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Financial services firm $JPM said that 2Q16 wholesale credit cost was approx. $200MM. Within this, charge-offs of $150MM were principally driven by oil & gas and metals & mining. Outside of energy, $JPM has not seen deterioration in the wholesale or consumer credit portfolios. Due to Brexit, markets were volatile & volumes were materially higher.
The latest earnings report by $VZ shows how it is losing customers despite offering the unlimited data plans, a record for the company.
$BEBE is closing down all its stores by the end of May.
$WFC agreed to hike its payout in a class-action settlement over unauthorized accounts by $32 million to $142 million for its retail sales practices. The settlement will now include customers who were impacted as early as May 2002.