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Monday Express: US banks to discourage employees from London-EU commuting

* For their banking staff in London whose jobs will be moved after Brexit, four large U.S. banks will not cover travel and accommodation costs in the long term should those employees decide to keep their families in the U.K capital and commute to European cities, the Financial Times reported.

* Wells Fargo's $575 million multistate settlement to resolve claims related to sales practices bodes well for the bank, Compass Point analyst Isaac Boltansky wrote in a report, adding that the lender will be freed in 2019 from the current asset growth restriction imposed by the Federal Reserve.

* A Financial Industry Regulatory Authority panel has ordered Morgan Stanley to pay a total of $4.2 million to a Mega Millions lottery winner and a former NFL player to settle allegations of supervisory failures, The Wall Street Journal reported.

* The Hong Kong Monetary Authority has imposed a fine of HK$12.5 million, or approximately US$1.6 million, on the Hong Kong branch of JPMorgan Chase for allegedly violating anti-money laundering and counter-terrorist financing rules.

* California's bid to set up a state-owned bank to serve the cannabis industry received a setback after a state task force determined that the enterprise would be financially unviable, the San Francisco Chronicle said. Boltansky of Compass Point said the concept of having a state-based cannabis bank is not practical and added that Congress should take an "action aimed at addressing the fundamental incongruity between state and federal cannabis laws."

* A report by The Wall Street Journal flags rising corporate debt levels in the U.S., noting that nonbanks, such as private equity firms, are increasingly becoming a major source of lending for midsize businesses.

* The recent gyrations of bitcoin show that the cryptocurrency moved somewhat in line with the traditional asset classes because institutional investors that operate in the mainstream markets are also increasingly investing in the cryptocurrency market, the Journal said.

* The U.S. Federal Emergency Management Agency is resuming the sale of new insurance policies and the renewal of expiring policies under the National Flood Insurance Program during the U.S. government shutdown.

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