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Goldman said to sell stake in UK insurer; CLSA sued over unpaid bonuses

Specialty lender On Deck Capital Inc. narrowed its net loss attributable to common shareholders in the second quarter, to $1.5 million from $17.9 million in the year-ago quarter. On Deck also expanded its tie-up with JPMorgan Chase & Co. for up to four years to provide the underlying technology supporting JPMorgan Chase's online lending solution to its small business customers.

Ten years after the global financial crisis, financial institutions have so far shelled out more than $150 billion in fines in the U.S., the Financial Times reports. The total amount could grow as investigations continue and new crisis-related cases get filed, the report adds. Over one-third of all recoveries was paid by Bank of America Corp., whose settlements totaled $56 billion. This was followed by JPMorgan Chase, which paid $27 billion in fines and relief to U.S. authorities.

On the deal front, Goldman Sachs Group Inc. is expected to announce early this week the sale of its remaining 33% stake in U.K. insurer Rothesay Life Plc to Massachusetts Mutual Life Insurance Co., Blackstone Group LP and the Government Investment Corp. of Singapore, sources told Sky News. The deal values Rothesay Life at about £2 billion.

Brookings, S.D.-based First Bank & Trust, a unit of Fishback Financial Corp., is acquiring Minneapolis-based Duke Financial Group Inc.'s two bank subsidiaries — Peoples Bank of Commerce and State Bank of New Prague.

In regulatory enforcement news, the Securities and Exchange Commission instituted a public administrative and cease-and-desist proceedings against Black Diamond Asset Management LLC and Robert Wilson, its chief investment officer and chief compliance officer, for allegedly committing fraud and violating other provisions of the Advisers Act. The Division of Enforcement's investigation found that the company never held any assets or had any clients.

CLSA Americas LLC which shut down its U.S. equity research in February is facing legal complaints from fired employees over unpaid bonuses for 2016, the Financial Times reports.

And Capital One Financial Corp.'s personal finance application, Level Money, will shut down on Sept. 1.

In other parts of the world

Asia Pacific: Mirae Asset Life merger gets nod; ex-China Development Bank exec imprisoned

Europe: UBI Banca swings to profit; Banco BPM sells unit; Goldman to sell Rothesay stake

Middle East & Africa: QNB weighing funding options; S&P changes Israel outlook, cuts DR Congo

The day ahead

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

In Asia, the Hang Seng was up 0.46% to 27,690.36. The Nikkei 225 rose 0.52% to 20,055.89.

In Europe as of midday, the FTSE 100 was up 0.14% to 7,522.26, and the Euronext 100 slid 0.04% to 1,011.71.

On the macro front

The Gallup US consumer spending measure, the labor market conditions index, the TD Ameritrade IMX, and the consumer credit report are due out today.

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