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Banks in Mexico Pose Greater Money Laundering Risk Than Crypto Firms, Says Report

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Commercial banks by far pose the greatest risk of money laundering in Mexico compared to crypto-related companies, according to a new report by the country’s Financial Intelligence Unit (FIU). The study singles out what it calls the “G7 banking group”, which includes BBVA, Santander, Citibanamex, Banorte, HSBC, Scotiabank, and Inbursa, as the biggest conduits of … Read more

World’s Largest Banks Losing Stock Value During Weeks Marked by Pandemic

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The spreading coronavirus infection is taking a toll on the global economy and traditional financial institutions are already hurting. The world’s largest banks have seen their stocks losing value over the past weeks and months while facing cash withdrawal pressure and preparing to deal with a shrinking asset base. Also read: US Cash Crisis: Withdrawal … Read more

Major HSBC Layoffs: 35,000 Job Cuts and Massive Restructuring Announced

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Banking giant HSBC has unveiled a major restructuring plan that includes 35,000 job cuts. The move came as the bank’s net profit plunged 53% last year. HSBC is also slashing $100 billion in assets and closing many branches. “This represents one of the deepest restructuring and simplification programs in the bank’s history,” explained interim CEO … Read more

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