Fresh Today

Fresh Today

LONDON — HSBC said it plans to cut 35,000 jobs over the next three years as the global bank struggles to revive a business that has come to depend increasingly on China for growth. As a result, many of the cuts planned by the bank are to take place in Europe and the United States.

PURCHASE, N.Y.—After years of unsuccessful attempts to enter China’s massive $27 trillion payments market, Mastercard said it has won approval from the People’s Bank of China (PBOC) to begin formal preparation to set up a bank card clearing institution in China.

ALEXANDRIA, Va.–Less than 18 hours after NCUA announced the sale of its portfolio of taxi medallion loans, all three agency board members attempted to explain why it sold the loans to a group representing New York taxi medallion owners—who have opposed the sale and pushed for a workout plan—as they faced the board at its meeting here.

ALEXANDRIA, Va.–NCUA is reporting it has sold the majority of its taxi-medallion loan portfolio to Marblegate Asset Management LLC. The agency did not disclose a sales price.