Latest Business News: Siemens Names Financial Chief to the Top Job

Wochit 0:54 mins

Germany's stumbling industrial giant, after ousting its chief executive over missed profit targets, has promoted a longtime executive to replace him.The Siemens supervisory board named Joe Kaeser, a 56-year-old with a long career at the company, to replace Peter L?scher. U.S. economic growth unexpectedly accelerated in the second quarter, laying a firmer foundation for the rest of the year that could bring the Federal Reserve a step closer to cutting back its monetary stimulus. U.S. investment bank J.P. Morgan , which is being investigated by Italian prosecutors probing Monte dei Paschi's purchase of a smaller rival, said it and its employees acted correctly at all times.

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