Banco Popular de Puerto Rico signed a $1.7 billion cash deal to acquire
Sen. Elizabeth Warren, D-Mass., in a Feb. 13 letter to Wells Fargo CEO Timothy Sloan, criticized the company for its "utterly inept" efforts at compensating customers who were improperly charged mortgage rate-lock fees and auto loan insurance premiums, The Wall Street Journal reports. Days earlier, WSJ reported that Wells Fargo sent erroneous letters to 38,000 people in its attempt to refund affected auto loan customers.
Meanwhile, Berkshire Hathaway Inc. — Wells Fargo's biggest shareholder — lowered its stake in the during the fourth quarter of 2017. Berkshire Chairman, President and CEO Warren Buffett sold 6 million shares, or 1.31% of the company's investment
On the other hand, Buffett increased Berkshire Hathaway's investment in Bank of New York Mellon Corp. by 17.41% to 60,818,783 shares, which was worth about $3.28 billion at the close of 2017.
In other banking
In Illinois, sister banks First National Bank in Paxton and Cissna Park State Bank will consolidate this year to become Frederick Community Bank. The banks are units of Agricultural Banking Corp.
Hamilton, Bermuda-based Bank of Bank of N.T. Butterfield & Son Ltd. agreed to acquire Deutsche Bank AG's banking and custody business in the Cayman Islands, Jersey and Guernsey. Deal terms were not disclosed.
In government and regulatory
And the Subcommittee on Financial Institutions and Consumer Credit will hold a hearing today entitled "Examining De-risking and its Effect on Access to Financial Services."
In other parts of the world
Asia-Pacific: India, China bidding for Bangladesh bourse stake; Suncorp H1 net profit slides
Europe: Aegon Q4 profit up 110%; Rabobank FY'17 profit jumps; Creval prices share issue
Middle East & Africa: Ramaphosa to lead South Africa as Zuma resigns; Tunisian central banker leaves
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng grew 1.97% to 31,115.43, and the Nikkei 225 was up 1.47% to 21,464.98.
In Europe, as of midday, the FTSE 100 was up 0.58% to 7,255.48, and the Euronext 100 climbed 1.02% to 1,011.90.
On the macro front
The jobless claims report, the PPI-FD report, the Empire State manufacturing survey, the industrial production report, the National Association of Home Builders' housing market index, the EIA natural gas report, the Fed balance sheet and the money supply report are due out today.
The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.