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Finance

Citigroup targets Belt and Road to boost China revenue

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BEIJING Citigroup Inc expects to boost its revenue growth in China by tapping into opportunities presented by Beijing's Belt & Road initiative, the bank's China chief said.

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UniCredit proposes to remove 5 percent cap on voting rights Sep 21 2017

MILAN UniCredit has called a shareholder meeting for Dec. 4 to put new governance proposals to the vote, including removing a 5 percent cap on voting rights and allowing the board to select its own candidates to be directors.

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Wells Fargo CEO to testify before Senate as questions linger over scandal Sep 21 2017

WASHINGTON Wells Fargo Chief Executive Tim Sloan is due to testify before Congress on Oct. 3 as the bank deals with fallout from a sales scandal a year ago that continues to spark new revelations.

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Exclusive: Macquarie leapfrogs Goldman to join top tier of commodity banks Sep 21 2017

LONDON Australia's Macquarie Group Ltd has overtaken Goldman Sachs to break into the top three banks for commodities business, having significantly expanded its U.S. energy operations in recent years while rivals cut back.

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Wells Fargo's lone outsider aims to clean up bank's reputation Sep 20 2017

NEW YORK Before a sales scandal upended its reputation, Wells Fargo & Co was something of a proud outsider in Washington and on Wall Street compared to its big bank peers.

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U.S. watchdog settled for small fine over Wells Fargo phony accounts: report Sep 19 2017

WASHINGTON A consumer watchdog agency could have levied $10 billion in penalties against Wells Fargo & Co last year for opening unauthorized customer accounts, but settled for a fraction of that to resolve the matter quickly, according to regulatory documents released on Tuesday.

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Two more firms fire KPMG as corporate South Africa weighs links with auditor Sep 19 2017

JOHANNESBURG A South African broker and an energy investment firm fired KPMG on Tuesday, two of a host of local firms weighing whether to ditch the auditor to distance themselves from a scandal involving business friends of President Jacob Zuma.

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Brazil's BNDES lambasts JBS CEO switch, seeks family's removal Sep 18 2017

RIO DE JANEIRO/SAO PAULO JBS SA's decision to replace the Brazilian company's jailed chief executive with his father was a sign of "deviousness" and should be investigated, the head of state development bank BNDES, the company's second-largest shareholder, said on Monday.

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EU gives nod to RBS competition plan, lifting state aid curbs Sep 18 2017

BRUSSELS European Union regulators approved a British plan allowing bailed-out Royal Bank of Scotland to support smaller alternative banks with funds totaling around 835 million pounds ($1.1 billion) to encourage competition.

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U.S. trial set to begin for ex-HSBC executive in foreign exchange scheme Sep 18 2017

NEW YORK A former high-ranking HSBC Holdings Plc executive from Britain on Monday will become the first person to go to trial on charges stemming from a U.S. probe into foreign exchange rate manipulation.