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The Thursday Express: Wells Fargo, Fifth Third hike worker pay amid tax reform

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According to Market Intelligence, December 2022

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The Thursday Express: Wells Fargo, Fifth Third hike worker pay amid tax reform

* The Republican tax plan is now headed to President Donald Trump's desk after the House passed, 224-201, an updated version of the bill.

* Following the passage of the tax reform bill, Wells Fargo and Fifth Third Bancorp announced that they are increasing their employees' minimum hourly wage to $15.

* Comptroller of the Currency Joseph Otting downplayed the risks posed by bitcoin on the banking industry, saying that lenders have little exposure to the cryptocurrency, Reuters reports. Otting also expressed his support for fintech charters, but noted that he needed time to review the concept.

* Wells Fargo is asking the OCC's permission to buy platinum and then lease it to a client, sources told Reuters.

* JPMorgan will be testing its robo-adviser, JPMorgan Digital Investing, this week on employee accounts, Reuters reports. The company is planning to offer the technology to some clients in March 2018 and then on a wider-scale in the middle of next year.

* In California, Heritage Commerce is buying Tri-Valley Bank in an all-stock deal valued at around $31.6 million.

* Boston Private Financial is selling its entire ownership interest in Anchor Capital Advisors to the latter's management.

* Deal talks for RodDoc's acquisition of HPIL Holding are in an "advanced stage" and could be finalized in January 2018. HPIL also terminated talks over a possible partnership or investment with voice roaming technology firm Voyport.

* Whale Rock Capital Management has ceased taking in new capital after its asset size grew to $2.5 billion, Reuters reports.

* StarStone Underwriting entered into a reinsurance-to-close transaction with Neon Underwriting.

* State Farm and Aflac agreed to multistate settlements totaling $600,000 over their use of the Social Security Administration's death master file database.

* Prudential Retirement Insurance & Annuity and Legal & General Group completed their sixth longevity reinsurance deal since 2014.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.