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In This List

Zames wants to run his own business; Financial CHOICE Act moves to Senate

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


Zames wants to run his own business; Financial CHOICE Act moves to Senate

In government and regulation, after months of hearings and debate, the U.S. House of Representatives passed the Financial CHOICE Act yesterday in a 233-186 vote. The Senate will now determine the fate of the bill, which, according to the Business Insider, Sen. Elizabeth Warren has called a "handout to Wall Street." But chances of the legislation passing the Senate remain slim.

Former FBI Director James Comey, in his testimony before the Senate Select Committee on Intelligence, said that President Donald Trump tried to derail an FBI investigation into former National Security Advisor Michael Flynn. "I was fired in some way to change ... the way the Russia investigation was being conducted," Comey, who was fired May 9, said under questioning.

In banking news, JPMorgan Chase & Co. COO Matthew Zames, who was regarded as a potential successor to CEO Jamie Dimon, is leaving the company. Zames' resignation could mean Dimon is unlikely to leave the company anytime soon, analysts say. In an interview with The New York Times' DealBook, Zames said he wants to run his own business. "I want to get back to running the railroad — running my railroad, running my business. So it's just a natural point." Dealbreaker headlined Zames' departure this way: "Matt Zames Decides Life Is Too Short To Spend As The Hand Of King Dimon."

The Federal Reserve Board terminated its April 2011 enforcement action against EverBank Financial Corp, but hit the Jacksonville, Fla.-based company with a $1.8 million civil penalty for its mortgage servicing deficiencies related to the enforcement action.

Moline, Ill.-based QCR Holdings Inc. is buying all the assets of Cedar Rapids, Iowa-based Guaranty Bankshares Ltd. in a cash-and-stock deal valued at approximately $44.2 million.

Houma, La.-based Louisiana Community Bancorp Inc. seeks to consolidate the operations of its five Lousiana-based subsidiary banks by the first quarter of 2018.

Moody's said that its outlook for the Bermudian banking system is stable, noting that the improvement in asset quality and "strong" capital buffers offset profitability challenges. The rating agency is projecting real GDP growth of 1% to 2% this year and the next.

Specialty Lender ECN Capital Corp. is acquiring Service Finance Holdings LLC for C$410 million in cash.

In the fintech scene, VeriFone Systems Inc. said it expects GAAP and non-GAAP net revenues of about $463 million to $465 million for the third fiscal quarter. In addition, the company expects GAAP net income per share to be between approximately 14 cents and 15 cents.

And on news on the U.K. elections, U.K. Prime Minister Theresa May was set for a fresh term June 9 despite the loss of her Conservative Party's majority in elections, after a report that Northern Ireland's Democratic Unionist Party, or DUP, had promised their support in parliament. As of 5:34 ET, the Conservatives had 318 seats, with just 1 left to declare in the 650-seat House of Commons.

In other parts of the world

Asia-Pacific: Philippine banks pin hopes on new credit database to spur retail lending

Europe: UK poll shock clouds Brexit outlook; consortium circling Co-op Bank

Middle East & Africa: Qatari group eyes UK lender; Central Africa mulls emergency liquidity facility

The day ahead

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

In Asia, the Hang Seng fell 0.13% to 26,030.29, while the Nikkei 225 was up 0.52% to 20,013.26.

In Europe, around midday, the FTSE 100 was up 0.46% to 7,484.35, and the Euronext 100 had risen 0.19% to 1,019.55.

On the macro front

The wholesale trade report and the Baker-Hughes Rig Count report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.