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Moody's estimates energy-driven loss amounts; Texas, Louisiana bank mergers get inked


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Moody's estimates energy-driven loss amounts; Texas, Louisiana bank mergers get inked

Exposure to oiland gas could dent the earnings of large U.S. investment banks but is not likely to affect their capital levels,according to Moody's. A test for energy-relatedrisks at major U.S. investment banks, including Bank of America Corp., Citigroup Inc., GoldmanSachs Group Inc., JPMorganChase & Co. and MorganStanley, showed projected losses of $600 million to $3.2 billion undera severe scenario.

In banking news,Alberta-based Canadian Western Bank(C$23.47 billion) identified itself as the buyerof General Electric Capital Corp.'sCanadian franchise finance business.

In Texas, Henderson-based Citizens National Bank is acquiring Kilgore-based Kilgore National Bank ($83.4 million).

In Louisiana, Houma-based Louisiana Community Bancorp Inc. struck a with Tri-Parish Bancshares Ltd. of Eunice, the Daily Comet reports.

Bank of NewYork Mellon Corp. intends to offer asset managers an application thatperforms sentimentanalysis on their portfolio holdings, TheWall Street Journal reports.

Also in the assetmanagement scene, Jeremy Freedman intends to retire as president, CEO and a director of , effectiveJune 30. Thomas MacMillan will be appointed CEO on July 1.

Community banks should be allowed to offer , just as creditunions already do, CFPB Director Richard Cordray yesterday told the Senate Banking Committee. The Bureau isexpected to issue a payday lending proposal in the coming months.

Meanwhile, the committee postponedtheir vote on Lisa Fairfax's and Hester Peirce's nominations as SEC commissioners,after four Democrat lawmakers rejected the nominees' positions on political donationdisclosures, according to Reuters.

Elsewhere on the regulatoryfront, persons primarily responsible for the design, development or significantmodification of algorithmictrading strategies, or who are responsible for the day-to-day supervision ordirection of such activities, will now have to register with FINRA as securitiestraders.

In other parts of the world

1MalaysiaDevelopment Bhd.'s entire board offered to resign after a parliament inquiry recommendedthat the fund's top management face criminalinvestigation, The Wall Street Journalreports.

China Construction Bank Corp. is seeking authorization fromthe China Banking Regulatory Commission to injectUS$200 million of capital into troubled Brazilian unit ,Valor Econômico reported. The move followstwo consecutive years of losses for the Brazilian subsidiary, which led to its Tier1 capital ratio falling to well below the minimum regulatory requirement.

And Oversea-Chinese Banking Corp. Ltd.'s Bank of Singapore Ltd. agreed to acquire 's wealth and investmentmanagement business in Singapore and Hong Kong for roughly $320 million. Pending approval from the Singapore High Court,the transaction is expected to close by 2016-end. The sale is part of Barclays CEOJes Staley's efforts to restructurethe business, Reuters notes.

Theday ahead

Early morning futures indicators pointed to a higher openingfor the U.S. market. In Asia, the Hang Seng rose 0.48% to 20,364.02. The Nikkei225 climbed 0.46% to 15,821.52. In Europe as of midday, the FTSE 100 was up 0.59%to 6,172.90, and the Euronext 100 had increased 0.73% to 845.06.

On themacro front

The wholesale trade report is due out today.

TheDaily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.