Weekly Global News Wrap Up: Losing banking jobs to EU imperils financial stability; Which US banks will benefit the most from tax cuts?

And Wells Fargo fires 4 executives.

A report by The Guardian says the City of London has warned that the loss of banking jobs to EU countries due to Brexit could threaten British and European financial stability. Interviews with more than half a dozen senior bankers and business leaders reveal growing certainty that the threat of losing single market access will force a wave of relocations this year and may cause an “unwinding” of a cluster of related businesses. Read the full story here.

CNBC reports that financial stocks are among the biggest beneficiaries in the pro-business Donald Trump administration so far, but many on Wall Street are wondering how a tax cut can specifically impact bank stocks. Fred Cannon, executive vice president of Keefe, Bruyette and Woods, an investment banking firm, said a tax cut would impact big banks' bottom lines. Read more here.

According to Reuters, Wells Fargo & Co has fired four mid-level executives and stripped them of bonuses and stock awards as a result of an investigation into improper sales practices in its retail bank, the company announced on Tuesday. The board of directors voted unanimously to fire them for cause as part of its investigation into employees opening as many as 2 million deposit and credit card accounts without customers' permission. Read more here.

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