The Basel Committee on Banking Supervision released a paper Tuesday that details the importance of audit quality in banks, particularly due to an increased reliance on sound audits and because high-quality audits can enhance market confidence during times of severe stress.The paper also highlights that bank audits are highly specialized, which can be complicated by […]
The introduction of loans and credit cards have already been a boon to the ever-risky sector
Although most are expected to emerge from the credit crisis bigger and better, they are still suffering big losses
Plaintiffs seeking massive damages for unpaid overtime, credit card fees — and, now, bad investments
The U.S. government’s Troubled Assets Relief Program (TARP) is a positive for banks that tap the program, says Moody’s Investors Service in a new report. However, TARP likely won’t affect bank ratings.“The TARP capital injection is coming at a time when banks have limited, if any, access to capital,” says one of the report’s authors, […]
Goal is to help ensure that the banking sector serves its traditional role as a shock absorber to the financial system
Fitch Ratings has updated its criteria for rating banks in response to recent developments in the banking industry, the ratings agency said Wednesday.While Fitch has not significantly changed its methodology for rating banks, it has adapted its criteria to address developments in the banking market over recent years, the rating agency said. “As risks in […]
Aegon NV, the Netherlands-based owner of Transamerica, announced that it is examining the possibility of acquiring a thrift in the United States, which may allow the company to qualify for the U.S. government’s bank bailout.The company said it has no need for additional core capital beyond the 3 billion euros (US$3.7 billion) secured from the […]
Agencies call on banking organizations to review management compensation policies
Despite the havoc wrought by the credit crisis, four of the major diversified banks appear to have a bright future