Tag: financial institutions

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Inflation and Anguish: Outraged Lebanese Depositors Continue to Riot Against Financial Institutions

May 15, 2023

Amid Lebanon’s financial crisis, significant demonstrations have erupted in Beirut targeting financial institutions. Outraged Lebanese depositors, witnessing their savings vanish, have resorted to smashing bank windows, setting fires, and engaging in riots. Simultaneously, leaders of Lebanon’s central bank face grave allegations of fraud, embezzlement, and political corruption. Lebanese Citizens Left Penniless as Financial Institutions Crumble…
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US Banking Industry in Turmoil: A Comprehensive Look at the ‘Great Consolidation’ and Largest Bank Failures of 2023

May 4, 2023

2023 has been a rollercoaster ride for the U.S. banking industry. The collapse of three major banks has sent shockwaves through the financial world, with their combined assets surpassing the top 25 banks that crumbled in 2008. The following is a closer look at what has triggered a ‘great consolidation’ in the banking sector, a…
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The Fall of Medici Bank: Lessons on Fractional Reserve Banking From 15th Century Italy

April 16, 2023

Amid the banking chaos of the 21st century, some are looking back more than 600 years ago, to the Medici Bank — one of the most powerful banks of its time. It established its business and became one of the most respected banks in Europe during its prime, and the prominent Italian family of bankers…
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US Bank Lending Drops by Record $105 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’

April 9, 2023

The banking industry in the United States is still struggling after the collapse of three major banks. According to statistics, bank lending in the U.S. has dropped by close to $105 billion in the last two weeks of March, which is the largest decline on record. Additionally, Elon Musk, a Tesla executive and owner of…
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Crypto Hardware Wallet Maker Ledger Raises $100M Amid Growing Demand for Secure Storage Solutions 

March 31, 2023

The cryptocurrency hardware wallet manufacturer Ledger has raised €100 million ($109 million) in funding, according to the company’s disclosure on Thursday. Ledger CEO Pascal Gauthier says there has been significant demand for hardware wallets. He added, “2023 is even better for us because now you can’t even leave money at a Swiss bank.” Ledger to…
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Senate Banking Committee Holds Hearing on Recent Bank Collapses, Calls for Tougher Regulations

March 30, 2023

On Tuesday, the U.S. Senate Committee on Banking, Housing, and Urban Affairs, also known as the Senate Banking Committee, held a hearing to discuss the recent bank collapses in the United States and the regulatory response. Throughout the testimonies, digital assets and crypto businesses were mentioned. Senate Banking Committee chairman Sherrod Brown claimed on Tuesday…
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A Look at the Fed’s Recent Custodia Bank Denial and the Central Bank’s Push Back Against Narrow Banking

March 27, 2023

Over the past century, the number of American banks has significantly decreased, dropping from 30,000 banks in 1921 to 4,997 U.S. banks in 2021, according to data from the Federal Reserve. Recently, the U.S. central bank denied Custodia Bank of Wyoming, a financial institution that holds $1.08 for every dollar deposited by customers. Although there…
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Moody’s Warns of Potential Financial Disruption Spillover Beyond US Banking Sector

March 25, 2023

Roughly ten days ago, the credit agency Moody’s Investors Service downgraded the U.S. banking sector from “stable” to “negative.” In a recent update on Thursday, the company stated that there is still a risk to the U.S. economy. The managing director of credit strategy at Moody’s explained that the country “will be unable to curtail…
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US Central Bank’s Fednow Payment Service to Launch in July, Economist Calls Timing ‘Suspicious’

March 22, 2023

According to the U.S. Federal Reserve, the central bank’s Fednow payment service will start operating in July, and participants will be certified in April to leverage the Fednow Pilot Program. Ken Montgomery, the Fednow program executive, is urging American financial institutions to make preparations to join the central bank’s new payment service. Economist Richard Werner,…
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First Republic Bank’s Shares Downgraded to Junk Status by S&P Global; Stock Slides More Than 25% Lower

March 20, 2023

After UBS acquired Credit Suisse and close to a dozen financial institutions injected $30 billion into First Republic Bank four days ago, S&P Global downgraded First Republic’s shares to junk status on Sunday. Investors are concerned that the cash infusion from 11 major financial institutions may not address the bank’s liquidity issues. First Republic’s shares…
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