, Europe
Photo by Nik Shuliahin via Unsplash.

Weekly Global News Wrap: US banks collect lower overdraft fees; Citi asked to improve internal oversight

And investment to hedge funds hit a new low, according to Goldman Sachs.

From CNBC:
The three biggest American retail banks collected 25% less overdraft revenue last year as the companies.

JPMorgan Chase, Wells Fargo and Bank of America reported a combined $2.2b in overdraft fees in 2023, roughly $700m less than in the previous year, according to regulatory filings.

Overdraft fees are triggered when a customer attempts to spend more than the balance in their checking accounts. At around $35 per transaction at many banks, the fees have been a lucrative line item for the industry, generating $280b in revenue since 2000, according to the Consumer Financial Protection Bureau.

ALSO READ: Citi Korea to enjoy strong capitalisation, stable credit profile through 2025: Moody’s

From Reuters:
US regulators have asked Citigroup for urgent changes to the way it measures default risk of its trading partners.

The bank’s own auditors have found a plan to improve internal oversight to be lacking, Reuters said.

Late last year, the Federal Reserve reportedly sent Citi three notices directing the bank to address in the coming months how it measures risk of default by counterparties in derivative transactions, a source with direct knowledge of the matter said.

ALSO READ: SMFG profits up 3.5% to $5.3b

From Reuters:
Investments to new hedge funds in 2023 fell to new lows, whilst established hedge funds hiked fees to the highest on record, said a client report by Goldman Sachs.

This illustrates a growing bias towards established and bigger hedge funds that average higher returns for their investors, said Goldman Sachs.

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.