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Tuesday Express: Wells Fargo probes gender bias claims; Melrose CU liquidated

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Tuesday Express: Wells Fargo probes gender bias claims; Melrose CU liquidated

* About a dozen female executives at Wells Fargo's wealth management division convened in June to discuss their discontent over the lack of women in senior roles, The Wall Street Journal reports. The bank is said to have been investigating allegations of gender bias in the unit months before the meeting was held.

* The National Credit Union Administration liquidated Briarwood, N.Y.-based Melrose Credit Union after determining that the federally insured credit union was insolvent and had no prospect for restoring viable operations.

* U.S. President Donald Trump told Bloomberg News that he does not regret appointing Jerome Powell as chairman of the Federal Reserve, despite publicly criticizing interest rate hikes by the central bank over the past two months.

* A Goldman Sachs Asset Management private equity fund purchased a minority stake in multistrategy investment manager LMR Partners, a source for Reuters said.

* Markel's proposed acquisition of Nephila Capital offers the property and casualty insurer an opportunity to become a leader in the reinsurance and insurance-linked securities space, Saurabh Madaan, a Markel managing director, said in an interview with S&P Global Market Intelligence.

* Dallas-based wholesale broker U.S. Risk Insurance Group is buying Lloyd's intermediary MGB Insurance Brokers, The Insurance Insider reports.

* State Farm Mutual Automobile Insurance plans to cut its rates in New York that will cause its overall personal auto rate to drop by 3.4%.

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.