RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: Greek banks' bad loan exposure nearly half of GDP; Canada banks can expect 10% Q3 profit gains

And FBI has notified US banks of a looming cyberheist.

From Bloomberg: Greece’s banking sector has shrunk rapidly, with nine banks now from 40 before the crisis. 

Still, the biggest drag on the financial sector remains its bad loans. At the end of March, the non-performing exposure of the banking system stood at 92.4 billion euros ($107 billion), or equivalent to half the country’s gross domestic product.

From Bloomberg: Canadian banks will likely report profit gains of as much as 10 percent in the third quarter as four rate increases by the Bank of Canada make consumer and commercial loans more profitable.

“All major businesses should report higher year-over-year earnings with the retail banking segments leading the way," BMO Capital Markets analyst Sohrab Movahedi said in an Aug. 14 note to clients. Movahedi expects earnings from U.S. and international banking to rise 23 percent, helped by factors including U.S. tax reform and acquisitions. 

From CNBC: The Federal Bureau of Investigation has warned banks in the U.S. of an impending cybercrime, a heist called an “ATM cash-out,” in which thieves seek to swipe millions of dollars by using cloned ATM cards for fraudulent withdrawals.

This globally organized effort could be instigated soon, the FBI told banks Friday, with cybercriminals attempting to amass millions of dollars within a few hours, according to the confidential alert obtained by security researcher Brian Krebs.

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