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The Friday Express: North American financials


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The Friday Express: North American financials

* Bank of America's third-quarter EPS went up to 48 cents, while that of PNC Financial Services Group's rose to $2.16. Wells Fargo is also expected to release its third-quarter earnings results before markets open today.

* U.S. Treasury Secretary Steven Mnuchin has strongly recommended Federal Reserve Board Gov. Jerome Powell to be the next Fed chair, Politico sources say.

* Stanford University economist John Taylor was interviewed for a potential nomination as the next Fed chair, The Wall Street Journal reports, citing a White House official.

* The House Financial Services Committee approved 22 bills, including those authored by Rep. Blaine Luetkemeyer, R-Mo. — the Financial Institution Consumer Protection Act of 2017 and the Systemic Risk Designation Improvement Act of 2017 — aiming for financial deregulation.

* Citigroup, Deutsche Bank and HSBC Holdings agreed to pay a total of $132 million in settlement over allegations that they manipulated the LIBOR benchmark interest rate, Reuters reports.

* JPMorgan is planning to move around 60 more jobs to Paris once Brexit negotiations are complete, the Financial Times reports.

* In Texas, First Financial Bankshares is buying Commercial Bancshares in an all-stock deal valued at around $59.4 million.

* Data solutions providers Research Now Group and Survey Sampling International are merging.

* The U.S. SEC is seeking to revoke the registration of United Mortgage Trust's securities due to allegations that the company has not filed its periodic reports since Sept. 15, 2015.

* Nasdaq applied with the Ontario Securities Commission to operate an exchange in Canada.

* In its latest cyber scare, Equifax said that its systems were not compromised after one of its third-party vendors ran a malicious code on one of its web pages, Reuters reports.

* President Donald Trump's administration will cease paying the cost-sharing reduction payments under the Affordable Care Act, which help eligible low- and moderate-income Americans pay the out-of-pocket costs for prescription drugs and doctor visits.

* Everest Re Group is expecting to record third-quarter pretax catastrophe losses, net of reinsurance and reinstatement premiums, of $1.2 billion. AXIS Capital Holdings is projecting total net financial impact from third-quarter catastrophe losses of $578 million. Arch Capital Group is expecting to incur preliminary negative impact from catastrophes of $285 million to $345 million after tax in the third quarter.

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