Some Senate Democrats are calling for a second hearing with Wells Fargo & Co. CEO Tim Sloan and Chair Elizabeth Duke, saying there have been "rampant consumer abuses and other compliance breakdowns
In deal
Elsewhere in California, Bank of Commerce Holdings is buying Merchants Holding Co. in a $37 million cash-and-stock transaction.
A New York federal judge trimmed a proposed class-action lawsuit against 20 banks and their affiliates over an alleged conspiracy to manipulate
Wells Fargo & Co. will re-enter the private-label residential mortgage-backed securities
Banks stand to benefit from increased interest rates and a steepening yield curve, former Wells Fargo & Co. CEO Dick Kovacevich told CNBC.
The Conference of State Bank Supervisors plans to create an ongoing sentiment index
San Francisco-based cryptocurrency exchange platform
And Tesla Inc. CEO Elon Musk has criticized index fund managers for allegedly fueling short sellers, saying large fund managers like BlackRock Inc. make huge profits by lending shares they hold to short sellers, Bloomberg News reports. "Index managers like Blackrock [generate] excessive profit from short lending while pretending to charge low rates for 'passive' index tracking," Musk said in a tweet. BlackRock held roughly a 3.8% stake in Tesla as of the end of June, according to Bloomberg.
In other parts of the world
Asia-Pacific: Luxembourg, Australia sign fintech deal; Moody's downgrades Suruga Bank ratings
Europe: Danish FSA asks Danske to bolster capital; court to probe CaixaBank/BPI deal
Middle East & Africa: Saudi lenders finalize merger deal; Sudan to set daily exchange rate
Now featured on S&P Global Market Intelligence
Private equity firms backing mobile bank de novo could face ownership issue : Two private equity firms that led funding rounds for a soon-to-be bank could face a decision about their future involvement in the company: become bank holding companies or dilute their equity ownership to avoid the oversight that classification would entail.
Community banks show edge over big banks in small-business lending: One of several research papers presented at a recent banking conference showed that community institutions are more active in small-business lending and can grow those loans by picking up the slack of larger banks.
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng slipped 0.19% to 26,572.57, and the Nikkei 225 declined 0.80% to 23,783.72.
In Europe, around midday, the FTSE 100 was down 0.49% to 7,382.69, and the Euronext 100 was down 0.31% to 1,044.33.
On the macro front
The employment situation report, the international trade report, the consumer credit report and the Baker-Hughes Rig Count 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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