 13 March and informing tellers in a written note that they might get hurt if they didn’t hand over the cash he demanded. Continue reading...

• All major central banks adopted hawkish stances last week as energy market disruptions reignited inflation concerns, prompting global reassessment of monetary policy outlooks and eliminating prior rate-cut expectations. • U.S. Federal Reserve rate cut bets over the next 12 months have been priced out entirely, while most other advanced economies have begun pricing in additional rate hikes; the December Monetary Policy Report that implied a 25 basis point rate cut to 3.75% by Q4 2026 is now obsolete. • The combination of persistent energy price shocks and hardening central bank stances creates a "brutal combo for risk assets," with the dollar index remaining anchored in the 96.00-100.00 range as USD risks remain skewed to the upside during periods of financial market stress.

Fed officials expected to lower capital requirements for banks such as Goldman Sachs and JPMorgan Chase by 4.8%Sign up for the Breaking News US email to get newsletter alerts in your inboxUS federal regulators are trying to soften bank requirements, loosening the amount of capital US banks must have in what would be some of the biggest changes to bank restrictions since the 2008 financial crisis and a huge win for financial institutions.On Thursday, US Federal Reserve officials are expected to vote to lower capital requirements – the funds they need to cover risky assets – for the biggest banks by 4.8%, which could free up capital for banks such as JPMorgan Chase, Goldman Sachs and Morgan Stanley. Continue reading...

Banking lobby group says lenders are holding off changes as there is no widespread consumer demand for nowExplainer: What will happen when the £100 limit is scrapped?Shoppers will not be able to splash unlimited amounts on contactless cards despite the lifting of a £100 cap on payments as Britain’s banks held off on making changes.The official limit on individual contactless transactions on credit and debit cards has been scrapped but the UK’s biggest high street and challenger banks have kept the £100 ceiling in place. Continue reading...

• The American Fintech Council submitted a comment letter to Connecticut's Department of Banking on March 16, 2026, urging a risk-based AI governance framework for financial institutions using AI in credit underwriting, fraud detection, and customer service. • The framework emphasizes oversight tailored to AI use cases, prioritizing data privacy, transparency, and human oversight to support innovation while protecting consumers. • AFC CEO Phil Goldfeder stated, 'Regulatory guidance should recognize that these technologies often enhance existing processes rather than replace them.'

Federal Reserve Governor Michelle Bowman supported a proposal strengthening capital requirements for banks' trading desks, calibrated to U.S. capital markets. The rules aim to enhance resilience without stifling market-making activities. This comes amid volatile conditions from geopolitical risks and inflation pressures. Implementation could influence bank profitability and lending in the coming quarters.