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JPMorgan gets immunity on alleged cartel conduct; Wells mulls 2 post-Brexit hubs

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JPMorgan gets immunity on alleged cartel conduct; Wells mulls 2 post-Brexit hubs

JPMorgan Chase & Co. was granted immunity on an investigation into alleged cartel conduct after the bank offered full disclosure on the events surrounding a 2015 share placement for Australia & New Zealand Banking Group Ltd., sources told The Australian. The two other underwriters in the share placement, Deutsche Bank AG and Citigroup Inc., expect to face criminal charges.

Citi became the first corporate bank to enroll as a registered third-party payment provider for open banking in the U.K. The inclusion will allow the bank to start launching new payment and collection services for its clients.

Meanwhile, Wells Fargo & Co. is considering conducting its European business in both Paris and Dublin as it prepares for the U.K.'s exit from the European Union, the Financial Times reports. Should the bank choose two post-Brexit hubs, it would join a growing list of banks that opted against a single alternative base. It is unclear how many London jobs will be affected by the bank's plan to shift some of its businesses to other hubs, the report said.

And Morgan Stanley CEO James Gorman said that the bank is interested in increasing its stake to 51% from 49% and then eventually to 100% in its Chinese joint venture, Morgan Stanley Huaxin Securities, Xinhua News Agency reports. Gorman also said that Morgan Stanley is planning to expand its wealth management business amid the growth of the middle class in China.

In the credit union sphere, the board of New York-based Municipal CU voted to begin the termination proceedings for former CEO Kam Wong, who was charged with embezzling more than $3 million, CUtoday.info reports.

Private equity firm Corsair Capital LLC is looking to sell payment services provider Realtime Electronic Payments, or REPAY, sources told Reuters. REPAY may be valued at up to $900 million, including debt. Corsair Capital has hired FT Partners to handle the auction process for REPAY.

In regulatory news, the U.S. Department of Justice and the Commodity Futures Trading Commission reached an agreement in principle with French lender Société Générale SA to settle investigations related to the bank's interbank offered rate submissions and transactions involving Libyan counterparties.

In other parts of the world

Asia Pacific: 2 Australian insurers scrap merger plans; Westpac may shut funds management unit

Europe: UniCredit eyes merger with SocGen; CYBG ups Virgin Money offer; Spain has new PM

Middle East & Africa: Israel eases process for prospective new banks; Nigeria Re said to eye 2018 IPO

The day ahead

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

In Asia, the Hang Seng was up 1.66% to 30,997.98, and the Nikkei 225 rose 1.37% to 22,475.90.

In Europe, as of midday, the FTSE 100 was up 0.31% to 7,701.77, and the Euronext 100 climbed 1.02% to 1,059.77.

On the macro front

The factory orders report is 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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