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Goldman Sachs targets 1,000 new i-banking clients; 2 Illinois banks strike deal

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Goldman Sachs targets 1,000 new i-banking clients; 2 Illinois banks strike deal

Federal Reserve Bank of San Francisco President John Williams has emerged as the top candidate to succeed William Dudley as president of the Federal Reserve Bank of New York, sources told The New York Times. Dudley is set to retire by mid-2018. While Bloomberg News notes the selection does not bring "gender or racial diversity," The Wall Street Journal says it "would disappoint lawmakers and outside groups that have pressed the Fed to diversify its predominantly white, male leadership."

JPMorgan Chase & Co., Bank of America Corp., and Citigroup Inc. are working together to develop a new platform for bond issuances, the Financial Times reports. The three banks have invited other underwriters to join the project, which aims to improve communication between underwriters and asset managers.

Goldman Sachs Group Inc. Chairman and CEO Lloyd Blankfein said that the company intends to increase its investment banking coverage universe by approximately 1,000 companies. "Of the new target clients, we have begun covering over 30% and expect to add the remainder in the next 12 to 18 months," Blankfein wrote in his annual letter to shareholders. He added that Goldman Sachs is also expanding its presence in North America, deploying more senior coverage bankers in major cities such as Atlanta, Dallas, Seattle and Toronto.

In addition, Blankfein made 163 times the median Goldman Sachs employee in total compensation in 2017. Blankfein received approximately $22.0 million, compared to the estimated $135,165 an average employee received.

Four risk management executives at Wells Fargo & Co. are set to retire in the next three months, the WSJ reports, citing "employees and an internal memo." Meanwhile, sources told the paper that the OCC is close to finalizing a risk control-related enforcement action and civil penalty against Wells Fargo.

And in Illinois, Marion County Savings Bank is purchasing Flora Savings Bank.

In other parts of the world

Asia Pacific: China adds role at central bank; Mongolia cuts rates; CBA insurer lures buyers

Europe: Aberdeen Standard sues Provident Financial; BoE to update Brexit approach

Middle East & Africa: Moody's keeps South Africa above junk; Capitec, Sanlam plan bancassurance JV

The day ahead

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

In Asia, the Hang Seng was up 0.79% to 30,548.77. The Nikkei 225 added 0.72% to 20,766.10.

In Europe as of midday, the FTSE 100 was up 0.45% to 6,952.81, and the Euronext 100 rose 0.27% to 999.02.

On the macro front

Chicago Fed National Activity Index and the Dallas Fed manufacturing survey are due out today.

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