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JPMorgan expects more relationship pricing; Investor group buying St. Louis Bank

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JPMorgan expects more relationship pricing; Investor group buying St. Louis Bank

The Federal Reserve Board outlined proposed changes aimed at giving the largest U.S. banks more information on how the agency conducts stress tests. The Fed, among other things, would disclose the "estimated loss rates for groups of loans with distinct characteristics," such as whether loans are investment-grade, which the agency said would help the public evaluate how such assets would perform during downturns.

In other regulatory news, the U.S. banking industry appears to be optimistic that domestic regulators will take a softer approach to the Basel Committee on Banking Supervision's Basel IV rules.

The Consumer Financial Protection Bureau's settlement with Wells Fargo & Co. over the company's mortgage rate lock extension fees could be undone under Mick Mulvaney as he reviews cases at the agency, sources told Reuters.

JPMorgan Chase & Co. Chairman, President and CEO Jamie Dimon, at a Wells Fargo forum, said that clients will see more relationship-based pricing, including doing some things for free for certain type of clients and giving discounts on mortgages to good clients. "If you're at different levels and tiers, you get more things free," Dimon said while noting that "it might be different for different wealth bands."

A group of investors led by Travis Liebig is buying Town and Country, Mo.-based St. Louis Bank, the St. Louis Business Journal reports.

In Virginia, Carter Bank & Trust is selling its Hot Springs branch to Highlands Community Bank.

Morgan Stanley terminated former Congressman Harold Ford Jr. as a senior adviser. A source told The Wall Street Journal that the company fired Ford after investigating an allegation of inappropriate conduct. Specifically, Ford is being accused of making "inappropriate forcible advances" toward a woman at a meeting at the company several years ago, the report says.

And Farmer Mac fired Timothy Buzby as president and CEO, over violations of company policies. The violations were unrelated to the broker-dealer's financial or business performance. Chairman Lowell Junkins will replace Buzby in an acting capacity.

In other parts of the world

Asia Pacific: Indonesia moves to curb digital currencies; Nepal Rastra to cut bourse stake

Europe: UK, EU in Brexit breakthrough; Basel rules deal reached; Swiss Re names new CFO

Middle East & Africa: Bahrain eyes new rules for Islamic banks; Moza Banco cash call approved

The day ahead

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

In Asia, the Hang Seng increased 1.19% to 28,639.85, and the Nikkei 225 increased 1.39% to 22,811.08.

In Europe, around midday, the FTSE 100 was up 0.31% to 7,343.59, and the Euronext 100 was up 0.45% to 1,046.90.

On the macro front

The employment situation report, the consumer sentiment report, the wholesale trade 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.