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Home » Daily Briefing » Morning Briefing 15 September 2016

Morning Briefing 15 September 2016

Morning Briefing

Federal prosecutors in the United States have begun an investigation into sales practices at Wells Fargo after employees at the bank opened up to two million accounts without customers' knowledge, according to the latest report on the scandal by the Wall Street Journal. Last week, the bank received a $185 million fine over the issue.

In Italy Monte dei Paschi lost its chairman and gained a new chief executive yesterday, according to a statement from the bank. Chairman Massimo Tononi is to stand down less than a year after assuming the role as the troubled lender seeks to carry out a €5 billion capital lending and restructuring agreement backed by a consortium led by JPMorgan.

Meanwhile, Marco Morelli was named as the bank's new chief executive following the departure of Fabrizio Viola last week. Morelli worked at Monte dei Paschi up to 2010 before joining Intesa Sanpaolo.

PwC has warned that bad debts at South Africa's big four banks could reach higher levels than were the case during the global financial crisis. PwC analysed the first half financial results for 2016 of Barclays Africa, FirstRand, Nedbank and Standard Bank and found that bad debts had increased by 26.8 percent to 17.2 billion rand.

The Financial Times has obtained figures that suggest start-up banks in the UK face a tough task in attempting to turn potential customers into actual account holders. The newspaper revealed that Atom Bank managed to register almost 40,000 potential customers but only 2,000 have opened accounts since it opened for business in April.

Citigroup says market revenue is exceeding expectations
U.S. credit card balances may soon top $1 trillion
CBA, Barclays join forces on P2P payments
Ex-Barclays executive 'suppressed key report'
Barclaycard brings contactless payments to personalised phone cases
Stripe acquires Tonic to grow its offering

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