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$KEY plans to close the First Niagara Financial Group acquisition on August 1. The merger of KeyBank and First Niagara Bank is planned for 4Q16. $KEY expects the deal to be accretive to earnings in 2017 and add 5% to EPS upon the full realization of cost savings. $KEY expects to increase return on tangible common equity by 200BP.
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.