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RETAIL BANKING | Staff Reporter, Singapore
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Weekly Global News Wrap Up: Exodus of banks in London looms after Brexit; Deutsche Bank looks for new CEO

And Wells Fargo's 4 top risk management execs to retire.

From Bloomberg: London has flourished as a financial center for decades in part because global banks, from offices around the bustling City of London district, could sell their services freely around the European Union. With the clock ticking on Britain’s exit from the 28-nation trading bloc — the complicated international divorce known as Brexit — the city’s status as a banking hub is under threat. If U.K. firms lose easy access to Europe’s $19 trillion economy, which seems likely under the terms laid out by Prime Minister Theresa May, Britain becomes a far less attractive place to do business.

From Reuters: Deutsche Bank has begun searching for a new chief executive, two people familiar with the matter said on Tuesday, as investors grow frustrated with the slow turnaround of the loss-making German lender. Paul Achleitner, chairman of the board, has initiated a search to replace John Cryan, the British chief executive officer who has been in office less than three years, the people said on condition of anonymity.

From Wall Street Journal via CNBC: Wells Fargo's top four risk management executives are to retire as a regulatory settlement nears, The Wall Street Journal reported Friday, citing sources and an internal memo. The changes follow a recent enforcement action by the Federal Reserve, which restricted the bank's growth and replaced four board members. The report, citing people familiar with the matter, said the Office of the Comptroller of the Currency, another banking regulator, is getting close to finalizing its own enforcement action and civil penalty related to Wells Fargo's risk controls.

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