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Eagle Bancorp slams short-seller's claims; Senate passes tax reform bill

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Eagle Bancorp slams short-seller's claims; Senate passes tax reform bill

In a 51-49 vote, the U.S. Senate passed a tax reform bill that would lower the corporate rate to 20% from 35%, overhaul international business tax rules and temporarily lower individual taxes, The Wall Street Journal reports. Before the Tax Cuts and Jobs Act was approved, several last-minute changes were made, including the addition of large tax breaks for owners of small businesses and other companies that are not organized as traditional corporations.

The trading arsenals of the big six U.S. banks grew by more than $170 billion over the past nine months, with gains ranging from $14 billion at Wells Fargo & Co. to $48 billion at JPMorgan Chase & Co., according to an analysis by the Financial Times. Analyst Mike Mayo thinks the Wall Street is cautiously optimistic, which the paper says stems from President Donald Trump's "lighter-touch regulatory regime."

Wells Fargo Advisors' 2018 compensation plan will pay brokers up to 50% of their generated revenue, according to Reuters. To get the 50% payout, at least 75% of their clients should have more than $750,000 invested. The advisers should also have brought in at least $2 million in 2017 and should be part of Wells Fargo's DELTA coaching program.

Eagle Bancorp Inc. slammed a short-seller's "deceptive" claims that the company has been engaged in an insider loan scheme involving Chairman and CEO Ronald Paul and some directors, saying that the goal of Aurelius Value's piece "was to manipulate and depress Eagle's stock price." The Maryland-based company's shares plunged 24.49% to $49.95 on Friday.

On Brexit planning, subordinates of Bank of America Corp. COO Tom Montag have proposed to move more people from London to Paris, compared to the initial plan to relocate roughly 300 employees, Bloomberg News sources say. One proposal is to move about 600 positions in sales, trading and other operations, and another is to shift more staff than the roughly 1,000 the Paris space could accommodate. However, the news agency notes, BofA is unlikely to accept either of the proposals.

Thomas Barkin, McKinsey & Co.'s chief risk officer, is the expected pick to serve as president of the Federal Reserve Bank of Richmond, says the WSJ's sources. The appointment will likely be disclosed today. Barkin will succeed Jeffrey Lacker, who left in April after admitting to a role in the 2012 leak of confidential Fed information.

And a federal appeals court revived a class-action lawsuit against Capital One Financial Corp. that accused the company of imposing illegal overdraft fees on customers.

In other parts of the world

Asia Pacific: Banco Santander closes Australian ops; Nippon Life to buy stake in TCW

Europe: UK zeroes in on bitcoin; Spanish firms scale back in US; Bulgaria ratings raised

Middle East & Africa: Bahrain downgraded; Angola ups rate; Barclays further cuts Barclays Africa stake

The day ahead

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

In Asia, the Hang Seng was up 0.22% to 29,138.28. The Nikkei 225 slid 0.49% to 22,707.16.

In Europe as of midday, the FTSE 100 added 0.53% to 7,338.92, and the Euronext 100 was up 1.04% to 1,041.13.

On the macro front

The factory orders report and the TD Ameritrade Investor Movement Index are due out today.

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