Wells Fargo & Co.'s customer-service woes have extended to its wealth management division. The San Francisco-based company disclosed that it overcharged certain wealth management clients due to incorrect fees applied to certain assets and accounts. Meanwhile, The Wall Street Journal, citing unnamed sources, reports that in late 2017, the U.S. Department of Justice told the bank
Wells Fargo announced that four directors are retiring at the company's annual shareholder meeting on April 24, in-line with a requirement imposed under the Federal Reserve's cease and desist order against the company. These directors are John Chen, Lloyd Dean, Enrique Hernandez Jr. and Federico Peña.
Equifax Inc. disclosed that certain of its ISO certifications and payment card industry certifications have been suspended due to the 2017 cybersecurity incident. The credit reporting agency
Kushner Cos. LLC — the real estate company led by Jared Kushner, President Donald Trump's son-in-law and senior adviser — secured $325 million in loans from Citigroup Inc. in the spring of 2017 shortly after Kushner met with Citi CEO Michael Corbat at the White House, The New York Times reports. A Citi spokeswoman told the publication that Kushner Cos.' relationship with Citi "had no connection to Mr. Kushner's White House role." Apollo Global Management LLC also granted a $184 million loan to Kushner Cos., the report adds. A spokesman for the asset management
On the M&A
Nasdaq Inc. is suing IEX Services LLC for alleged patent infringement. Nasdaq claims that IEX, the newest U.S. stock exchange operator
In people
JPMorgan Chase & Co.'s Asia-Pacific investment banking chairman, Brian Gu, is leaving the company to join Chinese electric car manufacturer Xiaopeng Motors, The Wall Street Journal reports, citing "people familiar with the matter."
And an economist at Pacific Investment Management Co. LLC, Richard Clarida, is the front-runner to become the next Federal Reserve vice chair, "two people familiar with the effort" to fill high-ranking vacancies in the U.S. central bank told Reuters.
In other parts of the world
Asia-Pacific: Indian state banks to consolidate overseas ops; CBA unit float moves forward
Europe: LSE posts profit rise; offers made for Generali assets; Pru names new risk chief
Middle East & Africa: Barclays Africa rebrands; Fitch lowers Bahrain; BNY Mellon eyes Riyadh office
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng declined 1.48% to 30,583.45, and the Nikkei 225 fell 2.50% to 21,181.64.
In Europe, around midday, the FTSE 100 was down 0.93% to 7,108.93, and the Euronext 100 was down 1.36% to 1,004.59.
On the macro front
The consumer sentiment report and the Baker-Hughes Rig Count report are due out today.
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