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JPMorgan to relocate dozens of staff ahead of Brexit; 2 Neb. banks to merge


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Banks’ Response to Rising Rates & Liquidity Concerns

JPMorgan to relocate dozens of staff ahead of Brexit; 2 Neb. banks to merge

In preparation for Brexit, JPMorgan Chase & Co. asked "several dozen" employees to relocate to continental Europe from Britain by early 2019, Reuters reports, citing a memo. These employees primarily work in client-facing or risk management positions in the investment bank and asset management divisions. The memo also outlined the bank's plan to bolster its presence in other European cities, such as Paris, Madrid and Milan.

Scottsbluff, Neb.-based Platte Valley Bank is buying Sidney, Neb.-based American Bank of Sidney Nebraska. Platte Valley Bank will acquire all of American Bank's deposits, loans and the full-service location and motor bank in Sidney.

In Florida, Citizens First Bank filed an application with the FDIC to purchase about $872,000 in loans and assume about $35.4 million in deposits of First Federal Bank's branch at 2505 Burnsed Blvd. in The Villages.

In asset management news, Wells Fargo & Co. unit Wells Fargo Asset Management Corp. sold its majority stake in Rock Creek Group LP to the hedge fund's founder and CEO Afsaneh Beschloss and other executives. The deal is expected to close by the end of August.

BlackRock Inc. launched its first onshore equity fund in China, Xinhua News Agency reports. The fund, called BlackRock China A-Share Opportunities Private Fund 1, will use technology and big data to invest in the mainland's onshore capital market and will target qualified institutional and high-net-worth investors.

Bridgewater Associates LP's Shanghai-based subsidiary and U.K.-based Winton Group have each secured a license to issue private securities in China, China Daily reports, citing 21st Century Business Herald.

And Square Inc. withdrew its bank application with the FDIC to amend and strengthen some aspects of its filing. A company spokesperson said the payment processor will refile its application after making the necessary changes. Square had applied for a type of bank charter called an industrial loan company in September 2017 to create an entity called Square Financial Services Inc.

In other parts of the world

Asia Pacific: Credit Suisse fined in Asia-Pacific hiring probe; Hong Kong's PAG to enter India

Europe: Irish banks told to hold more capital; Credit Suisse fined; Barclays buying NPLs

Middle East & Africa: Abraaj-Colony Capital deal in question; Waha Capital plans hiring spree

The day ahead

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

In Asia, the Hang Seng increased 0.47% to 28,315.62, and the Nikkei 225 rose 1.12% to 21,788.14.

In Europe, around midday, the FTSE 100 was down 0.21% to 7,587.28, and the Euronext 100 was up 0.14% to 1,051.59.

On the macro front

The employment situation report, the international trade report, the EIA natural gas report, the Treasury STRIPS report and the Baker-Hughes Rig Count report are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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