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The Wednesday Express: North American financials


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The Wednesday Express: North American financials

* Glacier Bancorp is buying Columbine Capital for roughly $73.9 million.

* Also, Arthur J. Gallagher purchased U.K. compensation consultancy Total Reward Group.

* In a move to boost profits, Goldman Sachs' consumer arm Goldman Sachs Bank USA is increasing its deposit rate to 1.2% from 1.05%, Reuters reports. On average, the national rate for savings accounts is 0.06%.

* Separately, Reuters notes that JPMorgan is seeking to delist its shares on the London Stock Exchange.

* Bank of America paid $37 million to settle litigation filed by Tutor Perini related to the construction company's purchase of certain auction-rate securities from BofA.

* Edward Pennings, a former senior managing director at State Street, is poised to plead guilty to wire and securities fraud in connection with a scheme that involved overcharging the bank's clients, Reuters reports.

* In its friend-of-the-court brief in a whistle-blower lawsuit filed by two former Wells Fargo employees against the bank, the Department of Justice argued that the appellate court that had dismissed the case in 2016 should revise its analysis, The New York Times reports.

* The Committee on Financial Services of the U.S. House of Representatives is proposing to file contempt charges against Consumer Financial Protection Bureau Director Richard Cordray for allegedly failing to comply with the committee's investigation into the Wells Fargo scandal.

* Elsewhere, financial services provider TIAA launched automated online management services, including robo-advisers that would help clients manage their finances, the New York Business Journal reports.

* A spokesperson for RBC Capital Markets confirmed that former Keefe Bruyette & Woods insurance investment banker Neil Chawhan is slated to join RBC.

* In insurance, Arch Capital Group expects a $38 million hit on its pretax underwriting income for the second quarter due to losses in a business unit.

* With a number of regulatory approvals still pending, the clock is ticking for Genworth Financial's sale to China Oceanwide Holdings Group as the deal is slated to close in the middle of the year.

* Responding to S&P Global Ratings' placing of certain ratings of MBIA and unit National Public Finance Guarantee on CreditWatch negative, MBIA said that it does not believe a ratings downgrade of National Public Finance Guarantee is warranted, citing the unit's excess capital above the ratings agency's requirement for the AAA rating.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.

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