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Morgan Stanley, Goldman Sachs Q3 EPS up; Wells Fargo units to pay $3.4M

Commercial Real Estate: 2020 Review

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

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Morgan Stanley, Goldman Sachs Q3 EPS up; Wells Fargo units to pay $3.4M

Morgan Stanley's third-quarter earnings applicable to common shareholders grew to 93 cents per share from 81 cents per share in the prior-year quarter, while Goldman Sachs Group Inc.'s EPS went up to $5.02 from $4.88. Synovus Financial Corp. and Comerica Inc. also saw year-on-year increases in third-quarter EPS, to 78 cents and $1.26, respectively.

Fulton Financial Corp., Hancock Holding Co. and Pinnacle Financial Partners Inc. are also scheduled to report quarterly score cards after markets close today.

In government and regulatory news, President Donald Trump will formally interview Janet Yellen in the week of Oct. 16 or Oct. 23, as he considers retaining her as Federal Reserve Chair, sources told Politico.

Six Democratic senators are questioning Keith Noreika's continued role as acting Comptroller of the Currency, noting that he was only supposed to serve for 130 days, or until Sept. 12. Sens. Chris Van Hollen, Sherrod Brown, Elizabeth Warren, Jack Reed, Robert Menendez and Catherine Masto wrote to the Treasury Department asking to an investigation into the misapplication of the "special government employee" status with regard to Noreika, who began serving in the role on May 5 and was "required to become a permanent federal employee or step down from his position at the OCC." The senators also questioned Noreika's authority to be a voting member of the Financial Stability Oversight Council.

The Senate Committee on Banking, Housing and Urban Affairs will hold a hearing at 10 a.m. ET today entitled "Consumer Data Security and the Credit Bureaus."

The Financial Industry Regulatory Authority ordered Wells Fargo & Co.'s two brokerage units — Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC — to pay more than $3.4 million in restitution to customers for unsuitable recommendations of volatility-linked exchange-traded products and related supervisory failures.

The state of California is extending for another year its business sanctions against scandal-stricken Wells Fargo. "The opaque manner with which the bank continues to do business and the frequency of new disclosures of wanton greed and lack of institutional control makes this decision so clear that there really was no choice at all," State Treasurer John Chiang said.

Beaumont, Texas-based CBTX Inc., the parent of CommunityBank of Texas NA has filed for an initial public offering with a maximum aggregate price of $50 million.

On the deal front, Effingham, Ill.-based Midland States Bancorp Inc. is buying Belvidere, Ill.-based Alpine Bancorp. Inc. in a cash-and-stock deal with an implied value of about $181.0 million.

In the latest update in a long-running government antitrust lawsuit against American Express Co., the U.S. Supreme Court said that it will review the case challenging the credit card issuer's rules that prohibit merchants from asking customers to use other cards that charge lower merchant fees, The Wall Street Journal reports. In 2016, a New York appeals court ruled in favor of AmEx, reversing a trial judge's 2015 ruling.

In fintech news, San Diego-based Mitek Systems Inc. acquired ICAR, a Barcelona-based consumer identity verification solutions company, for about $15.0 million, in a combination of cash and Mitek common shares.

In other parts of the world

Asia Pacific: China cracks down on financial fraud; IOOF to buy ANZ's wealth biz

Europe: Credit Suisse breakup bid; May dines with Juncker; Spanish banks suffer anew

Middle East & Africa: Mashreqbank, UBA 9-month profits rise YOY; Fitch acts on Kuwaiti lenders

The day ahead

Early morning futures indicators pointed to a mixed opening for the U.S. market.

In Asia, the Hang Seng climbed 0.02% to 28,697.49, while the Nikkei 225 rose 0.38% to 21,336.12.

In Europe, around midday, the FTSE 100 rose 0.18% to 7,540.74 and the Euronext 100 gained 0.06% to 1,050.03.

On the macro front

The import and export prices report, the Redbook, the industrial production report, the housing market index, the Treasury budget and the Treasury International Capital report are due out today.

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