Under Goldman Sachs Group Inc.'s planned cash management service, the investment bank
JPMorgan Chase & Co. is looking to raise its annual bonus pool at its corporate and investment bank, a source told Bloomberg News. Average percentage increases will be in the mid-single digits, but equities traders and investment bankers are likely to get a larger spike.
Federal Reserve Vice Chairman Richard Clarida said the central bank can afford to take a wait-and-see stance to see how uncertainties in outlook impact economic growth
Deutsche Bank AG is offshoring about 60 accounting positions to Mumbai from Jacksonville, Fla., in an attempt to cut down costs, sources told Bloomberg. The move is part of a broader strategy to shift more jobs to India from the U.S. in 2019. Deutsche Bank has been under pressure after years of lackluster performance, according to the report. The German lender reported a net loss of €497 million in 2017 and a net loss of €1.36 billion in 2016.
The Securities and Exchange Commission and Wells Fargo Securities LLC have inked a settlement in connection with the failed $75 million deal with videogame company 38 Studios, Associated Press reports. The final approval of the settlement
On the M&A
Also, Resolute Investment Managers Inc. is purchasing a majority interest in SSI Investment Management Inc., the investment sub-adviser for First Trust SSI Strategic Convertible Securities ETF.
Perella Weinberg Partners LP is looking to reorganize its management and redistribute its partners' stake before launching its IPO, sources told Bloomberg. In connection with the reorganization, Peter Weinberg, who founded the investment bank with Chairman Joe Perella, is expected to become CEO. The sources added that former Treasury Department official Bob Steel will become chairman, and Perella will become chairman emeritus, according to the report.
In other banking
The U.K.'s Financial Conduct Authority has launched a formal probe into the work culture of Royal Bank of Canada's London branch following complaints by former staff members that they were subjected to unfair treatment, including wrongful termination, sources told Financial Times. The regulator initiated an informal inquiry
In other parts of the world
Asia Pacific: Hong Kong fines FWD Life; Woori Bank ex-CEO sentenced to prison
Europe: Germany's sparkassen cut value of NordLB stakes; Popolare di Bari eyes cash call
Middle East & Africa: Brookfield drops bid for Abraaj's Turkish assets; Italy's Azimut enters Egypt
Now featured on S&P Global Market Intelligence
Consolidation of community banks causes headaches for bankers' banks: Bankers' banks are finding it difficult to keep customers amid the consolidation of community banks.
Stripe tops list of highest-valued US fintech startups: Payment processor Stripe Inc. has a $20 billion valuation, rivaling tech companies even outside the fintech space.
With cash to burn, private equity pushed up fintech M&A pricing in '18: The top three financial technology deals in 2018 and nine of the top 20 were private equity buyouts, and seven of the largest fintech deals were in payments.
The day ahead
Early morning futures indicators pointed to a lower opening for the U.S. market.
In Asia, the Hang Seng increased 0.55% to 26,667.27, and the Nikkei 225 increased 0.97% to 20,359.70.
In Europe, around midday, the FTSE 100 was down 0.24% to 6,926.01, and the Euronext 100 was down 0.07% to 935.47.
On the macro front
The U.S. Treasury budget, the Baker-Hughes Rig Count report and the consumer price 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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