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Friday Express: Citi expects MEA revenues to rise; Hub to acquire $40.1B RIA

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Friday Express: Citi expects MEA revenues to rise; Hub to acquire $40.1B RIA

* Despite declines in oil prices and political uncertainty looming in the region, Citigroup anticipates continued growth in revenues from its Middle East and Africa business, Bloomberg News reports. The New York-based company has been an adviser for the region's biggest transactions, including the $69.1 billion acquisition of Saudi Basic Industries by Saudi Aramco, which reportedly also picked Citigroup as one of the banks to lead its much-anticipated IPO.

* JPMorgan Chase has placed two of its executives on leave in light of a criminal investigation into the bank's metals trading practices, Reuters reports, citing a source familiar with the matter. The employees, Michael Nowak and Gregg Smith, are the latest executives linked to the probe that saw two former JPMorgan metals traders plead guilty.

* Deutsche Bank has agreed to pay $15 million in a civil settlement related to the alleged manipulation of mortgage bonds issued by Fannie Mae and Freddie Mac, the Financial Times reports. The case, which was lodged by the Pennsylvania Treasurer, requires the German bank to instill a "robust compliance program" while engaging in the U.S. mortgage bond market.

* In Oklahoma, Cowboy Bancshares is looking to be a bank holding company by acquiring 100% of the voting shares of Kremlin, Okla.-based Bank of Kremlin. According to S&P Global Market Intelligence data, the Kremlin Bancshares unit had $304.3 million in total assets as of June 30.

* Integrated software, data and analytics solutions provider Black Knight has acquired San Francisco-based pricing and valuation solutions provider Compass Analytics. The financial terms of the deal were not made public in a news release.

* U.S. Bancorp predicts that the adoption of the current expected credit losses standard will have an impact of $1.2 billion to $1.6 billion in the first quarter of 2020. The Minneapolis-based bank also expects CECL to reduce its capital by 25 basis points to 35 basis points upon adoption.

* In an interview, Treasury Secretary Steven Mnuchin said that the U.S. is looking to issue 50-year bonds next year in an effort to increase the government's borrowing capabilities amid a low interest rate environment. Mnuchin's comments come after President Trump's latest tweets urging the Federal Reserve to cut interest rates to "zero or less."

* San Francisco-based Square has recently started testing a feature on its mobile payment service Cash App that would allow users to buy and sell stocks for free, Bloomberg News reports, citing a person familiar with the company. The launch of the new feature is expected to pit Square as a competitor to Robinhood Markets, which offers no-fee trading services.

* Genworth Financial is planning to hold its 2019 annual stockholders meeting on Dec. 12 if its China Oceanwide Holdings Group deal is not closed by then. However, a filing reveals that the two companies remain committed to fulfilling the deal's closing conditions.

* In a Senate hearing, National Association of Insurance Commissioners President Eric Cioppa said the international capital standard, dubbed ICS 2.0, will not be implemented in the U.S. in its current form.

* Hub International has agreed to acquire $40.1 billion registered investment adviser Global Retirement Partners, InvestmentNews reports.

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