Olney, Md.-based Sandy Spring Bancorp Inc. agreed to acquire Rockville, Md.-based Revere Bank in a deal valued at $460.7 million.
Goldman Sachs Group Inc. plans to add more than 30 wealth advisers
Berkshire Hills Bancorp Inc. is bracing for an "adversely affected" third-quarter net income thanks to its unit Berkshire Bank's participating interest in a $16 million loan that went sour due to potentially fraudulent activity
Russian hacker Andrei Tyurin pleaded guilty to charges that he stole data on more than 80 million JPMorgan Chase & Co. clients, Bloomberg News reports. Tyurin, who was accused of stealing customer data
The SEC fined PricewaterhouseCoopers LLP $7.9 million for allegedly violating its auditor independence rules
Sean Stewart, a former Perella Weinberg Partners LP and JPMorgan Chase investment banker, was again convicted of insider trading
Securities and Exchange Commission Chairman Jay Clayton and the agency's four commissioners — Robert Jackson Jr., Hester Peirce, Elad Roisman and Allison Herren Lee — are set to appear before the House Financial Services Committee
Federal Reserve Bank of St. Louis President James Bullard said that the central bank may cut interest rates again in light of slowing global growth. Bullard, who voted against the Fed's Sept. 18 rate cut, indicated that the Fed policy "may be too restrictive" but did not explicitly say if he would support further lowering of rates again in 2019.
Charles Himmelberg, chief markets economist at Goldman Sachs Group, said at a conference that three-month real rates in the U.S. are at a 30-year high relative to the average for other developed economies, a strong signal that rates in the U.S. have further to fall.
The U.S. Treasury Department said it will publicly release data on Treasuries trading
In other parts of the world
Asia Pacific: Chinese bank gets Hong Kong IPO approval; Japan mulls further easing in October
Europe: Greece's Piraeus, German bank fined; top Deutsche investor looking for new chair
Middle East & Africa: Tanzania fines 5 banks for anti-money laundering breach; Kenya holds rate
Now featured on S&P Global Market Intelligence
Lower for longer puts US banks behind eight ball: While the recent declines in interest rates could keep credit quality issues at bay for now, U.S. banks' net interest margins are heading lower. Lower rates will offer some relief from the rising funding costs of the last few years, but the challenging rate environment will put even more pressure on loan yields, causing margins to fall, according to S&P Global Market Intelligence's recently updated five-year outlook for the U.S. banking industry.
Ohio's largest community banks go hunting: Some of Ohio's largest community banks have been in an acquisitive mode recently, with two of the top seven announcing M&A deals with in-state peers in the last month.
California community banks growing faster than US median, but not as profitably: The median return on average equity for California's community banks and thrifts with less than $10 billion in assets was 9.35% in the second quarter, down 53 basis points year over year and much lower than the 10.45% median ROAE for community banks in the Western U.S. and 9.59% for the nation as a whole.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 0.22% to 26,281.00, and the Nikkei 225 lifted 0.09% to 22,098.84.
In Europe, around midday, the FTSE 100 fell 0.12% to 7,317.41, and the Euronext 100 was up 0.24% to 1,091.47.
On the macro front
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.
The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
