The headlines are all Donald Trump and the three-month travel ban. While many business leaders voiced support for affected employees, only the so-called vampire squid came out criticizing the order. Goldman Sachs Group Inc. CEO Lloyd Blankfein's "This is not a policy we support," despite being so "carefully worded" was still "perhaps the only condemnation by a Wall Street firm," The New York Times writes. Bloomberg News reports on how "Goldman Sachs breaks with Government Sachs."
Meanwhile, it's official: Exempted from the qualitative portion of this year's Comprehensive Capital Analysis and Review are bank holding companies with under $250 billion in assets and no SIFI-designation. Instructions and scenarios for CCAR will come out this week.
And today, the Federal Open Market Committee begins its first meeting of 2017.
On the fintech front: Green Dot Corp. will acquire UniRush LLC, its reloadable prepaid card provider RushCard and its corporate payroll card provider Rapid! PayCard. The deal also leaves the buyer off the hook for any regulatory penalties in connection with tech issues that left RushCard users unable to access their money for a week in 2015.
And Visa Inc.'s Foster City campus will see 58 more laid off in March, The San Francisco Business Times reports, following the 213 already cut this month.
In banking news:
You know how you can buy one blender on Amazon and then get suggestions for 10 more? Sources for the Financial Times say banks are finally adopting systems that pull up profile and history when a customer calls. JPMorgan Chase & Co. is launching a customer relationship management and analytics system that allows its sales team to look at your trading history as they recommend a next move. A European bank is doing something similar, with meeting details and due diligence information linked to your phone call.
Louisiana's First Guaranty Bancshares Inc. will buy Premier Bancshares Inc. of Texas for $21.0 million in cash.
In Nebraska, an investor group wants to buy an 80.10% stake in Bank Management Inc. for $23.2 million. Those investors include Exchange Co. and Exchange Bank executives.
And Heritage Oaks Bancorp of California will stop consumer mortgage originations and sales. Customers that want those products will be referred to another bank, which Heritage's mortgage team is expected to join in February.
In Honolulu's credit union scene, Hawaii National Guard Federal Credit Union will merge into Aloha Pacific Federal Credit Union.
Stifel Financial Corp. reported EPS available to common shareholders of 31 cents for the fourth quarter of 2016, up from the year-ago period's 14 cents. The broker-dealer said its bottomline took a 37-cent-per-share hit from a previously disclosed settlement with the SEC, $14.2 million in anticipated merger-related charges and $20 million in litigation costs.
Some changes at Nasdaq Inc. include the reporting of Market Technology as a separate segment, the shuttering of the NLX interest rate futures business and the consolidation of U.S. and European fixed income offerings under Nasdaq Fixed Income.
The firm reported a net loss attributable to Nasdaq of $1.35 per share, compared with its EPS of 88 cents a year ago.
In 2012, the U.S. government decided to start taking all of Fannie Mae's and Freddie Mac's profits. Fairholme Funds Inc.'s 2013 legal challenge to the "Net Worth Sweep" has since won some and lost some in district and federal courts. But it was a partial win in a federal appeals court yesterday, when a panel ruled the government would have to release 48 of 56 of supposedly "privileged" documents. The New York Times reports the papers may be released in the next few weeks.
In other parts of the world
Europe: More Deutsche fines; UniCredit expects €11.8B loss; pan-EU bad bank push
Middle East & Africa: Bank Audi's 2016 profit rises 17%; African Union admits Morocco
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Nikkei 225 dropped 1.69% to 19,041.34.
In Europe, around midday, the FTSE 100 gained 0.53% to 7,156.03, and the Euronext 100 climbed 0.27% to 926.14.
On the macro front
The employment cost index, the Redbook, the S&P Corelogic Case-Shiller HPI report, the Chicago PMI report, the consumer confidence report, the State Street Investor Confidence Index and the Department of Agriculture's farm prices report are due out today.
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