Banks told to clear local cheques by next day
Reserve Bank of India has some good news for Indian banking customers.
RBI has directed the banks to clear local cheques deposited with them on the same day or at worse the next day.
This decision was taken after receiving tons of complaints from customers related to delayed clearances [...]
UBS to cut more jobs to stay alive
UBS has posted a first-quarter loss and the bank has announced that they are cutting more jobs to stay alive in these tough times.
UBS would be cutting another 11 percent of staff. Chief Executive Oswald Gruebel said that the bank would post a first-quarter loss of nearly [...]
ICICI Bank might outsource ATM division
ICICI Bank is said to be considering hiving off its ATM division into a separate entity.
The company currently has a network of 1,416 branches along with more than 4,600 ATM outlets.
A company representative spoke about the reports in the media about these developments: “We evaluate various options [...]
Merrill Lynch Vice Chairman Jeffrey Edwards leaving the company
News media company Bloomberg has reported that Merrill Lynch Vice Chairman Jeffrey Edwards will leave the bank in January.
The report cited information from an internal memo that is being circulated by the bank.
The memo has President Greg Fleming announcing that he is leaving the bank next [...]
Citigroup to cut more than 52,000 jobs
Citigroup has announced a major job cut in their operations. The company is going to cut more than 52,000 jobs in the coming months.
The financial institution is aiming to reduce expenses by 20 per cent in 2009.
The company added that they are aiming to reduce the total head count [...]
ICICI Bank sends SMS to customers assuring them
Rumors in the market are so strong that ICICI Bank had to send SMS messages to their banking customers assuring them that their deposits are safe.
The message stated: “Please do not listen to baseless rumors”.
It also greeted the customers for the upcoming festive season.
ICICI Bank said that the [...]
UBS set to cut more jobs
UBS has announced that they are now planning to cut more jobs as part of their restructuring process.
The Europe based bank is hit hard by the credit crisis and they are now going to cut 2,000 more jobs from its investment banking unit.
The aim is to cut costs and [...]
K.V. Kamath: ICICI Bank is healthy and fine
Rumors in the market suggested that ICICI Bank was going to take a massive hit from the ongoing global credit turmoil.
Denying these rumors, ICICI Bank CEO K.V. Kamath has come out with a statement saying: “I just want to reiterate ICICI Bank is an extremely healthy institution. We [...]
Lloyds to move 450 information technology jobs to India
British banking company Lloyds TSB has announced their decision to move around 450 information technology jobs to India.
A company representative said: “We’ve announced that we will offshore up to 250 permanent IT roles, but we want to keep these staff so we’re guaranteeing them the offer of [...]
Some customers of ICICI Bank are reporting that they are now increasing the minimum balance limit from Rs. 5000 to Rs. 10000.
This is sad news for all those customers who are not on any of their zero balance accounts.
This new limit is going to be applied starting July this year.
If the bank account [...]
