, Europe
Photo courtesy of Wells Fargo.

Weekly Global News Wrap: Citi negotiating return of $500m Revlon loan payment; Well Fargo cuts mortgage roles

And US banks report $71.7b profit in Q3.

From Reuters:
Citigroup is negotiating the return of about $500m mistakenly paid to a group of hedge funds and investment firms on a loan owed by Revlon, the now bankrupt cosmetics company, reports Reuters.

In a Thursday filing, lawyers for the bank and the lenders said they have been discussing a "consensual resolution" to end Citigroup's August 2020 lawsuit to recoup the mistaken payment.

The lawyers have reportedly asked US District Judge Jesse Furman to let them update the status by 5 December.

From Bloomberg:
Wells Fargo & Co. has cut hundreds more mortgage employees on 1 December.

The reductions took place across the country, according to people familiar with the plans, who asked not to be identified discussing private information. 

The latest wave comes amidst ongoing Federal Reserve rate hikes to tame persistent inflation, pushing mortgage rates toward their highest levels in two decades. Refinancings have dried up and some potential homebuyers have been sidelined in the process.

From Reuters:
U.S. banks reported a 3.2% rise in third-quarter net income compared to the same period in 2021– but an uptick in early delinquency and higher unrealized losses with securities may reduce future profits, the Federal Deposit Insurance Corporation (FDIC) warned.

Jointly, banks posted $71.7b in profit in the third quarter. The FDIC compiles data from 4,746 commercial banks and savings institutions it insures.

Follow the link s for more news on

Pembekuan pendanaan menghantam penyedia layanan BNPL

Investor semakin sedikit mengalirkan dana ke penyedia layanan BNPL yang sudah menghadapi keuntungan margin yang tipis.

HSBC: Aliansi bank-fintech merupakan win-win

Pemberi pinjaman dapat belajar dari teknologi disruptif sambil membantu mereka mematuhi regulasi.

Tokenisasi aset perdagangan untuk menjembatani kesenjangan pembiayaan

Teknologi blockchain dapat mendesentralisasikan operasi keuangan dan mempermudah akses kredit.

BCA menjalankan komitmen terhadap keuangan berkelanjutan

Bank asal Indonesia ini mempertimbangkan aspek lingkungan dan tata kelola dalam keputusan pemberian pinjaman.

Mengapa UNOBank mendorong embedded finance tumbuh di Filipina

Bagi UNOBank, banking interface terpadu adalah strategi pertumbuhan sekaligus upaya inklusi keuangan.

OCBC mencoba mengurangi kesenjangan manfaat bagi agen properti di Singapura

Produk terbarunya menawarkan manfaat finansial di bidang perbankan, asuransi, dan perdagangan.

Upaya Malaysia menjadi anggota BRICS untuk mendorong perombakan sistem perbankan

Namun, tantangan muncul ketika menjauh dari ketergantungan pada AS dan SWIFT.

Platform pembayaran PingPong memperoleh lisensi PJP di Indonesia

PingPong mengincar ekspansi ke pasar ekspor senilai $320 miliar di negara tersebut.

Merger dan penutupan mengancam 3.800 bank di area pedesaan Cina

Sekitar 70 bank di area tersebut telah merger sejak 2023.