On government and regulation, Consumer Financial Protection Bureau Director Richard Cordray is facing possible contempt charges. In an interim majority staff report, the Committee on Financial Services of the U.S. House of Representatives claims that the CFPB has not cooperated with the House probe into Wells Fargo & Co. accounts scandal.
In banking news, JPMorgan Chase & Co. has applied with the U.K. Listing Authority to delist its shares from the London Stock Exchange, Reuters reports.
Goldman Sachs Bank USA — the consumer arm of Goldman Sachs Group Inc. — intends to raise the rate it offers customers on deposits to 1.2% today from 1.05% in an effort to increase its deposit base and attract Main Street clients, Reuters reports. Personal finance website Bankrate.com notes that the move will make Goldman Sachs the highest interest paying bank, the report adds.
On M&A, Kalispell, Mont.-based Glacier Bancorp Inc. is buying Buena Vista, Colo.-based Columbine Capital Corp. for approximately $73.9 million. The deal is expected to close in the first quarter of 2018.
On litigation-related news, the U.S. Department of Justice filed a friend-of-the-court brief in a suit filed by two former Wells Fargo employees against the bank, according to The New York Times. The filing noted that the appellate court that had dismissed the case should revise its analysis. Paul Bishop and Robert Kraus had claimed that the bank fired them after they tried to report questionable practices that they had observed to their supervisors. However, Wells continues to believe that the claims are meritless.
Bank of America Corp. paid $37 million to settle a 2011 lawsuit filed by construction company Tutor Perini Corp., related to its purchase of certain auction-rate securities from BofA.
Edward Pennings, a former senior managing director in State Street Corp.'s London office, agreed to plead guilty to conspiring to commit wire fraud and securities fraud, Reuters reports, citing court filings. Prosecutors also charged Richard Boomgaardt — State Street's former head of transition management desk for Europe, the Middle East and Africa — in a related case.
TIAA is the latest entrant into the robo-advisery business. It is launching TIAA Personal Portfolio, a new online, professionally managed account. The firm will offer the new service to accounts with a minimum of $5,000 in assets for an annual advisor fee of 0.3%.
In the fintech scene, bitcoin prices climbed more than three times in 2017, increasing more than 7% to $2,879.80 yesterday, MarketWatch reports, citing crypto pricing site CoinDesk. Tuesday's gains brought the digital currency's market cap to $46.68 billion, and the investment category of cryptocurrencies hit $100 billion in combined market capitalization, the report adds.
In other parts of the world
Asia-Pacific: CIMB Group to sell 50% brokerage stake; QBE Insurance moving EU base to Brussels
Europe: Santander acquiring Banco Popular; RBS settles cash call claims
Middle East & Africa: Saudi, UAE banks halt dealings with Qatari peers; South Africa in recession
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng fell 0.09% to 25,974.16, and the Nikkei 225 was up 0.02% to 19,984.62.
In Europe, as of midday, the FTSE 100 was up 0.20% to 7,540.21, and the Euronext 100 had climbed 0.80% to 1,026.84.
On the macro front
The Bank Reserve Settlement report, the MBA mortgage applications report, the Gallup U.S. job creation index, the EIA petroleum status report and the consumer credit report are due out today.
The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.