RBS confirms exit of retail banking branches in India - The Economic Times
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Lloyds TSB estimates that almost 40 per cent of its customers are now in some form of packaged account, while RBS says a third of its customers pay a fee on their current account. Richard Mason, the sales director of the financial analyst moneysupermarket.
This hasn't been too much of a problem in the past because banks have made their money from selling credit cards, loans and life insurance to current account holders. Most have now realised that the big four banks do not offer the best deals and far more now shop around for better loan and credit card deals. According to Mason, only 40 per cent of personal loans are taken out with the main high street banks - much less than even five years ago.
As a result, banks are increasingly seeking other ways of subsidising the cost of running current accounts: But do these accounts offer customers value for money?
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Other packaged accounts are similarly uncompetitive when compared with the best of the free current accounts on the high street. Nationwide's Flex Account, for example, charges just 6. This compares with Lloyds TSB's Platinum charges 9.
Both pay just 0. Aside from Nationwide, other free accounts offering good deals on credit balances include Cahoot 3. As for overdrafts, Yorkshire Bank charges 8. However, packaged accounts often offer better deals than the standard current account offered by the same bank.
For example, most packaged accounts offer interest-free overdrafts to certain levels - and there are always, of course, the "perks". But I suspect most people don't do this, and are paying over the odds for what are often uncompetitive deals.
Lloyds has reviewed its packaged accounts in the light of such criticisms and has made adjustments where appropriate. For instance, it has discovered that less than 1 per cent of customers ever used the free purchase protection insurance, so it has been dropped.
Credit Suisse had its first unprofitable year indue to losses in agriculture, venture investments, commodities and international trade. The bank created its own sugar beet factory, bought 25, shares in animal breeding ventures and supported an export business, Schweizerische Exportgesellschaft, that experienced heavy losses for over-speculative investing.
As stockbrokers they were very well connected, had developed a good private client business, which at one time included John Maynard Keynes. When the junk bonds market crashed the following year, Gibbons couldn't repay First Boston. This became known as the "burning bed" deal, because the Federal Reserve overlooked the Glass—Steagall Act that requires separation between commercial and investment banks in order to preserve the stability of the financial markets.
In the s Credit Suisse executed a series of restructures. In the bank was consolidated into two entities: A third unit was added in for insurance.
Under the restructuring, every board had a mix of executives from all three divisions. It also changed the compensation and commission models to encourage cross-division referrals and created a "solution partners" group that functions between the investment and private banking divisions. The firm bumped long-time rival UBS off the number one position in Euromoney's private banking poll.
RBS to close 23 of its 31 branches in India - Livemint
Credit Suisse operates a process which since uses RepRisk, a Swiss provider of ESG Risk analytics and metrics, to screen and evaluate environmental and social risks of risky transactions and due diligence.
It reduced emphasis on investment banking and focused on private banking and wealth management.
Being a safe haven in a world that is becoming increasingly dangerous and volatile is no bad place to be. The Brazilian government investigated 13 former and current Credit Suisse employees in