NEW YORK / AP Wells Fargo’s embattled CEO John Stumpf is stepping down as the nation’s second-largest bank is roiled by a scandal over its sales practices. The San Francisco bank said Stumpf is retiring effective immediately and also relinquishing his title as chairman. He won’t be receiving severance pay and the bank announced earlier that he will forfeit …

  Milan / AFP UniCredit said on Thursday it had raised over half a billion euros as part of its latest asset sale, part of Italy’s largest bank’s effort to boost its funds without raising capital from shareholders. The 552 million euros ($609 million) from the sale of 20 percent of its online banking subsidiary Fineco will be used to …

  Bloomberg Preoccupied by ultra-low interest rates in much of the industrialized world, the financial industry risks being blindsided by an even bigger challenge, according to Russian central bank Governor Elvira Nabiullina. “Banks could fall into a trap,” Nabiullina said at a conference in Kazan, capital of Russia’s republic of Tatarstan. “What do they mostly complain about now? Low interest …