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INVESTMENT BANKING, RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: Wells Fargo punished for failing 'living will' test; SWIFT remains at risk of cyber attacks

And UniCredit to raise US$13.8b and shed 14,000 jobs.

Reuters reports that U.S. officials on Tuesday limited Wells Fargo & Co's ability to grow its business, punishing the bank for not having a sufficient plan to protect markets in the case of bankruptcy. Read the full story here.

The messaging network in a Nov. 2 letter seen by Reuters warned banks of the escalating threat to their systems, according to the SWIFT letter. The attacks and new hacking tactics underscore the continuing vulnerability of the SWIFT messaging network, which handles trillions of dollars in fund transfers daily. Read more here.

According to a report by The Guardian, Italy’s largest bank, UniCredit, plans to shed thousands of jobs and raise €13bn (US$13.8b) in the country’s biggest share issue in a bid to shore up its reserves and boost profits by the end of the decade. The bank said 14,000 posts, or 11% of the workforce, would disappear across its businesses in Europe and 1,000 bank branches in Italy would close. Read more here.

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