Bank of Shanghai plans to raise US$1.6 billion through an initial public offering and listing on a mainland China equity market, Bloomberg reports. The bank is one of a number of smaller Chinese banks looking for ways to raise capital as the country's banking regulator beefs up regulatory capital requirements. Wells Fargo chef executive John Stumpf convened a conference call with 500 of the bank's executives on Monday to detail his response to the customer account scandal, Reuters reports. The bank is hiring 2000 new risk management staff and will need to retrain as many as 100,000 staff. Analysts are expecting that Wells Fargo will lose market share and revenue for three to five years while it changes the way it does business.