Billionaire & Descendent of Mellon Family Matthew Mellon has Died at the Age of 54

Billionaire & Descendent of Mellon Family Matthew Mellon has Died at the Age of 54

Billionaire Matthew Taylor Mellon and descendent of founder the now BNY Mellon, has died at the age of 54 in a hotel room in Mexico.  He was due to check in at a rehabilitation centre for drug addiction in Cancun, Mexico.  He had been reported to be addicted to the painkiller, OxyContin.

” Billionaire & Descendent of Mellon Family Matthew Mellon has Died at the Age of 54 “

Matthew Mellon is a descendent of founder of Mellon Financial Corporation (BNY Mellon) and founder of the now defunct investment bank, Drexel Burnham Lambert.  A billionaire, businessman & investor, he had also made a fortune in the digital currency company, Ripple Labs. His investment of $2 million investment is valued at more than $1 billion.  He had also served as the Chairman of the New York Republican Party’s finance committee.

In 2007, BNY Mellon was formed with the merger Mellon Financial Corporation and The Bank of New York, to form one of the largest bank in United States.  Mellon Financial Corporation is founded as T. Mellon & Sons’ Bank in 1869 by Thomas Mellon and his 2 sons, Andrew W. Mellon and Richard B. Mellon.  The Bank of New York is one of United States’ oldest bank, was founded in 1784 by a group that includes American Founding Fathers Aaron Burr and Alexander Hamilton.  Drexel Burnham Lambert was one the largest investment bank in United States until its closure in 1990.

Born in New York City in 1964, Matthew Mellon had graduated Wharton School of the University of Pennsylvania and married his first wife Tamara Mellon, co-founder of Jimmy Choo.  He is survived by his second wife, Nicole Hanley, and 4 children, Force, Olympia, Minty and a daughter from his first marriage.

Source: Bloomberg, BBC, The Guardian

 

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India 4th Largest Bank Punjab National Bank Uncovered $1.77 Billion of Fraudulent Transactions

India 4th Largest Bank Punjab National Bank Uncovered $1.77 Billion of Fraudulent Transactions

India’s 4th Largest Bank, Punjab National Bank (PNB) had uncovered $1.77 billion of “fraudulent and unauthorised” transactions for the benefit of a few account holders that are alleged to include billionaire jeweller Nirav Modi.

” Billionaire Jeweller Nirav Modi Linked to India’s 4th Largest Bank $1.77 Billion Fraud “

Nirav Modi founded global diamond jewelry house Nirav Modi (named after him) in 2010 and Nirav Modi was the first Indian jeweler to have been featured on the covers of Christie’s and Sotheby’s Catalogue.  He is estimated to have a personal fortune of more than $1.7 billion.

Punjab National Bank, listed on Bombay Stock Exchange (BSE), had seen its stock price declining more than 20% since the uncovering of the transactions.  The current market capitalisation is $4.72 billion (304 billion Rs; USDINR at 64.36).  The four largest bank in India are State Bank of India, HDFC Bank, ICICI Bank and Punjab National Bank.

Source: Times of India, CNN

 

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About Punjab National Bank

Punjab National Bank, India’s first Swadeshi Bank, commenced its operations on April 12, 1895 from Lahore, with an authorised capital of Rs 2 lac and working capital of Rs 20,000. The far-sighted visionaries and patriots like Lala Lajpat Rai, Mr. E C Jessawala, Babu Kali Prasono Roy, Lala Harkishan Lal and Sardar Dyal Singh Majithia displayed courage in giving expression to the spirit of nationalism by establishing the first bank purely managed by the Indians with Indian Capital.

During the long history of over 122 years of the Bank, 7 banks have merged with PNB and it has become stronger and stronger with a network of 6941 Domestic branches and 9753 ATMs as on 30th September 2017.

Visit: Punjab National Bank

 


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HSBC has Agreed to Pay $101.5 Million to Resolve Fraud Charges

HSBC has Agreed to Pay $101.5 Million to Resolve Fraud Charges

HSBC Holdings has agreed to pay $101.5 million to resolve fraud charges with the US Department of Justice (DoJ).   The agreement to pay $101.5 million comprised of $63.1 million criminal penalty and $38.4 million in disgorgement and restitution to resolve charges in defrauding two bank clients through a multi-million dollar scheme commonly referred to as “front-running.”

“ HSBC to Pay $101.5 Million for Defrauding Clients “

On two separate occasions in 2010 and 2011, foreign exchange traders misused confidential information provided to them by HSBC clients to execute multi-billion dollar foreign exchange transactions involving the British Pound Sterling.  After executing confidentiality agreements with clients, the traders transacted in the Pound Sterling in their HSBC “proprietary” accounts, thereafter causing the large transactions to be executed in a manner designed to drive the price of the Pound Sterling in a direction that benefited HSBC, and disadvantaged clients.

In one incident, HSBC had made misrepresentations to one of the clients, Cairn Energy, so as to conceal its actions.  In total, HSBC admitted to making profits of approximately $38.4 million on the first transaction in March 2010, and approximately $8 million on the Cairn Energy transaction in December 2011.

Since 2011, HSBC has introduced numerous measures to enhance its Global Markets compliance programme and internal controls and agreed to cooperate fully with regulatory and law enforcement authorities.

Source: US Department of Justice, HSBC

 

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About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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Top Banks in China Lose $15 Billion in One Week

Top Banks in China Lose $15 Billion in One Week

Industrial & Commercial Bank of China Ltd., Agricultural Bank of China Ltd. and Bank of China Ltd. had their worst performance in the stock market since at least June 2016, while China Construction Bank Corp. declined for a fifth straight week. The banks were among the biggest decliners on a gauge of Chinese shares traded in Hong Kong, losing a total of $15 billion.

“Industrial & Commercial Bank of China Ltd., Agricultural Bank of China Ltd. and Bank of China Ltd. had their worst performance in the stock market since at least June 2016, while China Construction Bank Corp. declined for a fifth straight week.”

~ Bloomberg

The big losses are a turnaround for the banks which had risen along with the Hong Kong market earlier this year optimism over improving economic growth and corporate profits dominated concerns over bad debt.

Related Report: Bloomberg


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Italy to Bail Out 2 Banks for Up to US$19 Billion

Italy to Bail Out 2 Banks for Up to US$19 Billion

Italy will commit as much as 17 billion euros (US$19 billion) to bail out two failed banks. The bailout at Banca Popolare di Vicenza SpA and Veneto Banca SpA will ensure the failed banks good assets are in the hands of Italy’s largest retail bank, Intesa Sanpaolo.

“The government will pay 5.2 billion euros to Intesa Sanpaolo and give it guarantees of up 12 billion euros so that it will take over the remains of Popolare di Vicenza and Veneto Banca.”

~ Fortune

The government will pay 5.2 billion euros to Intesa Sanpaolo and give it guarantees of up 12 billion euros, so that it will take over the remains of Popolare di Vicenza and Veneto Banca. The two banks were forced to seek government aid after they failed to raise capital from investors in 2016.

Related Reports: Bloomberg, Fortune

 

About Intesa Sanpaolo

Intesa Sanpaolo is the banking group which was formed by the merger of Banca Intesa and Sanpaolo IMI. The merger brought together two major Italian banks with shared values so as to increase their opportunities for growth, enhance service for retail customers, significantly support the development of businesses and make an important contribution to the country’s growth. Intesa Sanpaolo is among the top banking groups in the euro zone, with a market capitalisation of 42.7 billion euros.

Visit: Intesa Sanpaolo


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Barclays to Pay $97 Million On Claims It Overcharged Clients

Barclays to Pay $97 Million On Claims It Overcharged Clients

Barclays has agreed to pay $97 million to settle the claims that it overcharged thousands of clients on advisory fees and mutual fund sales charges. Barclays had overbilled customers by nearly $50 million through violations including imposing fees for due diligence that was not performed and collected excess mutual fund fees by leading clients into more expensive share classes.

“Barclays had overbilled customers by nearly $50 million through violations including imposing fees for due diligence that was not performed.”

~ Bloomberg

Barclays agreed to settle the claims without admitting or denying the agency’s findings, and agreed to set a fair fund to return money to affected clients.

Related Reports: Bloomberg, Wall Street Journal

About Barclays

Barclays UK is a personal and business banking franchise with true scale, built around our customers’ needs with innovation at its core. It comprises our UK retail banking operations, our UK consumer credit cards business, our UK-based wealth offering, and corporate banking for smaller businesses. With around 22 million retail customers, and almost one million business banking clients, we are a pre-eminent UK financial services provider. This division will become our UK ring-fenced bank by 2019.

Visit: Barclays

 


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China Cools the Growth in Wealth Management Products

China Cools the Growth in Wealth Management Products

China’s increase in wealth management products is under scrutiny from regulators due to the threats to the financial stability. Outstanding products issued by banks is at US$4.2 trillion as of 31st March, up 18.6% from a year ago according to China Banking Regulatory Commission.

“Outstanding products issued by banks is at US$4.2 trillion as of 31st March.”

~ Bloomberg

Wealth Management products which are popular with individual and corporate investors due to their high yields have almost tripled in value over the past three years. Regulators have therefore stepped up efforts to clamp down on any potential risks.

Related Report: Bloomberg


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3 Billion Yuan Disappears from China Minsheng Bank

3 Billion Yuan Disappears from China Minsheng Bank

The disappearance of 3 billion yuan from China Minsheng Bank’s private banking accounts has shown the poor internal controls in China. An accidental inquiry from an investor has shown that the wealth management products sold by a Minsheng branch did not even exist. Investors are still waiting for compensation and an explanation from the bank.

“An accidental inquiry from an investor has shown that the wealth management products sold by a Minsheng branch did not even exist.”

~ South China Morning Post

Multiple sources have cited that one of the branch managers had taken around 3 billion yuan from wealth management funds to use in issuing a loan without official approval.

Related Reports: South China Morning Post, Financial Times

About China Minsheng Bank

China Minsheng Bank was formally established in Beijing on 12 January 1996. It is China’s first national joint-stock commercial bank initiated and funded mainly by non-state-owned enterprises. Over the past 20 years since establishment, accompanied by the rapid growth of China’s economy and supported by customers and various circles of society, China Minsheng bank has been taking full advantages of “new bank, new mechanism”, and has grown from a small bank with only RMB1,380 million of initially registered capital into a large-scale commercial bank with RMB320,000 million of core capital, more than RMB5,200,000 million of total assets, nearly 3,000 branches and outlets, and almost 60,000 employees.

Visit: China Minsheng Bank 

 


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Wells Fargo Takes Back $75 Million From Ex-CEO and Top Executive

Wells Fargo Takes Back $75 Million From Ex-CEO and Top Executive

Wells Fargo is taking back $75 million from its former CEO and another top executive, blaming them for their roles in the bank’s fake accounts issue. The actions were taken as a result of the six month investigation by Wells Fargo’s independent directors. According to investigations, sales misconduct and “mass terminations” have taken place at Wells Fargo since at least 2002

“Together with actions from last fall, Wells Fargo senior executives are returning $180 million in pay.”

~ CNN

Together with actions from last fall, Wells Fargo senior executives are returning $180 million in pay. The board has said that this is the biggest clawback in financial services history.

Related Reports: CNN, New York Times

 

About Wells Fargo

In 1852, Henry Wells and William Fargo founded WellsFargo & Co. to serve the West. The new company offered banking (buying gold and selling paper bank drafts as good as gold) and express (rapid delivery of the gold and anything else valuable).

Wells Fargo opened for business in the gold rush port of San Francisco, and soon Wells Fargo’s agents opened offices in the other new cities and mining camps of the West. In the boom and bust economy of the 1850s, Wells Fargo earned a reputation of trust by dealing rapidly and responsibly with people’s money. In the 1860s, it earned everlasting fame — and its corporate symbol — with the grand adventure of the overland stagecoach line.

Visit: Wells Fargo

 


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European Banks Routed 25 billion Euros Through Tax Havens

European Banks Routed 25 billion Euros Through Tax Havens

According to a report by Oxfam International, Europe’s largest banks have booked 25 billion euros through tax havens in 2015, about a quarter of their profit. The 20 biggest lenders paid no tax on 383 million euros of profit posted in seven tax havens that year, while booking 4.9 billion euros of earnings in Luxembourg, more than the U.K., Sweden and Germany combined,The study was based on data released under new European Union regulations requiring banks to report earnings on a country-by-country basis.

“According to a report by Oxfam International, Europe’s largest banks have booked 25 billion euros through tax havens in 2015, about a quarter of their profit.”

~ Bloomberg

Banks have come under scrutiny for assisting their clients evade taxes after the 2016 leak of offshore financial records exposed billions of dollars in assets hidden in havens around the world.

Related Reports: Bloomberg,  Oxfam Press Release

 


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