Third-party sales force in financial sector dying slow death.

Direct selling agents, RIP

Business Standard

Sutesh Sharma, who heads a team of Citigroup Inc proprietary traders, intends to leave the company and start a hedge fund, two people familiar with the plan said.

Citigroup's Sutesh Sharma may quit to begin his own hedge fund

At a time when over 60 per cent of the country's population do not have access to banking services and credit facility remaining only a mirage for more than 90 per cent of the population, the Entrepreneurs &amp; Finance Customers' Association of India (EFCAI) has urged the Reserve Bank of India (RBI) to allow post offices to start banking operations.

Finance Association urges RBI to allow post offices to function as banks

Bank of America Corp (BAC), the biggest US lender, may try to cut costs by 20 per cent in consumer banking with measures that include thousands more job cuts, said two people with direct knowledge of the firm&rsquo;s efforts.

BofA seeking 20% cut in consumer unit costs

Move aimed at speeding up process, checking corruption in funds&rsquo; transfer.

Only e-payments by PSBs from Sept 1

As many as 22 life insurance companies had assets under management (AUM), including equity and fixed income assets, of Rs 15, 04,629 crore in April-June 2011 quarter, data compiled by industry association Life Insurance Council said.

Life insurers' AUM crosses Rs 15 lakh cr in Q1

Press Trust of India

IndiaFirst Life Insurance, one of the youngest players in the life insurance space, has set a target of mopping up Rs 1,200 crore from new premium this fiscal and has lined up a bouquet of products to help achieve this goal.

IndiaFirst eyes Rs 1,200 cr from new biz

The euphoria over offshore bond issuances may fizzle out, as rising swap rates have made conversion of fixed-rate bonds into floating rate liabilities expensive.

Rising swap rates may slow offshore bond sales

Rising cost pressures, moderating demand and high interest costs would limit rating upgrades in the second quarter, according to rating agency Icra.

Adverse operating climate to limit rating upgrades in Q2: Icra

Bearish wagers against global stocks at hedge funds have surged to the highest level since July 2009 as the European debt crisis and reports showing an economic slowdown cause the biggest losses in almost three years.

Hedge funds bearish as global equities lose 15%

The Indian banking sector is poised to become the world's third-largest in terms of assets over the next 14 years, according to a report by The Boston Consultancy Group (BCG).

'Indian banking sector to be third-largest by 2025'

Foreign-exchange traders are putting their faith in Jean-Claude Trichet, betting the European Central Bank (ECB) President will save the euro from a collapse predicted by everyone from George Soros to Paul Volcker.

Euro traders put trust in Trichet

Gold loan major Muthoot Finance Ltd (MFL) expects to maintain its net interest margin at 9.5 to 10 per cent in this financial year as it sees no negative impact arising from the prevailing high interest rate environment. The Kochi-based non-banking finance company is also clear about passing on any hike in rates to the end borrowers.

Muthoot sees no impact of high interest rates

The Union finance ministry has reportedly asked all nationalised banks and financial institutions to make payments electronically and not by cheque. The groups identified are banks&rsquo; customers, employees, vendors and beneficiaries of social sector projects. The scope for corruption and delay in making payments by cheque is lessened when the electronic transfer mode is used. This is fine but it does not take things substantially forward. A key department under the same ministry that continues to make payments by cheque for all but very small amounts to individuals is the income tax department. Apart from that, banks must be making most of their payments to their own customers and employees electronically. The scope for electronic payments can be extended a little more by making it mandatory for vendors &mdash; not large at all in the overall scheme of things.

Not by fiat alone

Chairman Ben S Bernanke has big shoes to fill this week when he speaks at the Federal Reserve&rsquo;s annual symposium in Jackson Hole, Wyoming: His own.

Federal Reserve reflects on QE2 amid pressure for new stimulus

Though the life insurance industry is seeing turbulent times, HDFC Life expects to breakeven in the current financial year. In an interview with Niladri Bhattacharya, Chief Executive Officer and Managing Director Amitabh Chaudhry says volume growth is the primary concern for the life insurance industry this year. He adds smaller players would find it tough to sustain growth.

Q&A: Amitabh Chaudhry, HDFC Life

Swiss banking major UBS today said it would slash 3,500 jobs as part of cost-cutting measures, with nearly half of the cuts planned in the investment banking division.

UBS to axe 3,500 employees

Country's largest lender State Bank of India (SBI) today said it would come out with the rights issue this fiscal, but maintained that it was well capitalised for FY12 in case the government delays go-ahead to the Rs 21,000-crore issue.

SBI rights issue this fiscal: Chaudhuri

Country's largest lender State Bank of India (SBI) today said it had no plan to relaunch the dual/fixed rate home loan products, popularly called teaser loans, as was done by its private sector rival ICICI Bank last week.

No plan to launch teaser loans: SBI

The Comptroller and Auditor General (CAG) has suggested the revenue department should liaise with the Reserve Bank of India (RBI) to bring non-banking financial companies under the service tax net.

CAG: 1,142 NBFCs slipped service tax net

Draft norms soon, but central bank worried about self-dealing by company promoters.

RBI wants changes in law before new bank licences

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