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In This List

JPMorgan posts YOY Q3 net income growth; Citi eyeing securities unit in China

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

JPMorgan posts YOY Q3 net income growth; Citi eyeing securities unit in China

JPMorgan Chase & Co. reported third-quarter net income of $9.08 billion, or $2.68 per share, compared with $8.38 billion, or $2.34 per share, in the year-ago period.

Goldman Sachs Group Inc. reported net earnings applicable to common shareholders of $1.79 billion, or $4.79 per share, for the third quarter, compared with $2.45 billion, or $6.28 per share, a year ago.

BlackRock Inc. posted third-quarter net income attributable to the company of $1.12 billion, or $7.15 per share, compared with $1.22 billion, or $7.54 per share, in the same period in 2018.

Citigroup Inc. is looking to set up a wholly owned securities unit in China as it plans to dissolve its investment-banking joint venture in the country, which has now allowed full foreign ownership of financial services companies, Bloomberg News reports, citing people with knowledge of the matter. The bank is expected to initially offer brokerage and futures trading and plans on filing for a futures license as early as the first half of 2020.

In an emailed statement to S&P Global Market Intelligence, American Express Co. Public Affairs Director Jocelyn Seidenfeld said a former employee may have accessed and compromised personally identifiable customer information "in an attempt to conduct fraudulent activity." The company has since launched an investigation into the matter and is working with law enforcement.

Redwood Trust Inc. has agreed to acquire CoreVest American Finance Lender LLC and several of its affiliates from certain affiliates of Fortress Investment Group LLC's credit funds business and CoreVest Management Partners LLC.

Facebook Inc.'s Libra project formally established its board on Oct. 15 despite losing support from high-profile companies, Bloomberg News reports. Board members include Facebook's David Marcus and representatives from Kiva Microfunds, Andreessen Horowitz LLC, Xapo Inc. and PayU.

In other parts of the world

Asia-Pacific: HK regulator slashes bank buffers; ASIC to clamp down on financial products

Europe: Dutch banks need €3B; Woodford fund shut down; Italy may cut bank loss tax help

Middle East & Africa: Mashreqbank gets new chairman, CEO; Absa's CIB unit eyes China office

Now featured on S&P Global Market Intelligence

Volatile August boosts monthly trading activity at online brokers : Trading activity rose at major online brokerages in August as trade war-induced volatility roiled markets.

Despite volatility, Goldman sees Sofr as new benchmark in post-Libor world : U.S. financial institutions will move away from the London Interbank Offered Rate in just a few years, and Goldman Sachs still sees the group adopting the Secured Overnight Financing Rate, despite recent volatility in the relatively new benchmark.

The day ahead

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

In Asia, the Hang Seng fell 0.07% to 26,503.93, and the Nikkei 225 lifted 1.87% to 22,207.21.

In Europe, around midday, the FTSE 100 fell 0.30% to 7,191.84, and the Euronext 100 was up 0.50% to 1,095.97.

On the macro front

The Redbook Index for retail sales is 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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