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JPMorgan exec pay support dips; Morgan Stanley trims in London; 2 RIAs acquired


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JPMorgan exec pay support dips; Morgan Stanley trims in London; 2 RIAs acquired

At JPMorgan Chase & Co.'s annual shareholder meeting, 71.64% of its voting shareholders approved the company's executive compensation proposal, the lowest percentage of votes received in favor of the executive compensation proposal since 2015. In 2018, about 93% of the company's shareholders had approved the proposal.

Morgan Stanley is trimming its London equities business in a move that will result in at least five people in equity trading and sales trading being terminated, sources familiar with the matter told Bloomberg News.

In the M&A space, Boston-based LPL Financial Holdings Inc. is acquiring Lakeland, Fla.-based registered investment adviser Allen & Co. of Florida Inc., which has about 30 advisers and $3 billion in client assets. Also, Palm Beach Gardens, Fla.-based Dakota Wealth Management LLC is buying Akron, Ohio-based Springside Partners LLC, a registered investment adviser managing an estimated $258 million in assets, InvestmentNews reported.

In litigation news, the U.S. Securities and Exchange Commission received a temporary restraining order and temporary asset freeze against South Florida-based Argyle Coin LLC, a cryptocurrency business, and its principal Jose Aman for running a $30 million Ponzi scheme affecting more than 300 investors in the U.S. and Canada. The SEC's complaint alleged that Aman falsely claimed that investments in Argyle Coin were risk-free, but instead misappropriated more than $10 million for personal expenses and for paying other investors their purported returns.

The SEC's Division of Trading and Markets issued new guidance that seeks greater transparency, such as the usage of "plain English" and the presentation of cost-benefit analyses, from U.S. stock exchanges including Intercontinental Exchange Inc.-owned New York Stock Exchange, Nasdaq Inc. and Cboe Global Markets Inc. when they propose a price change to their market data products.

Boston Federal Reserve President Eric Rosengren said the central bank's current interest rate policy is "roughly appropriate," and that the Fed can afford to wait and see how the economy and inflation evolve amid the ongoing trade tension between the U.S. and China. Rosengren also said some growth-related concerns appear to have lessened with a rebound in equity markets and more positive economic figures from Europe and China, but he warned that the U.S. and global economy could suffer in the event of "widespread and prolonged" U.S.-China tariffs.

Former Fed Governor Daniel Tarullo warned that the post-crisis regulatory framework for banks "could be endangered" by current regulators' efforts. Tarullo described the cumulative impact of proposals on easing bank capital requirements and stress tests as "truly worrisome," and criticized the central bank's efforts to make the stress-testing process more transparent, adding that it would help banks "reverse engineer" the process and "find clever ways to reshape their assets."

And U.S. Treasury Secretary Steven Mnuchin will appear before the House Committee on Financial Services this morning in a hearing titled, "The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System - Part II."

In other parts of the world

Asia Pacific: 4 Indian banks eye potential M&A deal; Chinese bank opens Prague branch

Europe: Norway takes Metro Bank stake; UBS nears Italy settlement; SIX Group fine upheld

Middle East & Africa: Nigeria raises insurers' capital requirements; DR Congo names new prime minister

Now featured on S&P Global Market Intelligence

Number of banks concentrated in CRE declines in Q1: Total commercial real estate loans continued to grow in the first quarter, rising 1.05% quarter over quarter and 5.35% year over year.

Goldman signals a future in retail wealth management with $750 deal : Goldman Sachs is once again looking to expand its retail exposure, and this time the target is United Capital, a wealth management company with $25 billion in assets under management.

As de novo bank applications pick up, so do withdrawals: Six of the 22 banks that submitted de novo applications in 2018 have since withdrawn.

The day ahead

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

In Asia, Hang Seng gained 0.18% to 27,705.94, while the Nikkei 225 ticked 0.05% higher to 21,283.37.

In Europe, around midday, the FTSE 100 rose 0.43% to 7,359.80, and the Euronext 100 increased 0.10% to 1,050.06.

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.

On the macro front

The U.S. Energy Information Administration Petroleum Status Report and the Federal Open Market Committee minutes are due out today.

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