Female employees at Goldman Sachs Group Inc.'s U.K. subsidiary were paid 50.6% less and received 66.7% lower bonuses than their male counterparts in 2018. The recently disclosed gender pay gap
Harvey Schwartz, former president and co-COO at Goldman Sachs, has not interviewed for the CEO role at Wells Fargo & Co., CNBC reports, citing unnamed sources close to Schwartz. The report comes following recent rumors that Wells Fargo was in talks with Schwartz to hire him to replace existing CEO Timothy Sloan.
Citigroup Inc. is aiming to expand its wealth management
Japan's Securities and Exchange Surveillance Commission recommended a $1.2 million fine against Citigroup Global Markets Ltd., in connection with allegations of price rigging in the 10-year Japanese government bond futures market, Bloomberg News reports. The regulator found that a trader at the Citi unit made large volumes of buy and sell orders for the futures contracts on the Osaka Exchange with no intention of executing them, leading investors into thinking the market was growing.
Amsterdam-based ABN Amro Group NV is planning to apply for a banking license in the U.S. as soon as it completes a definitive process with local watchdogs in Europe and the Netherlands, insiders told the Financial Times.
In the M&A
Mastercard Inc. will invest £300 million in the planned initial public offering
Federal Reserve Bank of Boston President Eric Rosengren said the central bank could prepare itself for an economic downturn by lowering the average maturity of Treasury securities held in its balance sheet, Bloomberg reports. Such a move would help the Fed sell shorter-term bonds to buy longer-term ones to reduce borrowing costs.
In other parts of the world
Asia Pacific: FWD completes insurer acquisition; Suncorp to sell general insurance business
Europe: ABN Amro eyes US; Mastercard's £300M payments bet; LendInvest's IPO mandates
Middle East & Africa: NBK launches French unit; Moody's affirms UAE; African Bank eyes digital push
Now featured on S&P Global Market Intelligence
Nearly half of all-time largest fintech deals announced in past 2 years: The sector appears to have a new appetite for transformative large-scale mergers that companies hope will let them tap into new geographies and business lines.
CECL reserve builds will prove inadequate, spur US bank earnings volatility: The current expected credit loss model could introduce more U.S. bank earnings volatility as institutions seem unlikely to build their allowances enough to prepare for a looming turn in the credit cycle.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng rose 0.15% to 28,566.91, and the Nikkei 225 gained 2.15% to 21,428.39.
In Europe, around midday, the FTSE 100 climbed 0.24% to 7,194.64, and the Euronext 100 lifted 0.68% to 1,030.09.
On the macro front
The housing starts report, the Redbook index for retail sales, the S&P Corelogic Case-Shiller home price index, the Federal Housing Finance Agency house price index, the consumer confidence report and the Federal Reserve Bank of Richmond's manufacturing index are due out today.
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.
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