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Plenty of action in global markets overnight as EURUSD spikes on a massive short squeeze and strong US non-manufacturing PMI clears the way for a US rate hike next week. Markets are also eyeing Italian banks and Germany's Dax.
Editor’s Picks 22 September 2016 at 1:13 GMT

Wells Fargo's Stumpf 'should face criminal investigation'

Bloomberg
John Stumpf arrived at Tuesday’s Senate Banking Committee hearings with one hand in a bandage. He left even more battered and bruised. The Wells Fargo chief executive officer took fire from Democrats and Republicans alike, who blasted the executive’s handling of a scandal over the opening of more than 2 million accounts without customers’ authorisation, as employees sought to meet cross-selling targets. “You should resign,” Senator Elizabeth Warren told Stumpf, who had injured his right hand while playing with his grandchildren. “You should give back the money you took while this scam was going on and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission.” Warren, a Massachusetts Democrat, led a chorus of criticism as lawmakers wanted more accountability from the company’s leadership and made clear Wells was far from putting the matter behind it. Bank executives are “completely out of touch”, said Republican Patrick Toomey.
Read full article at Bloomberg

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