The Federal Reserve hit Wells Fargo & Co. with a cease and desist order in response to "widespread consumer abuses and other compliance breakdowns." The Fed would cap the bank
Wells CEO and President Timothy Sloan said that the consent order is "manageable" and that the company will work hard to meet the Fed's requirements "as quickly as possible." Sloan also said that the cap on the company's asset size is expected to lower the 2018 net income by approximately $300 million to $400 million after tax.
Also, Jerome Powell will be sworn in this morning as Yellen's successor to lead the U.S. central bank, Bloomberg News reports.
Some clients of JPMorgan Chase & Co.'s investment-banking arm, including a few large insurers, have expressed concerns about the bank's new healthcare venture with Amazon.com Inc. and Berkshire Hathaway Inc., sources told The Wall Street Journal.
Meanwhile, JPMorgan and Bank of America Corp. have stopped purchases of bitcoin and other cryptocurrencies on their credit cards, Bloomberg reports. Other companies, including Citigroup Inc., are reviewing their cryptocurrencies policies.
In other regulatory
In exchange
And in the credit union
In other parts of the world
Asia Pacific: China fines 19 banks over loan fraud; Union Bank of India posts Q3 net loss
Europe: Deutsche's Postbank lawsuit drags on; Allianz bets on Sri Lanka
Middle East & Africa: CI Ratings downgrades Oman; South Africa fines Chinese bank branch
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng was down 1.09% to 32245.22. The Nikkei 225 slid 2.55% to 22,682.08.
In Europe as of midday, the FTSE 100 declined 1.19% to 7,354.66, and the Euronext 100 was down 1.27 % to 1,030.28.
On the macro front
The U.S. Services Purchasing Managers' Index and the Institute for Supply Management non-manufacturing index are due out today.
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