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The Friday Express: Wells Fargo overcharged wealth management biz clients

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The Friday Express: Wells Fargo overcharged wealth management biz clients

* Richard Clarida, an economist at Pacific Investment Management, is the front-runner to become the next vice chair of the Federal Reserve, sources told Reuters.

* Wells Fargo disclosed that, following a review of its fee calculations, some clients of its wealth management division have been overcharged with incorrect fees applied to certain assets and accounts.

* Also, four Wells Fargo directors — John Chen, Lloyd Dean, Enrique Hernandez Jr. and Federico Peña — are retiring at the company's annual shareholder meeting on April 24.

* The family real estate business of Jared Kushner, President Donald Trump's senior adviser, reportedly received loans of $325 million from Citigroup and $184 million from Apollo Management after meetings at the White House, according to The New York Times. The bank and the private equity firm both denied that the loans granted to Kushner Cos. LLC were connected with Kushner's government role.

* Brian Gu, JPMorgan Chase's chairman of Asia Pacific investment banking, is resigning to join Xiaopeng Motors, an Alibaba-backed electric car company, sources told The Wall Street Journal.

* Bank holding company Parkway Acquisition is buying Great State Bank in a deal valued at $14.5 million, or $14.87 per share.

* Stephen Schwarzman, CEO of asset manager Blackstone Group, got paid at least $800 million in 2017, according to The Wall Street Journal.

* Nasdaq filed a lawsuit against IEX Services over alleged patent infringement of the exchange operator's electronic-trading technology.

* Equifax disclosed that certain ISO certifications have been suspended due to the 2017 cybersecurity breach in the consumer credit reporting agency.

* The Securities and Exchange Commission is investigating insurer MetLife over certain reserves from a former operating joint venture in Japan.

* Wisconsin Gov. Scott Walker signed a bill that creates a state-based reinsurance program for health insurance providers.

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