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US banks win roles in potential Aramco-SABIC deal; NY watchdog OKs 2 stablecoins

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US banks win roles in potential Aramco-SABIC deal; NY watchdog OKs 2 stablecoins

U.S. banking giants Citigroup Inc., Goldman Sachs Group Inc., Bank of America Corp., JPMorgan Chase & Co. and Morgan Stanley have reportedly landed advisory roles in what is expected to be the biggest M&A deal in Saudi Arabia — Saudi Arabian Oil Co.'s potential acquisition of a majority stake in petrochemical giant Saudi Basic Industries Corp. from the Public Investment Fund. Sources told Bloomberg News that Citi is advising Saudi Basic Industries, Goldman and BofA are advising the sovereign wealth fund, and JPMorgan and Morgan Stanley are advising Saudi Aramco on the potential deal.

Insured U.S. commercial banks and thrifts reported $6.9 billion in trading revenue in the second quarter, down 16.2% from the previous quarter and 3.5% from the year-ago period, according to the OCC's quarterly report.

The OCC, meanwhile, is seeking public comment on a proposed rule that would provide federal savings associations with total consolidated assets of $20 billion or less as of Dec. 31, 2017, to elect to operate with national bank powers. The regulator believes the move would give them enhanced business flexibility without having to change charters.

The New York State Department of Financial Services has authorized limited purpose trust companies Gemini Trust Co. LLC and Paxos Trust Co. LLC to each offer a price-stable cryptocurrency pegged to the U.S. dollar, commonly known as stablecoin. Gemini will bring to market its stablecoin, Gemini Dollar, while Paxos will offer its Paxos Standard Token.

And Baltimore-based fintech startup Facet Wealth has raised $33 million in new capital. New York-based private equity firm Warburg Pincus LLC led the round, with participation from existing investor Slow Ventures.

In other parts of the world

Asia Pacific: 3 foreign firms eye Reliance Home Finance stake; Fitch upgrades Thai banks

Europe: ING CFO resigns; Belfius IPO shelved; Aareal Bank to buy German peer

Middle East & Africa: Tadawul IPO won't take place in 2018; Nova Merchant Bank names acting CEO

Now featured on S&P Global Market Intelligence

Rare mutual fund beating the index brushes off active-passive debate: Monetta Financial Services' split strategy makes it a rare, and extreme, example of how active managers are warming up to passive investment products such as exchange-traded funds.

For US banks, CDs jump as the funding strategy comes back in vogue: The U.S. banking industry has increasingly relied on certificates of deposit to get ahead of rising interest rates, meet funding needs and satisfy growing customer demands.

Former CCAR banks write the playbook for trapped capital return: Three banks — Comerica, Zions Bancorp. and CIT Group — released from stringent stress testing could herald what capital return might look like for other superregional banks.

The day ahead

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

In Asia, Hang Seng dropped 0.72% to 26,422.55, while the Nikkei 225 rose 1.30% to 22,664.69.

In Europe, around midday, the FTSE 100 fell 0.63% to 7,233.61, and the Euronext 100 shed 0.27% to 1,030.63.

On the macro front

The Redbook Index for retail sales and the Labor Department's Job Openings and Labor Turnover Survey are due out today. The National Federation of Independent Business' index of small business optimism increased to 108.8 in August from 107.9 in July.

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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