Weekly Global News Wrap Up: No bailout for Deutsche Bank in sight; Wells Fargo probes sales practices

And a survey says Shanghai could be the next major financial hub.

CNBC spoke to several analysts who said that no government rescue is imminent, or even necessary yet, for the imperiled German financial institution, despite Deutsche Bank shares hitting all-time lows Monday. The German government deems the bank to be "adequately capitalised." Read more here.

Reuters reports that Wells Fargo & Co CEO John Stumpf will forfeit unvested equity awards worth about $41 million and will not get a salary during an independent investigation into the bank's sales practices. Read more here.

According to Bloomberg, finance professionals ranked Shanghai as the top pick among the world’s cities expected to become significant global financial centers in the next few years. Other Chinese cities ranked by the Global Financial Centers Index are Qingdao, Shenzhen, Dalian and Beijing. But for this year, London, New York, Hong Kong, Singapore and Tokyo remain to be in the top five. Read more here.

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