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INVESTMENT BANKING, RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: Citi, JPMorgan named systemically important banks; HSBC launches private banking in Australia

And Wells Fargo's new account openings almost halved in October.

According to Reuters, Citi has joined JPMorgan at the top of global regulators' list of systemically important banks, replacing HSBC and meaning the U.S. bank will have to hold extra capital from 2019 to help preserve financial stability. Read more here.

HSBC is looking to cash in on the rising number of business people making multimillion-dollar fortunes through closer ties with Asia, launching private banking services in Australia, according to a report by Sydney Morning Herald. The bank is eyeing clients who have investable assets of more than A$10 million. Read more here.

San Francisco-based Wells Fargo Bank said new account openings had fallen by 44% in October year-over-year and new credit card applications had plummeted by 50%, according to CNBC. Foot traffic to branches is also down, with "branch banker interactions" down 22% from a year ago, and teller transactions down 10%. Read more here.

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