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Senators want DOJ to 'thoroughly investigate the culpability of senior executives' at Wells


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Senators want DOJ to 'thoroughly investigate the culpability of senior executives' at Wells

In thelatest action related to WellsFargo & Co.'s unauthorized accounts scandal, 14 senators calledon the Department of Justice to "thoroughly the culpability of seniorexecutives" at Wells. Not to do so, a letter to Attorney General LorettaLynch warns, may well strengthen "the notion that the wealthy and powerfulhave purchased a higher class of justice for themselves."

receiveda warning from the Fed regarding risks on the debt deal that the investmentbank facilitated for Ultimate Fighting Championship's $4 billion buyout,sources told Bloomberg News.

On the M&A front, Treynor, Iowa-based TSBanking Group is buying First Clinton BanCorp. Inc. unit ($109.0 million); and specialty lender CIT Group Inc. is selling its aircraft leasing businessto Avolon HoldingsLtd for $10billion.

Moody'saffirmed 'slong-term senior debt rating and revised its outlook after the asset management company announced plans to merge withHenderson Group Plc.

In NewJersey, Toms River-based OceanFirst Financial Corp. and its board members arefacing a putative class actionlawsuit related to the company's pending acquisition of OceanCity-based Ocean Shore HoldingCo..

Speaking oflitigation, the U.S. District Court for the Central District of Californiaentered a judgment and permanentinjunction against Cachet Financial Solutions Inc. relating to a trademark infringementlawsuit filed against the fintech company.

In stock splits, 's board authorizeda 2-for-1 split ofthe Ruston, La.-based company's common stock; and 's board is seekingstockholder approval for a reverse stock split of the fintech firm's outstandingcommon shares at a ratio in the range of 2-to-1 to 10-to-1.

Among executive changes, James Paulusresigned as presidentand CEO of Whitinsville, Mass.-based UniBank for Savings, Banker& Tradesman reports. CFO William Mahoney will take the charge in theinterim.

Chamois,Mo.-based Heritage CommunityBank promoted Eric Patke to CFO, Ed Stowe to COO and AndrewMcElwain to chief lending officer and senior lender, reports.

JamesSchwiers was named president and CEO of Greenville, S.C.-based , Ronald Earnest, who is retiring.

Elsewherein the banking and financial services scenes, New Orleans-based received a 15-day stay on its suspension from trading on the Nasdaq Global SelectMarket; the stay runs through Oct. 20.

and specialtylender Discover FinancialServices yesterday reported results of their respective Dodd-Frank Act midcyclecompany-run stress tests.

And thecredit arm of asset manager BainCapital Credit LP raised more than $500 million in equitycommitments, allowing it to have more than $1billion in new money to invest in its first business development company,sources told The Wall Street Journal.

In other parts of the world

Asia-Pacific: Goldman buys Postal Savings Bank shares; RBI eases interbank loannorms

Middle East & Africa: Bank Hapoalim raises provisions; Emirates Islamic launches rightsissue

Europe: Commerzbank to shed i-bank; Delta Lloyd shuns NN; Asya shopsinsurance units

The day ahead

Early morning futures indicators pointed to a lower openingfor the U.S. market.

In Asia, the Hang Seng decreased 0.42% to 23,851.82, and theNikkei 225 slipped 0.23% to 16,860.10.

In Europe, around midday, the FTSE 100 was up 0.76% to7,053.01, while the Euronext 100 was down 0.94% to 878.83.

On the macro front

The employment situation report, the consumer credit reportand the Treasury STRIPS report are due out today.