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FINRA fines JP Morgan Securities $2.8M; Atlantic Capital selling trust biz


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FINRA fines JP Morgan Securities $2.8M; Atlantic Capital selling trust biz

The Financial Industry Regulatory Authority fined J.P. Morgan Securities LLC $2.8 million for allegedly violating the Securities and Exchange Commission's customer protection rule and for related supervisory failures.

Meanwhile, Goldman Sachs Group Inc. has denied a Financial Times report that it has chosen to open an administration center in Dublin for its European asset management business post-Brexit, CBS News reports. The company is "considering options related to elements of fund administration within the EU," Goldman Sachs spokeswoman Maria Gonzalez said. She added that changes in the operation's headcount, which numbers around 20 people, would be small, according to the report.

In M&A news, Chattanooga, Tenn.-based Atlantic Capital Bank NA is selling Southeastern Trust Co. to an investor group led by D. Michael Kramer, the bank's former president, along with Bart Rolen and Teresa Whitton, who are also bank executives.

Average credit card debt is up 9% since 2015, according to the Consumer Financial Protection Bureau's biennial report. For cardholders with "deep subprime" scores, the increase was by 26%.

In other parts of the world

Asia Pacific: Nippon Life acquires asset manager stake; India's National Insurance defers IPO

Europe: Barclays tax hit; Goldman denies Dublin rumor; German insurers' €2B nat-cat cost

Middle East & Africa: Sasfin Holdings names finance chief; Israel Discount Bank reinstates dividends

The day ahead

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

In Asia, the Hang Seng was up 0.90% to 29,863.71, while the Nikkei 225 fell 0.56% to 22,783.98.

In Europe as of midday, the FTSE 100 was up 0.14% to 7,631.42, while the Euronext 100 was down 0.04% to 1,041.59.

On the macro front

The U.S. international trade in goods report, the jobless claims report, the EIA natural gas report, the EIA petroleum status report, the Fed balance sheet and the money supply report are due out today.

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