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It’s the financial press equivalent of a man bites dog story: Wells Fargo is taking back $75m in executive bonus payouts.
Directors at Wells Fargo are clawing back the bonus payouts after an internal investigation into the US bank’s sham accounts scandal placed the blame largely at the door of former top executives.
The report published on Monday placed much of the blame at the door of Wells’ former managers, including former chief executive John Stumpf, finding they set branches “untenable” targets and ignored signs of misconduct as early as 15 years ago.
On Wall Street stocks were mildly positive with the S&P 500 closing up 0.1 per cent as energy stocks got a boost from rising crude prices. Japan’s yen, gold and Treasuries got support, too, as investors fretted over the deployment of a US aircraft carrier group to waters off the Korean peninsula.
In Asia Pacific equities, futures tip the S&P/ASX 200 index to open flat in Sydney, while Tokyo’s Topix is set to dip 0.3 per cent when trading begins and Hong Kong’s Hang Seng is expected to drop 0.2 per cent at market open.
Corporate earnings reports out today include FamilyMart, Bic Camera, GD Power Development, Izumi, Loncin Motor, Industrial Securities and ABC-Mart.
The economic calendar for Tuesday never plays an ace when a two will do (all times Hong Kong):
- 09.00: Philippines imports, exports and trade balance
- 09.30: Australia NAB business conditions and confidence
- 12.00: Malaysia industrial production
- 14.00: India local car sales
- 14.00: Japan machine tool orders (preliminary)