Weekly Global News Wrap Up: Morgan Stanley, Credit Suisse to pay fines of up to $7b; HSBC to shut 57 branches in early 2017

And Deutsche Bank feared to shake the entire European banking system.

Morgan Stanley will pay $7.5 million to settle civil charges that it violated customer protection rules when it used trades involving customer cash to lower its borrowing costs, U.S. securities regulators said on Tuesday. According to Reuters, The Securities and Exchange Commission said Morgan Stanley will settle the case without admitting or denying the charges. Read more here.

According to an exclusive report by Reuters, the U.S. Department of Justice has asked Credit Suisse to pay between $5 billion and $7 billion to settle a probe over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, a source with knowledge of the matter said, but the bank has resisted settling for that amount. Read the full story here.

The Guardian reports that HSBC has revealed that it is shutting more than four branches a week and that at least 57 more will be axed in the first few weeks of 2017. High-street banks have closed more than 1,000 branches in the UK during the past two years, according to consumer body Which?. Read more here.

While Deutsche Bank has made great strides to rebuild its credibility, Germany's biggest bank has still got mountains to climb, a senior director at Blackrock Investment Institute told CNBC. "If Deutsche Bank doesn't make it, forget European banks as a whole," Blackrock's Ewen Cameron Watt said on Tuesday. Read more here.