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Morning Wrap: today's top business stories

News stories from around the web.

UK raises £3bn from Lloyds share sale as further sign of confidence in recovery (FT)

The UK government has raised £3.2bn from the sale of a 6 per cent stake in Lloyds Banking Group, it confirmed on Tuesday, in the first stage of the reprivatisation of the high street lender.

Jobs champion Janet Yellen leads Fed race as Larry Summers forced out (Telegraph)

Global markets are euphoric over the defeat of Larry Summers, blocked by Senate Democrats from taking over the US Federal Reserve. His ties to Wall Street doomed him.

JPMorgan in talks to pay $800m ‘whale’ fine (FT)

JPMorgan Chase is in talks to pay at least $800m to settle with securities and bank regulators over the $6bn “London whale” trading loss, but faces additional fines from US derivatives regulators not part of the current pact, people familiar with the matter said.

Barclays to refund at least 300,000 borrowers (BBC)

Barclays Bank is to refund at least 300,000 personal loan customers because it made mistakes on their paperwork.

Mario Draghi risks row with Germany over bank plan (Telegraph)

Mario Draghi has put the European Central Bank on a collision course with Berlin after insisting that Europe needs a single authority to wind up failing banks — just two days after Germany said the idea was legally questionable.