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Dimon reacts to small bank client; regulator liquidates 6 CUs

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Dimon reacts to small bank client; regulator liquidates 6 CUs

CEO JamieDimon writes in The Wall Street Journal:

"Not longago, I read a commentary written by the CEO of a regional bank that excoriatedbig banks. The grievances weren't new or surprising, but I recognized the bankas a client of J.P. Morgan Chase. … The reality of interdependence shouldinform not just how banks act toward one another, but how the industrycollectively operates in a heightened regulatory environment. … America facesenough real challenges withoutinventing conflicts where none need exist."

The NewYork-based bank has also struck an agreement with Maserati North America, underwhich Chase becomes the exclusiveprivate-label financial provider to more than 100 Maserati dealerships in theU.S.

And KarenSimon, vice chair and head of J.P. Morgan's financial sponsor group, takeson the newly created role of DirectorAdvisory Services head, according to the WSJ. The unit helps recruiting firms place directors and advisesboards on changing their composition — for free.

Elsewhere in banking,Bank of Montreal CEOBill Downe told Reuters the bank has yet to see higher delinquenciesdespite oil concerns, possibly because of salary continuation among those laidoff and the stronger likelihood of mergers than failures in the energyindustry.

Two former StateStreet Corp. executives were indicted for allegedly conspiring toadd commissions totrades performed for certain "transition management" clients. One ofthose charged, Ross McLellan, has been arrested. Bloomberg View's Matt Levinenotes McLellan is president of Harbor Analytics — a firm that "evaluatesall trading for any compliance violations." Because, as McLellan wouldknow, "you can't just blindlytrust your transition manager."

In Iowa, Indianola-based Community Bancshares Corp., parent company of ($163.8 million),will acquireOskaloosa-based TruBank($128.1 million).

And, in Pennsylvania, the NCUA six insolvent credit unions with asset sizes ranging from $65,894 to$2.2 million: Cardozo LodgeFederal Credit Union, ChesterUpland School Employees Federal Credit Union, ,OPS Employees Federal CreditUnion, Servco FederalCredit Union and TriangleInterests Federal Credit Union.

Meanwhile, Pfizer has announced that it is nolonger interested in buying Allergan, and the Financial Times ticks off the names of asset managers with largestakes in the former target: Paulson& Co. Inc., ThirdPoint LLC, VikingGlobal Investors LP and ElliottManagement Corp.

Onex Corp.hired a former Goldman executive, Walt Jackson, to establish a at thefirm.

And China-based Huatai Securities Co. Ltd. will be bidding as much as $800million for AssetMark Inc.,Reuters' sources say.

In the fintech sphere,Cotiviti Holdings submitted a draft registration statement in connection withits proposed IPO.JPMorgan and Goldman SachsGroup Inc. are among the offering's leadcoordinators, according to Bloomberg News.

Lastly, the U.K.'s Financial Conduct Authority granted an electronicmoney license to Boston-based and Goldman-backed Circle Internet Financial,The New York Times reports. Themobile payment startup is also partnering with , using bitcointo transfer sterling and euros and exchange them for U.S. dollars, according tothe FT.

In other parts of theworld

TheReserve Bank of India is part of an investigative team probing the leaked filesof Panama-based law firm Mossack Fonseca, BusinessStandard reports, citing Governor Raghuram Rajan. The Indian FinanceMinistry has announced a multi-agency investigation team to look into Indianlocals named in the leaks.

William Coen, secretary-general of the Basel Committee onBanking Supervision, warned against "myopic" calls to ease capitalrequirements for banks to boost lending, Bloombergreports. Coen insisted that the Basel standards are the minimum standardssupporting a sound banking system and that the regulator's focus is on thelonger term.

The day ahead

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

In Asia, theHang Seng was up 0.15% to 20,206.67. The Nikkei 225 fell 0.11% to 15,715.36.

In Europe asof midday, the FTSE 100 rose 0.48% to 6,120.70, and the Euronext 100 climbed0.34% to 843.12.

On the macro front

TheGallup U.S. job creation index, the EIA petroleum status report and the FOMCminutes are due out today.

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