Postal Savings Bank of China has raised US$7.4 billion through an initial public offering and listing on the Hong Kong Stock Exchange, CNBC reports. Shares were sold at the low end of the indicated range but it was the biggest IPO in the world since Alibaba Group Holdings went public in 2014. The chief executive of US bank Wells Fargo, John Stumpf, came under fire during an appearance before the Senate Banking Committee in Washington, where he was being questioned about findings that bank staff were encouraged to open accounts without customers' permission to meet sales quotas. USA Today reports that Senator Elizabeth Warren told Stumpf his leadership was "gutless" and called on him to resign, charging him with forcing staff to cheat customers. The bank has agreed to pay $185 million in settlements. Spain's Banco Santander has ended talks with Royal Bank of Scotland over the purchase of RBS's Williams & Glyn division, Bloomberg reports. The parties could not agree on a price for the retail banking business, which has two million customers, 314 branches and £24.2 billion of assets. Santander already has a large banking operation in the United Kingdom, which is the biggest contributor to group earnings.