Deutsche Bank AG plans to lay off employees at its loss-making U.S. equities business
Also, Baltimore-based asset management firm Legg Mason Inc. will trim 12% of its workforce,
Farmers & Merchants State Bank of Neola Iowa and Midstates Bank NA are merging in a deal
In litigation
In an update in the trial of former Goldman Sachs Group Inc. banker Roger Ng with regards to the 1Malaysia Development Berhad scandal, the judge extended the time period for prosecutors to present evidence before the defence, the Financial Times reports. The next hearing is scheduled for July 9. Ng has pleaded not guilty to allegations of bribery and money laundering in the 1MDB case.
The U.S. Securities and Exchange Commission filed a civil injustice action against California resident Daniel Pacheco for running a fraudulent multimillion-dollar pyramid scheme. The SEC's complaint alleged that Pacheco raised more than $26 million through two California-based companies he owns, IPro Solutions LLC and IPro Network LLC under the guise of offering instructional packages on e-commerce, but misappropriated the funds for personal expenses thus constituting an unregistered sale of securities.
JPMorgan Chase & Co. cut business ties with Purdue Pharma LP in light of potential reputational risks
Robert Kaplan, president of Federal Reserve Bank of Dallas, said he is at ease with keeping the interest rates unmoved for now, but that he is worried that uncertainty pertaining to the ongoing U.S.-China trade battle may slow down economic growth, The Wall Street Journal reports.
Hedge fund
In other parts of the world
Asia Pacific: Nomura Securities faces penalty; South Korean securities firm sells assets
Europe: Deutsche pledges tough cutbacks; BNP eyes German growth; LCF collapse probed
Middle East & Africa: PE firms to take over Phoenix; Egypt holds rates; Moody's downgrades Zambia
Now featured on S&P Global Market Intelligence
Credit union early adopts CECL, finds that 'This isn't a big deal': The CFO of Georgia United CU, which has already adopted the current expected credit loss, or CECL, standard, called the switch easy, regulators helpful and the benefits immediate.
Bank M&A 2019 Deal Tracker: Deal volume in Q2 still lagging: Year-to-date through May 15, 81 U.S. bank and thrift deals had been announced, down from 90 in the year-ago period.
Consumer deposit fees drop at US banks, thrifts in Q1'19: Total consumer deposit fees declined at U.S. banks and thrifts to $4.17 billion in the first quarter from $4.57 billion in the last quarter of 2018 and $4.23 billion in the year-ago period.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, Hang Seng rose 0.32% to 27,353.93, while the Nikkei 225 was down 0.16% to 21,117.22.
In Europe, around midday, the FTSE 100 was up 0.75% to 7,285.09, and the Euronext 100 increased 0.37% to 1,039.60.
On the macro front
The durable goods orders report and the Baker-Hughes Rig Count 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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