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Home » Daily Briefing » Morning Briefing 14 September 2016

Morning Briefing 14 September 2016

Morning Briefing

In an interview with the Wall Street Journal, Wells Fargo CEO John Stumpf has defended the bank's culture while blaming sales practices that included opening accounts for customers without their permission on employees. "There was no incentive to do bad things," he said and added that the bank doesn't "want one dime of income that's not earned properly".

Meanwhile, the bank has eliminated its product sales goals for retail banking and could take more disciplinary action against staff in the wake of the scandal.

An exclusive report by Reuters claims that Goldman Sachs has created a team to use deposits from its new retail bank as funding for trades, investments and big loans. The team, known as the institutional lending group, was set up in 2015 but has recently ramped up its activities, according to Reuters.

Visa has introduced its mVisa mobile money app in Kenya in a direct challenge to the dominance of Safaricom's M-pesa. Around 1,500 merchants have already signed up for the service which has established ties with four local banks — Co-operative Bank, Family Bank, KCB and NIC Bank. However, a Visa spokesman said the service would be interoperable "and not dependent on a bank and not dependent on a mobile operator. It democratises payments".

South Africa: Bank profits suffer as bad card debt spreads
Alipay operator Ant Financial acquires US biometric security firm EyeVerify for more than US$100m
Monte Paschi's touted new CEO in Frankfurt to meet ECB: source
Former Dutch finance minister Zalm to resign as ABN Amro CEO
Clydesdale Bank to slash £100m costs to combat Brexit slowdown
House financial services committee passes bill to overhaul Dodd-Frank law

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