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The Thursday Express: North American financials

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The Thursday Express: North American financials

* The House Financial Services Committee will hold a hearingat 10 a.m. ET today titled "Holding Wall Street Accountable: InvestigatingWells Fargo's Opening of Unauthorized Customer Accounts," with Wells Fargo& Co. Chairman and CEO John Stumpf as witness.

* Canada-based Bank of Nova Scotia is suingthe Puerto Rico government for repayment of a multimillion-dollar loan, arguingthat the U.S. territory's debt moratorium is unlawful, The Associated Press reports.

* Citigroup Inc. willjoin Early Warning's clearXchange network, enabling online and mobile bankingcustomers to send or receive real-time person-to-person payments to or from customersof participating network banks by using the recipient's mobile number or email address.Citi will enable the functionality in early 2017.

* In Nebraska, York-based Cornerstone Bank agreed to Murray-based Swedlund ManagementCo. and unit Murray State Bank.

* Och-Ziff Capital Management LP will shell out more than $400million for penalties, and a unit will plead guilty, to settle five-year internationalbribery investigations by the SEC and the U.S. Department of Justice as part ofa deferred-prosecution agreement,Bloomberg News reports, citing a "person familiar with the matter."

* Scottrade Financial Services Inc. engaged an adviser for a possible sale that could value thecompany at approximately $4 billion, say sources for Bloomberg News.

* NAIC Vice President Julie McPeak said German reinsurers willlose their ability to enjoy lowercollateral amounts and could be required to post up to 100% collateralon their reinsurance if regulators will not stand down on burdensome regulationsthey are imposing on U.S. reinsurers.

* U.S. Rep. Denny Heck, D-Wash., meanwhile, that would require any internationalinsurance standards agreed to by parties representing the U.S. to reflect existingU.S. laws, regulations and policies regarding insurance.

* New York State Supreme Court Justice Charles Ramos admonishedformer American International Group Inc. Chairman Maurice Greenberg, saying thatthe 91-year-old's fraud trial might last a year unless he provided "directanswers," Bloomberg News reports.

* Wolfgang T.N. Muelleck, CFO of People's Utah Bancorp, is setto retire effective Dec.31, 2017.

* Josephine Iannelli will begin serving as executive vice president,CFO and treasurer of BarHarbor Bankshares and unit Bar Harbor Bank & Trust, effective as of Oct. 23.

* Moody's terminated30 employees across its business to reduce costs, say sources for the Financial Times.

The Daily Dose: ExpressEdition is updated as of 6:30 a.m. ET. Some external links may require a subscription.