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Friday Express: Regions Q4'19 EPS up YOY; BofA reorganizes bond trading biz


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Friday Express: Regions Q4'19 EPS up YOY; BofA reorganizes bond trading biz

* Regions Financial reported fourth-quarter 2019 EPS of 38 cents, up from 37 cents a year ago. Citizens Financial Group's EPS for the three months ended Dec. 31, 2019, grew year over year to 98 cents from 96 cents.

* State Street is also expected to report quarterly results today.

* Home BancShares expects to announce a deal within the next month, Chairman, President and CEO John Allison said on an earnings call. Asked about the size of potential transactions the bank is eyeing, Allison said the company would prefer "warming ourselves back up" with the acquisition of a bank with $1 billion to $2 billion in assets.

* Goldman Sachs & Co. and BlackRock are in talks to separately establish wealth management joint ventures in China after the country announced eased rules on foreign ownership in 2019, sources told Caixin.

* Private equity firm TA Associates Management engaged Raymond James to seek potential suitors for Omaha, Neb.-based Orion Advisor Solutions, a provider of financial advisory services, sources told Barron's. Orion, formerly known as NorthStar Financial Services Group, is expected to sell for nearly $1.88 billion.

* The Colorado State Banking Board denied Cache Bank & Trust permission to sell its assets to Elevations CU following calls for the regulator to scrutinize the legality of the sale. Opponents of the Elevations-Cache deal pointed to Colorado's statute, arguing that banks can only sell assets to other banks.

* Bank of America is reorganizing its $8.4 billion fixed-income trading division with the formation of two new units and appointing new leadership, Business Insider reports, citing a company memo. Frank Kotsen, global head of credit trading at the company, is reportedly leaving as part of the changes.

* Additionally, Bank of America's private banking arm, Bank of America Private Bank, plans to expand its footprint to 40 markets from 20 in 2017 and double its adviser count from 2014 levels to 600, Reuters reports, citing Katy Knox, president of Bank of America Private Bank.

* People's United Financial expects a net interest margin of 3.0% to 3.1% in 2020, down from its 2019 net interest margin of 3.14%, the Bridgeport, Conn.-based bank's management said on an earnings call. The bank assumed no change to the federal funds rate in its estimate.

* The White House confirmed that U.S. President Donald Trump intends to nominate Judy Shelton and Christopher Waller as members of the Federal Reserve's Board of Governors. Shelton most recently was U.S. executive director at the European Bank for Reconstruction and Development, while Waller is executive vice president and director of research at the Federal Reserve Bank of St. Louis.

* Morgan Stanley is planning to add 30 to 35 private bankers in Hong Kong and Singapore in 2020, the bank's head of Asia wealth operations, Vincent Chui, said in an interview with Bloomberg TV in Hong Kong.

* Life and health insurer Unum Group appointed Michael Simonds to a newly created position of COO, effective Feb. 1. Simonds' previous role as president and CEO of the company's Unum US business has been eliminated under the new structure.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.