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CIBC eyeing 'tuck-in' wealth management deals; Goldman revamps business segments


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CIBC eyeing 'tuck-in' wealth management deals; Goldman revamps business segments

At an RBC Capital Markets banking conference, Canadian Imperial Bank of Commerce CEO Victor Dodig said the bank is eyeing "tuck-in wealth management acquisitions," adding that it will focus on the organic growth of its existing footprint and "some geographic expansion where it makes most sense." He also said the bank increased its sales force of mobile mortgage advisers to 920 from 840 after experiencing a decline in mortgage balances in 2019, according to a transcript. In 2020, the bank commits to adopt a "more diversified origination model" rather than focusing on the Greater Vancouver and Greater Toronto areas, Dodig said.

Bryan Cohen, a former investment banker at Goldman Sachs Group Inc., pleaded guilty to conspiracy in a multimillion-dollar insider trading scheme, Bloomberg News reports. Cohen reportedly leaked the investment bank's confidential information to a trader in Switzerland in exchange for cash. Cohen was arrested in October 2019, following which he was terminated by the company.

Goldman Sachs Group revamped its four business segments, starting with the fourth quarter of 2019, changing them to investment banking, global markets, asset management, and consumer and wealth management. The former segments were investment banking, institutional client services, investment and lending, and investment management. The changes will align Goldman Sachs' presentation of its business segments with its peers, Bloomberg News reported, citing a comment from Wells Fargo & Co. analyst Mike Mayo.

Citadel, the Chicago-based hedge fund founded by Ken Griffin, saw a 19.4% increase in returns in its main hedge fund in 2019, surpassing rival Point72 Asset Management LP, which posted a 16% gain, sources told Bloomberg News reports.

According to a Fitch Ratings report, global banks are increasingly considering environmental, social and governance factors in their underwriting processes. The report noted that companies affected by emissions regulations and the rising cost of carbon may find it difficult to secure bank financing in the longer term. In addition, the rating agency said the extractive metals and mining sector was most likely to be scrutinized by banks for environmental risks, followed by chemicals and fertilizers.

In other parts of the world

Asia-Pacific: China to boost banks' capital; Thailand revises rules on bank fees

Europe: UK suspends no-deal Brexit planning; Barclays urged to end fossil fuel lending

Middle East & Africa: Absa Group to boost lending in Africa; UBS to split EMEA wealth unit into 3

Now featured on S&P Global Market Intelligence

Biggest US banks dominate competition for retail checking accounts: In the war for deposit growth, upstart digital platforms, splashy rates and the ability to reel in billions of dollars in balances from scratch tend to inspire fear and envy.

Credit unions responsible for 6 of 16 Florida bank buys in 2019: Sixteen Florida bank deals were announced in 2019, making the Sunshine State the 4th-most popular target in the country after Texas, Illinois and Wisconsin. However, Florida was easily the most popular target for credit unions buying banks.

Banks over $50B refine CECL estimates: Every U.S. bank holding company with more than $50 billion in assets has disclosed how a new accounting standard will impact loan loss reserves, a review of regulatory filings shows.

The day ahead

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

In Asia, the Hang Seng lost 0.83% to 28,087.92, and the Nikkei 225 fell 1.57% to 23,204.76.

In Europe, around midday, the FTSE 100 slid 0.02% to 7,572.52, and the Euronext 100 shed 0.04% to 1,152.67.

On the macro front

The ADP employment report, the U.S. Energy Information Administration Petroleum Status Report and the U.S. consumer credit 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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