Good morning! Here’s what you need to know.
1. Deutsche Bank’s chief executive, John Cryan, faces its board this week amid growing investor frustration over the speed of his turnaround plans. Cryan, along with his top managers, is in Berlin to update chairman Paul Achleitner and the rest of the supervisory board on progress on Deutsche Bank’s most pressing projects, Reuters reported.
2. Around 10,000 finance jobs will be shifted out of Britain or created overseas in the next few years if the UK is denied access to Europe’s single market, according to a Reuters survey. Frankfurt was by far the most popular destination for the new roles, the survey showed, with Paris a distant second.
3. JPMorgan Chase poached an executive from Amazon in a bid to help the bank improve the customer experience. Chase on Monday announced the hire of Marbue Brown as its head of customer experience for consumer banking and wealth management. He’ll report directly to Thasunda Duckett, the CEO of Chase’s consumer bank.
4. EU regulators approved a British plan allowing bailed-out Royal Bank of Scotland to support smaller alternative banks with funds totaling around £835 million ($US1.1 billion) to encourage competition. The deal was struck after RBS was unable to sell business banking unit Williams & Glyn and failed to meet one of the conditions of its bailout.
5. Geneva prosecutors are investigating after toilets in a bank and three restaurants were blocked by about $US100,000 in high-denomination euro banknotes. “We are not so interested in the motive but we want to be sure of the origin of the money,” spokesman Vincent Derouand said.
6. Florida policyholders so far have filed nearly $US2 billion in claims to insurers for damage from Hurricane Irma, the state’s insurance regulator said. About 88% of the total number of claims are from residential property owners, of which only 3.8% have been closed.
7. A former trader at billionaire Steven A. Cohen’s former hedge fund SAC Capital Advisors wants to withdraw his insider trading guilty plea, saying he had forgotten about two instant messages that show he committed no crime. Richard Lee said in court filings that the messages uncovered in the last few months demonstrated how his purchase of 725,000 Yahoo Inc shares on July 10, 2009, which underlaid his guilty plea four years later, was based on public information.
8. Bank of England Governor Mark Carney on Monday neatly summed up the impact the vote to leave the European Union has had on Britain’s economy. Speaking at the International Monetary Fund in Washington DC, Carney said: “Households looked through Brexit-related uncertainties initially. But more recently, as the consequences of sterling’s fall have shown up in the shops and squeezed their real incomes, they have cut back on spending, slowing the economy.”
9. The toy retailer Toys R Us filed for bankruptcy. It’s one of several options the chain considered to pay down $US5 billion in debt it owes as a result of a leveraged buyout in 2005.
10. British Prime Minister Theresa May said she would press US President Donald Trump this week about a trade challenge by Boeing that could endanger thousands of Bombardier jobs in Northern Ireland. “I will be impressing on him the significance of Bombardier to the United Kingdom and particularly … to jobs in Northern Ireland,” she told a news conference in Ottawa.
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