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NatWest reports biggest annual profit since 2007 financial crisis

TheGuardian

The UK lender – which is still 35% government-owned – said pre-tax profits rose 20% to £6.2bn in the year to December. That is the highest annual profit recorded since it made £10bn in 2007, the year before excesses led to a public rescue that has yet to be fully unwound 16 years later. Continue reading.

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The Top 1000 banks in the world

Chris Skinner

In the 2007 ranking, UK banks collectively made $17.3bn in pre-tax profits, a 32% fall on the previous year, and approximately a quarter of what they made before the financial crisis. Despite holding on to 9th position, they suffered a 62% fall in profits, making this their worst result in seven years.

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EU Probe: Danske Ignored Russia’s Money Laundering Warnings

PYMNTS

The warnings were sent in 2007 and 2013, and the information stems from the outcome of an investigation by the European Banking Authority (EBA). According to the document, Danske Bank was warned by the Russian bank after it acquired Finland’s Sampo Bank and its Estonian business in February 2007.

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TurboTax Bid For Credit Karma Triggers Antitrust Worries

PYMNTS

The Silicon Valley-based Credit Karma, which was founded in 2007, said it has in excess of 100 million users, about twice as many as Intuit. As the leader in DIY taxes, TurboTax has been dealing with escalating competition from Credit Karma, which is now a leading financial app among younger customers.

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Bankers at Goldman Sachs reap rewards as profits more than double to $27bn

TheGuardian

Pay and bonuses for each employee averaged just over $400k for 2021, up $75k on the year before Goldman Sachs paid its 43,900 bankers more than $17bn (£12.5bn) last year, a 33% increase on 2020 as the investment bank celebrated a more than doubling of pre-tax profits to $27bn thanks to frenzied dealmaking on both sides of the Atlantic.

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Retail Vacancies Spike In New York City

PYMNTS

percent in 2017, up from 4 percent in 2007, according to Retail Dive. He added pointed to increasing rents, “regulatory hurdles” and property tax hikes. The vacancy rate reached a high of 5.8 Stringer noted that eCommerce – or what he dubs “ the Amazon effect ” – has been a significant contributor to the situation.

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Danske Scandal Could Involve US Banks

PYMNTS

Wilkinson, a British former head of markets in Danske’s Estonian branch until 2014, helped reveal how the non-resident money flowed through the tiny branch between 2007 and 2015. He already won a $104 million reward in 2012 for whistleblower Bradley Birkenfeld, the man who lifted the lid on tax evasion facilitated by UBS.

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