RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: Paris to beat Frankfurt in banking post-Brexit; British banks' rehabilitation plans thwarted by US DoJ delays

And Deutsche Bank is no longer in the list of the world's top 15 private banks.

From Bloomberg: Finance Minister Bruno Le Maire said Paris will beat Frankfurt to become the European Union’s main financial center after Britain leaves, even as he acknowledged that the French capital is playing catch-up. “We will take the difficult decisions, we will lower French taxes, we will make our country more attractive,” Le Maire said in a television interview in his office in eastern Paris, overlooking the River Seine. “We will win the race.”

From Reuters:  Legal and investigative delays at the U.S. Department of Justice are thwarting efforts by three of Britain's biggest banks to rehabilitate themselves after the global financial crash and other problems, the banks' chief executives have said. Like their global competitors, Britain's top banks have spent billions of dollars in fines, settlements and restructuring costs to deal with legal and financial fallout from the 2008 crisis. For Barclays, RBS and Standard Chartered, hopes that their unresolved cases in the United States can be settled this year have been clouded by delays in appointing key staff at the DoJ since Donald Trump became president.

From CNBC: Deutsche Bank is no longer one of the world's top 15 private banks after a difficult year for the German lender, a study by Scorpio Partnership showed Monday. The bank saw its private banking assets drop 28 percent in dollar terms to $227 billion in 2016 compared to the previous year, the report stated, according to Reuters. As a result, Deutsche Bank placed 16th out of the 25 private banks analyzed.

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