Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, has emptied the watchdog's advisory board, citing efforts to improve external engagement and high costs of maintaining it. The current advisory board members were also told that they will not be allowed to reapply. Ann Baddour, the board's chair, expressed concerns that the board's new members will have "skewed and focused" perspectives. Judith Fox, who also serves on the board, said Mulvaney's move was "just an excuse to get rid of us."
In other regulatory
JPMorgan Chase & Co. Chairman and CEO Jamie Dimon and Berkshire Hathaway Inc. Chairman, President and CEO Warren Buffett, in a joint editorial on The Wall Street Journal, urged public companies to end the practice of disclosing quarterly earnings guidance because the practice is harming the economy. "In our experience, quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability," the two executives wrote.
Goldman Sachs Group Inc. tapped U.K.-based cybersecurity startup Immersive Labs to hone its employees skills in dealing with cyber threats
Digital currency exchange
Private equity
In fintech
And in Canada, Bank of Nova Scotia is pulling back from metals financing as it restructures its ScotiaMocatta business, Reuters reports, citing sources familiar with the matter. The pullback follows Scotiabank's failed attempt to sell the whole metals trading arm. A source told Reuters that the bank is "going to carve up some pockets of the business and try to sell those."
In other parts of the world
Asia Pacific: UK fines Canara Bank; Malaysia may replace bourse CEO; Aussie lender defers IPO
Europe: UK suspends work on Solvency II fix; Italy to review coop banking reform
Middle East & Africa: Equity Group chairman retires; Kuwaiti creditor rejects Abraaj debt settlement
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng was up 0.81% to 31,512.63, and the Nikkei 225 rose 0.87% to 22,823.26.
In Europe, around midday, the FTSE 100 fell 0.09% to 7,705.22, while the Euronext 100 rose 0.18% to 1,061.99.
On the macro front
The jobless claims report, the quarterly services survey, the Energy Information Administration natural gas report, the consumer credit report, the Federal Reserve balance sheet and the money supply report are due out today.
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