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JPMorgan, Capital One seek Amazon partnership; 2 New York-based banks merging

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JPMorgan, Capital One seek Amazon partnership; 2 New York-based banks merging

JPMorgan Chase & Co., Capital One Financial Corp. and other unnamed big banks have sent proposals to partner with Amazon.com Inc. as the e-commerce giant considers offering a "hybrid-type checking account," for its younger or unbanked customers, "people familiar with the matter" told The Wall Street Journal. Analysts said that while many banks could view Amazon as a major competitive threat, a bank that partners with the company could gain access to millions of new customers.

Citigroup Inc., post-trade financial services company Depository Trust & Clearing Corp. and Switzerland-based Zurich Insurance Group AG are leading a consortium committed to develop a set of cybersecurity standards for financial technology companies in an effort to toughen cyber defenses and counter backdoor attacks, the Financial Times reports.

In an effort to turn around its commodities unit, Goldman Sachs Group Inc. is creating a new team called "commodity financial solutions," tasked to work with the company's investment banking teams to get more businesses from corporations, Reuters reports, citing an internal memo. Colleen Foster, global head of commodities sales, will lead the new team.

On the M&A front, New York-based Medina Savings and Loan Association is merging into Seneca Falls, N.Y.-based Generations Bank (MHC), a unit of Seneca-Cayuga Bancorp Inc. (MHC)

Asset management firm Mercer Advisors Inc. has acquired Traust Sollus Wealth Management LLC. The acquisition increased Mercer's total offices to 29 and its assets under management to more than $12 billion.

In credit union news, Kansas-based Credit Union of America is merging with in-state peer Central Kansas CU, the Wichita (Kan.) Business Journal reports.

Federally insured credit unions posted total assets of $1.38 trillion in the last quarter of 2017, up by $86 billion from the the previous year, according to a report by the National Credit Union Administration. The largest credit unions in the U.S. — those with more than $1 billion in assets — held $875.6 billion in assets, or 64% of the total. This group also posted the highest growths in loans at 13.7%, membership at 9.0% and net worth at 11.4% when compared to peers in other asset size classes. In comparison, credit unions with less than $50 million in assets reported declines in loans, membership and net worth.

In de novo news, a group is organizing a bank in Statesville, N.C., to be called Spirit Community Bank, American Banker reports. The group, led by William Long — who was president and CEO of the former Yadkin Valley Financial Corp. in 2011 — have already filed applications with the Federal Deposit Insurance Corp. and North Carolina Commissioner of Banks, the report adds.

U.S. online lender Kabbage Inc. will stop funding businesses that it identifies as sellers of firearms or ammunition to individuals under 21 years old or that sell or manufacture any form of assault-style weapon. The change in policy, which is in response to a February school shooting in Florida, will affect less than 1% of Kabbage's clients, the Financial Times reports.

In other parts of the world

Asia-Pacific: Indian central bank fines 2 lenders; Mega Financial posts FY'17 net income

Europe: UK fines, bans Deutsche Bank ex-trader; Bank of Ireland COO to leave

Middle East & Africa: Boursa Kuwait may launch IPO this year; Tunisia raises key rate

The day ahead

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

In Asia, the Hang Seng rose 2.09% to 30,510.73, and the Nikkei 225 climbed 1.79% to 21,417.76.

In Europe, around midday, the FTSE 100 gained 0.94% to 7,182.87, and the Euronext 100 rose 0.83% to 1,014.58.

On the macro front

The Redbook and the factory orders report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.