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Thursday Express: PacWest/El Dorado deal canceled; ex-JPMorgan exec joins Wells


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Thursday Express: PacWest/El Dorado deal canceled; ex-JPMorgan exec joins Wells

* A panel of 15 chief economists at major North American banks thinks the "downside risks to the economy have materially increased in recent months."

* Beverly Hills, Calif.-based PacWest Bancorp's pending acquisition of Placerville, Calif.-based El Dorado Savings Bank was terminated after failing to secure the two-thirds majority vote of El Dorado shareholders.

* Wells Fargo appointed Saul Van Beurden, former chief information officer of consumer and community banking at JPMorgan Chase, as head of technology.

* State Street is cutting 15% of its senior management jobs, including executive vice presidents and senior vice presidents, sources told Bloomberg News.

* BlackRock promoted Mark Wiedman to head of international operations and corporate strategy, The Wall Street Journal reports.

* San Francisco-based digital lender Affirm is introducing a no-fee savings account with a 2% annual interest and no minimum balance.

* Financial data company Refinitiv confidentially filed an initial public offering of its Tradeweb Markets business, sources told Bloomberg. The bond-trading platform could be valued at more than $4 billion.

* The Florida Office of Insurance Regulation said the total estimated insured losses from Hurricane Michael have reached approximately $4.89 billion.

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