Wells Fargo & Co. has been hit with yet another class-action lawsuit — this time on claims the bank charged over 500,000 customers for auto insurance they did not need, Reuters reports. The suit seeks an undisclosed amount in compensatory damages on claims of racketeering and fraud.
JPMorgan Chase & Co. has been using an artificial intelligence program — called LOXM — to execute trades in its European equities algorithms business since the first quarter. And now it plans to roll out the program across Asia and the U.S. in the fourth quarter, Daniel Ciment, the company's head of global equities electronic trading, told the Financial Times. Ciment added that the European trials for LOXM have showed that the pricing achieved was "significantly better" than its benchmark.
In California, Bank of Marin Bancorp is acquiring Bank of Napa NA for $51.0 million. The transaction — expected to be immediately accretive to Bank of Marin Bancorp's earnings — is likely to close in the fourth quarter.
And in Maryland, Community Financial Corp. is buying County First Bank for approximately $34.3 million, excluding any potential contingent cash consideration.
In fintech news, a split in the Bitcoin community is set to create a competing cryptocurrency, Bitcoin Cash. Reuters reports that several cryptocurrency exchanges, including Coinbase and Bitstamp, have said they won't support Bitcoin Cash.
In the credit union space, the National Credit Union Administration has banned Charles Juska, former president and CEO of Pekin, Ill.-based Tazewell County School Employees CU, from participating in the affairs of any federally insured financial institution.
And Alan Greenspan is worried about a bond market bubble. In an interview with Bloomberg, the former Federal Reserve chair said long-term interest rates will rise and derail the economy when the bubble bursts.
Asia-Pacific: Mitsubishi UFJ arm eyes acquisitions; Mirae Asset to infuse capital into US unit
Europe: Sabadell completes US unit sale; Direct Line, Man Group H1 profits up YOY
Middle East & Africa: Qatar brings case to WTO; Moody's takes actions on Omani, Bahraini banks
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng climbed 0.79% to 27,540.23, while the Nikkei 225 rose 0.30% to 19,985.79.
In Europe, around midday, the FTSE 100 gained 0.59% to 7,415.74 and the Euronext 100 rose 0.31% to 998.86.
On the macro front
The motor vehicle sales report, the personal income and outlays report, the Redbook, the PMI manufacturing index, the ISM manufacturing index, the construction spending report and the Gallup US ECI are due out today.
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