And tough earnings season looms for Aussie banks.
CNBC reports that in Wells Fargo CEO Tim Sloan's company-wide speech, he "acknowledged that the bank did not respond to the problems in its branches soon enough and that upper management dodged responsibility for the bad behavior and wrongly placed blame on branch employees. Wells fired roughly 5,300 employees as a result of the scandal, the vast majority of them lower-level workers." Read more here.
In hopes of helping banks battle digital crimes, the U.S. Treasury told banks to include details about cyber attacks when filing mandatory reports on fraud and money laundering, according to Reuters. Read more here
The record-breaking run of profits of Australia's three biggest banks is feared to come to an end on the back of higher funding costs, lower interest margins and rising bad-debt charges, reports Bloomberg. ANZ might be the worst hit as it is expected to report its lowest cash profit in four years. Read more here.
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