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The Thursday Express: North American financials


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The Thursday Express: North American financials

* National Economic Council Director Gary Cohn told lawmakers that he is in favor of splitting the biggest firms' consumer-lending businesses from their investment banks, sources told Bloomberg News. Cohn's remark is in line with the stance of President Donald Trump and Republican lawmakers on reinstating the Glass-Steagall Act.

* Investment research start-up Street Contxt raised $15 million, with Steven Cohen's Point72 Ventures and Joe Lonsdale's 8VC leading the investment round, the Financial Times reports.

* Warren Averett Asset Management and Kinsight teamed up to form a fee-only financial planning and investment advisory firm, which will operate under the name Warren Averett Asset Management, with combined assets under management of over $2.2 billion.

* On insurance, local regulators in Alabama, Alaska, Oklahoma, South Carolina and Wyoming have scrambled for contingency plans as Affordable Care Act insurers consider pulling out of the states.

* In a study by PricewaterhouseCoopers, 88% of financial industry executives surveyed are worried that part of their business is at risk to stand-alone fintech companies in the next five years.

* And in people news, Aon promoted John Bruno to chief operations officer.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.