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NEWS - JULY 2017

Wells Fargo says closer to reaching $142 million phony accounts settlement

A California judge has granted a preliminary approval for Wells Fargo & Co's agreement to pay $142 million, and perhaps more, to customers whose credit scores were harmed by its employees creating fake accounts in their names, the bank said on the 9th of July 2017.

Wells Fargo has set aside that money to compensate customers who are part of a class-action lawsuit involving claims regarding consumer or small business bank accounts, credit cards or loans, as well as identity theft protection, between May 2002 and April of this year. It plans to begin reaching out to those affected customers soon (Source: reuters.com).





Deutsche Bank sees progress toward IPO of asset management arm: memo

Deutsche Bank (DBKGn.DE) said that it is making progress in its planned partial initial public offering (IPO) of its asset management unit, according to a recent memo to staff.  

Germany's largest lender announced its plans for a partial IPO of the unit in March as part of a broader restructuring of the bank reeling from law suits and trading scandals.

Nicolas Moreau, a board member who oversees Deutsche Asset Management, said in an email to staff seen by Reuters, that Swiss regulator FINMA had approved the establishment of Deutsche Asset Management (Schweiz) AG (Source: reuters.com).





JPMorgan CEO meets Irish prime minister on post-Brexit growth

JPMorgan Chase & Co Chief Executive Jamie Dimon met Irish Prime Minister Leo Varadkar in Dublin on the 6th of July 2017 to discuss expansion in the Irish capital two months after the U.S. investment bank bought an office building in the city with room for 1,000 staff.

The bank in May said it plans to hire a significant number of people in Dublin in its expanding custody and funds services businesses over the next three years, as it focuses its European Union operations in Dublin, Frankfurt and Luxembourg after Brexit leaves its largest European office, in London, outside of the bloc (Source: reuters.com).





Portugal government sees Novo Banco sale completed by November

The sale of Portugal's state-rescued Novo Banco to U.S. private equity firm Lone Star should be concluded by November following a 500 million euro ($566 million) debt swap that will be launched soon, deputy finance minister said on Wednesday.

Playing down concerns that lawsuits filed by some bondholders could derail the agreed deal, Ricardo Mourinho Felix told a parliament committee that European Union banking supervisors and the EU directorate general for competition were aware of this tentative timetable (Source: reuters.com).






Japan's MUFG to leverage Morgan Stanley expertise in wealth management foray

Mitsubishi UFJ Financial Group Inc (MUFG) aims to tap into the expertise of partner Morgan Stanley and expand into wealth management, as Japan's biggest bank looks for new sources of revenue, its chief financial officer said on Friday.

The lender plans to launch a new wealth management unit in Japan at the start of the business year beginning April 2018, and targets 50 billion yen ($439.95 million) in annual operating profit within four to five years, Muneaki Tokunari told Reuters (Source: reuters.com).






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