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Morgan Stanley Q4'18 net revenues down; BB&T profit up in Q4'18

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Morgan Stanley Q4'18 net revenues down; BB&T profit up in Q4'18

BB&T Corp. posted earnings of 97 cents per share in the fourth quarter of 2018, higher than the year-ago figure of 77 cents per share. KeyCorp's 2018 fourth-quarter EPS jumped year over year to 45 cents from 17 cents.

Morgan Stanley's adjusted EPS slid to 73 cents in the fourth quarter of 2018 from 84 cents a year ago. Net revenues were $8.55 billion, down 10% from $9.50 billion.

Goldman Sachs Group Inc. Chairman and CEO David Solomon, during the investment banking company's earnings call, apologized to the Malaysian people for the role of former partner Tim Leissner in the 1Malaysia Development Bhd. fraud and embezzlement scandal. He added that Goldman conducts "considerable due diligence" before each transaction.

In people news, Diego de Giorgi, Bank of America Corp.'s global investment banking head, is set to leave, sources told the Financial Times. BofA is planning to name two co-heads of global investment banking — Jack MacDonald, a California-based technology banker, and Tom Sheehan, a healthcare banker based in New York — following de Giorgi's departure.

On the M&A front, financial technology services provider WEX Inc. agreed to acquire Discovery Benefits Inc., an employee benefits administrator. WEX will pay approximately $425 million in cash, including $50 million that will be deferred until January 2020.

PGC Bancorp., a newly formed holding company based in Greenwood Village, Colo., is buying Durango, Colo.-based TIG Bancorp, the parent company of First State Bank of Colorado, the Denver Business Journal reports.

Iowa-based Heartland Financial USA Inc. is acquiring Kansas-based Blue Valley Ban Corp. in a $93.9 million all-stock transaction.

Montana-based Glacier Bancorp Inc. is acquiring Utah-based FNB Bancorp in a stock deal valued at $85.0 million.

Arkansas-based Farmers and Merchants Bankshares Inc. is buying smaller in-state peer Mountain Home Bancshares Inc.

Cleveland-based KeyBank NA is purchasing the digital lending business of Laurel Road Bank.

In regulatory news, Joseph Otting, the head of the Office of the Comptroller of the Currency, said a slew of formal applications for special-purpose national bank charters, fintech charters, may be coming soon. A number of companies have filed preliminary fintech charter applications and are close to finishing them, Otting added.

And on Capitol Hill, the House Democratic Steering and Policy Committee has recommended to its Caucus a total 16 members — including Rep. Alexandria Ocasio-Cortez, D-N.Y., an outspoken critic of the financial industry — to join the House Financial Services Committee. The Republican Steering Committee has recommended to its Caucus five members to join the committee.

In other parts of the world

Asia Pacific: India eases foreign borrowing norms; ASIC to clamp down on car loans

Europe: SocGen to take €240M hit; German tie-up seen as unwise; Brexit delay in sight

Middle East & Africa: Samba FY'18 profit up 10%; Hapoalim joins SWIFT; Access Bank plots expansion

Now featured on S&P Global Market Intelligence

1st 2019 deal involving credit union buying bank lands in Florida: At closing, VyStar CU's acquisition of Perry, Fla.-based Citizens State Bank's assets would be the largest U.S. credit union ever to buy a community bank, according to S&P Global Market Intelligence data.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng fell 0.54% to 26,755.63, and the Nikkei 225 was down 0.20% to 20,402.27.

In Europe, around midday, the FTSE 100 was down 0.52% to 6,827.00, and the Euronext 100 was down 0.28% to 934.38.

On the macro front

The housing starts report, the jobless claims report, the Federal Reserve Bank of Philadelphia's business outlook survey, the Energy Information Administration natural gas report, the Federal Reserve balance sheet and the money supply report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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