Weekly Global News Wrap: Wells Fargo fined for overcharging commercial clients; Citi charged $1m for swap data violations

And investors are getting $400m from Credit Suisse supply chain funds.

From Reuters:
Wells Fargo & Co. will pay a total of $37.3m to settle its alleged overcharging of commercial clients on foreign exchange services.

Monday's settlement resolves the civil fraud charges against the fourth-largest American bank, consisting of a $35.3m fine plus a $2m forfeiture.

Wells Fargo previously returned $35.3m to customers as restitution, making its total payout about $72.7m.

From Reuters:
Citigroup has reportedly agreed to pay $1m to settle charges it violated swap data reporting rules and supervision rules, according to The Commodity Futures Trading Commission (CFTC).

The payment will also be for the settlement of charges that it breached a previous CFTC settlement agreed in 2017.

That 2017 order found Citigroup's broker-dealer failed to report certain swap data, among other lapses.

From Reuters:
Credit Suisse is set to pay back another $400m this week to investors in insolvent supply chain finance funds linked to Greensill, the Swiss bank’s asset management arm said on its website.

"The fifth payment of proceeds from the recovery of assets underlying the Credit Suisse (Lux) Supply Chain Finance Fund and Credit Suisse Nova (Lux) Supply Chain Finance High Income Fund is expected to be distributed to investors in those funds in the week of September 27," Credit Suisse’s asset management arm said.

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Citi violate swap data reporting rules

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