RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: US banks face trouble beefing up mobile base; Embattled Wells Fargo's earnings crash to $5.19b in Q2

And an Islamic banking entity with about $92b in assets may be in the works.

From Bloomberg: The biggest banks’ push into mobile is running out of low-hanging fruit. Bank of America Corp. added active mobile customers at a slower pace for at least the fourth quarter in a row in the three months through June. JPMorgan Chase & Co.’s active mobile customers increased 2.4 percent in second quarter. A year earlier, the jump was 4.1 percent.

From AP via CNBC: Wells Fargo & Co., which has been mired in investigations related to its business practices since 2016, said Friday that its second-quarter earnings fell to $5.19 billion from $5.86 billion a year ago. The bank also revised its first-quarter earnings downward after agreeing in April to pay $1 billion in fines to federal regulators.

From Bloomberg: Kuwait Finance House KSCP wants to hold renewed talks with Bahrain’s Ahli United Bank BSC about a takeover, a potential boost to the island kingdom as it seeks financial support from richer neighbors. KFH said that it contacted AUB about “establishing a new banking entity.” The banks began talks last May, aiming to create an entity with about $92 billion of assets, but those talks foundered about six months ago over valuation differences.

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