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The Tuesday Express: North American financials

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The Tuesday Express: North American financials

* Wells Fargo settled a lawsuit over subprime mortgages brought on behalf of Residential Capital creditors, sources told The Wall Street Journal.

* As part of its investigation into Wells' fake-accounts scandal, the U.S. Department of Justice asked whistleblower Yesenia Guitron to testify before a grand jury in San Francisco today, according to a Dec. 12 subpoena seen by Reuters.

* Morgan Stanley has completed 27% of its consumer-relief obligations under its settlement agreement with the state of New York, according to a report by Eric Green, independent monitor of the settlement.

* Stifel Nicolaus is raising its monthly pay hurdle by 20% in 2017, AdvisorHub reports, adding that the change has "disturbed" several brokers.

* And despite a blockbuster IPO by Athene Holding in December, public offerings in the insurance space were exceedingly rare for a second consecutive year, underscoring the impact of ultra-low interest rates on the industry as a whole.

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