trending Market Intelligence /marketintelligence/en/news-insights/trending/si5vs4l9j7fikte69bevaq2 content esgSubNav
In This List

Wells clients withdraw from funds biz; Morgan Stanley sued for racial bias

Blog

Using ESG Analysis to Support a Sustainable Future

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook


Wells clients withdraw from funds biz; Morgan Stanley sued for racial bias

The Commodity Futures Trading Commission fined Deutsche Bank Securities Inc. $70 million in civil monetary penalty for attempting to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix.

Meanwhile, some Wells Fargo & Co. clients are pulling out their investments from the bank's target-date funds, after the company decided to shift to a more aggressive strategy. Reuters reports that retirement program TexaSaver withdrew more than $600 million from the funds, as did another Colorado-based retirement plan because of the new strategy's "unproven nature and significance."

JPMorgan Chase & Co. and Starbucks Corp. announced a co-brand credit card available for Starbucks Rewards Visa Inc. card.

A former Morgan Stanley broker is suing the company for alleged racial bias, Reuters reports. John Lockette said he was fired after complaining that the company gave him negative performance reviews and denying him of raises and bonuses, among others. Lockette also claimed the company has no intention of reforming its practices that incite racial discrimination.

After closing a $33 million capital offering, Infinity Bank — the second de novo bank in California this year — is now open.

Blackstone Group LP President Tony James said the future of Thomson Reuters' financial and risk business is in selling data and not in selling terminal desktop products, Reuters reports. The asset manager is acquiring a majority stake in Thomson's financial and risk business. Martin Brand, the Blackstone executive who led the deal, said the company plans to improve all parts of the Thomson Reuters business.

In the credit union space, former Valor FCU CEO Sean Jelen was sentenced to 70 months of imprisonment and four years of supervised release for bank fraud and attempted bank fraud offenses. He will also pay $694,971.88 in restitution to his victims.

And the Iowa Bankers Association has launched a campaign seeking to remove credit unions' exemption from taxes amid tax reform talks happening at the state's legislature, CUtoday.info reports.

In other parts of the world

Asia Pacific: India to merge, list 3 insurers; Alibaba to buy 33% stake in Ant Financial

Europe: Deutsche Bank FY'17 loss narrows; Danske Bank launches 10B kroner buyback

Middle East & Africa: IDB to sell Banque Zitouna stake; Standard Bank gets new CEO in Malawi

The day ahead

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

In Asia, the Hang Seng decreased 0.12% to 32,601.78, and the Nikkei 225 declined 0.90% to 23,274.53.

In Europe, around midday, the FTSE 100 was down 0.34% to 7,464.61, and the Euronext 100 was down 1.04% to 1,048.25.

On the macro front

The employment situation report, the consumer sentiment report, the factor orders report and the Baker-Hughes Rig Count report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.