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Friday Express: 2 Iowa banks in deal; Deutsche Bank eyeing cuts at US unit

* In Iowa, Farmers & Merchants State Bank of Neola is set to merge with Midstates Bank NA in a deal set to close by August.

* Deutsche Bank plans to reduce headcount at its loss-making U.S. equities business in an effort to appease investors dissatisfied with the German lender's performance, sources for Reuters say.

* Asset manager Legg Mason is set to lay off 12% of staff, or around 120 employees, as part of cost-cutting measures, Bloomberg News reports, citing an internal memo from CEO Joseph Sullivan.

* Hedge fund manager David Tepper is looking to turn his $13 billion hedge fund Appaloosa into a family office and return outside clients' money, sources for The Wall Street Journal say.

* Federal prosecutors in Manhattan indicted Stephen Calk, who ran the Federal Savings Bank in Chicago, for allegedly bribing President Donald Trump's former campaign chairman to get him a government post, The Wall Street Journal reports.

* JPMorgan Chase has ended its relationship with Purdue Pharma, the OxyContin maker that faces several lawsuits over its alleged role in the U.S. opioid crisis, Reuters reports.

* Federal Reserve Bank of Dallas President Robert Kaplan expressed concern over the uncertainty posed by ongoing U.S.-China trade tension on the U.S. economy, but said he is at ease with keeping interest rates unchanged, The Wall Street Journal reports.