JPMorgan Chase & Co. posted a 7.1% year-over-year increase in third-quarter net income to $6.73 billion. Citigroup Inc. is also set to announce its third-quarter earnings before markets open today.
In preparation for Brexit, Bank of America Corp. has signed a lease for an office space in Paris as it plans to move its European trading hub in the French city, sources told Bloomberg News. The office, located not far from the Arc de Triomphe landmark, can accommodate around 1,000 employees.
Meanwhile, Citi will establish a new booking center in Luxembourg to manage the accounts of its European ultrahigh-net-worth clients in the event of a "hard Brexit," the Financial Times reports.
Sources told Bloomberg News that Morgan Stanley is planning to charge clients seeking private meetings with stock analysts an hourly rate of about $2,500 when the European Union's Markets in Financial Instruments Directive, or MiFID II, takes effect in January 2018. The fee is in addition to the annual rate for basic access to its equity research portal once the regulation kicks in.
As trading revenue falters, Goldman Sachs Group Inc. is aiming to boost its investment banking revenue. Sources told Reuters that Goldman has formed a group, internally referred to as the Innovation Lab, tasked to come up with deal ideas to pitch for big clients such as Berkshire Hathaway Inc.
On the deal front, Memphis-based First Tennessee Bank NA, a unit of First Horizon National Corp., acquired the operations and some of the assets of Professional Mortgage Co. Inc.
Sunshine Bancorp Inc. and CenterState Bank Corp. are facing a merger-related class action lawsuit. Plaintiff Stephen Bushansky claims that the deal price is unfair, board members had conflicts of interest, and disclosures were materially incomplete and misleading.
On Capitol Hill, Housing and Urban Development Secretary Ben Carson will testify before the House Financial Services Committee at 9:30 a.m. ET today for a hearing to examine the agency's vision for the future of federal housing policy.
And in Pennsylvania, fintech companies are now required to obtain state license from the Department of Banking and Securities in order to conduct business.
In other parts of the world
Asia Pacific: China bans 5 insurers from funding parents; AMP Capital to revamp equities biz
Europe: EC clears Novo Banco sale; BAWAG IPO price range set; France probes Danske Bank
Middle East & Africa: QNB, Dubai Islamic Bank Q3 profits up; Saudi insurers face tougher rules
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng rose 0.24% to 28,459.03 and the Nikkei 225 was up 0.35% to 20,954.72.
In Europe, around midday, the FTSE 100 rose 0.16% to 7,546.21, while the Euronext 100 was down 0.23% to 1,044.44.
On the macro front
The jobless claims report, the PPI-FD report, the EIA natural gas report, the EIA petroleum status report, the Treasury budget report, the Fed balance sheet and the money supply report are due out today.
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