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“There is no need for you to threaten your customers with higher fees when you and your bank are already making money hand-over-fist.”
US senator Richard Durban in a 5-page letter to J.P. Morgan CEO Jamie Dimon in response to his “dismissive” criticism that the cost of Durbin’s debit interchange fee reform legislation will be passed on to the consumer.

The following are notes from our Monday morning meeting.

HSBC’s investors have agreed to a plan to lower maximum staff awards, including bonuses and stock options, to ten times salary, down from 12 times salary.

Citi, which has been withdrawing from retail markets in the US, will reverse course and add 100 branches in California and New York, and 100 more around the country.

Turkey's president Abdullah Gül appointed as central bank governor Erdem Ba?ç?, who is close to the government and has backed policies to curb loan growth and deter hot money inflows.

Japan’s SMBC signed a deal with Brazilian investment bank BTG Pactual to develop structured products and securitised operations in Brazil, and to cooperate on international M&As.

China Everbright Bank's Hong Kong IPO plan has gained regulatory support, but the bank has not considered strategic investment according to Lin Li, the bank's vice president.

Hong Kong’s anti-corruption commission arrested 11 people, including two Deutsche Bank warrant traders, in connection with fraudulent trading of derivatives warrants.
 
Vietnam’s prime minister Nguyen Tan Dung told the central bank to let commercial banks sell up to 20% of their charter capital to a single foreign strategic investor, up from 15%.

Indonesia’s central bank next month will announce detailed rulings to tighten oversight of the credit card industry, following the death of a Citibank customer, allegedly at the hands of bank debt collectors.

Afghanistan will dissolve Kabul Bank after investigators found that 94% of its loans were made fraudulently, creating a good bank to process salaries and a bad bank to hold all shareholder debt.

Australia’s NAB suffered its second payment systems crash in five months on Friday as payroll processing and other transactions were delayed.