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Janus, Henderson to merge; Illinois ready to suspend business with Wells

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Janus, Henderson to merge; Illinois ready to suspend business with Wells

and have agreed toa merger-of-equals thatwill see Henderson shareholders owning about 57% of the resulting entity. Janus'largest shareholder, Dai-ichi, has already agreed to vote its shares in favor ofthe deal and plans toincrease its pro forma 9% stake in the new company to at least 15%. The combinedcompany will be called Janus Henderson Global Investors and is expected to tradeon the NYSE.

Three more communitybank mergers have been signed in theMidwest. In Illinois, Chicago-based HoyneSavings Bank ($269.2 million) and Worth-based Prospect Federal Savings Bank ($240.8 million) are under the Hoyne brand.Meanwhile, Chatham-based United CommunityBancorp Inc. is expandingin the state with a deal for LibertyBank ($328.2 million), even as its Illini Corp. acquisition remains pending.

In the BuckeyeState, Leesburg-based Southern HillsCommunity Bank ($86.3 million) and Ripley-based Ripley Federal Savings Bank ($67.1 million) will .

In continuing news, is ready to follow California'slead in suspending business relations with the San Francisco-based bank. Detailsof the sanctions will be released today. The City of Chicago is planning its ownban as well. Marylandand Philadelphia are reviewing their business ties with Wells, too, and could followsuit, the Baltimore Business Journal reports.

A report by theBoston Consulting Group shows investment banks aren't maximizing fintech opportunities. For example, it says,most of the funding has gone to pre-trade and execution capabilities, when it'spost-trade fintech that would more significantly reduceback-office costs.

On Capitol Hill, the House Subcommitteeon Capital Markets and Government Sponsored Enterprises wants a hearing held beforethe year's end regarding the impact of the Volcker rule, Basel liquidity and capitalrules and the SEC's money market fund regulations on short-termfunding markets.

Hillary Clinton is expected to mention mandatoryarbitration clauses in a campaign speech today, Reuters reports, after the contractprovisions recently came under regulatoryfire.

And U.S. financialinstitutions might have wanted moretime, but U.K. Prime MinisterTheresa May has announced Article50 will be triggered by the end of March.

In other parts of the world

Asia-Pacific:

Europe:

Middle East &Africa: KCB in search of fintech partners;Moza Banco put under administration

The day ahead

Early morningfutures indicators pointed to a higher opening for the U.S. market.

In Asia, the HangSeng rose 1.23% to 23,584.43, while the Nikkei 225 increased 0.90% to 16,598.67.

In Europe, aroundmidday, the FTSE 100 was up 0.19% to 6,977.73 and the Euronext 100 higher by 0.25%to 883.24.

On the macro front

The MarkitPurchasing Managers' manufacturing index, the Institute For Supply Management manufacturingindex, the construction spending report and the motor vehicle sales report are dueout today.

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