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Morning Briefing

Morning Briefing

UniCredit has officially confirmed that its chief executive Federico Ghizzoni, who has held the position since 2010, is to step down, paying the price for the Italian bank's poor performance in terms of share price, capital and profits.

"The UniCredit board of directors and Federico Ghizzoni acknowledged that the conditions are now such that it is time for a change at the top of the group," UniCredit said in a statement following an extraordinary board meeting.

Reuters, which had reported on a number of occasions recently that Ghizzoni was on his way out, cited a source saying that his successor would be revealed at a board meeting on 9 June.

According to the Financial Times, UK bank customers may have to foot the bill for fraudulent activity on their accounts under proposals being considered by the government, the Bank of England and GCHQ, the country's intelligence and security organisation.

If the proposals are accepted, individual customers or companies whose online security is insufficient would find themselves liable for fraud losses should their accounts be hacked. The contentious proposals would take several years to implement and would be phased in with customers initially being urged to upgrade their browsers or software.

Almost a third of ATMs in India do not work and banks may face penalties if they do not remedy the situation, according to Reserve Bank of India deputy governor SS Mundra, who cited a central bank survey that looked at 4,000 ATMs belonging to different banks.

"The survey results are not comforting in any way. Almost one-third of the ATMs were found to be not working at that point," he said.

Barclays' deputy chairman Gerry Grimstone has said that Chinese banks will fill the space left by their European counterparts who are retreating from some areas of investment and retail banking worldwide. "European banks, driven by regulatory pressures and capital constraints, are simplifying their operations, leaving a natural space. It's not a 1-for-1 trade but Chinese banks will take up the slack," he told Reuters at a financial forum in London.

Banks dump small businesses, charities and fintech firms to save on red tape costs
European e-commerce still hampered selling abroad
Wells Fargo Pay to launch midsummer
Goldman Sachs sees Malaysian deals evaporate amid 1MDB concerns
Pizza Hut partners MasterCard to trial robot cashiers

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