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The Monday Express: Senate approves tax reform bill; CVS buying Aetna for $69B


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The Monday Express: Senate approves tax reform bill; CVS buying Aetna for $69B

* In a 51-49 vote, the U.S. Senate approved the tax reform bill called Tax Cuts and Jobs Act, after several last-minute changes, The Wall Street Journal reports. The bill includes a provision to repeal the Affordable Care Act's individual mandate.

* Sources told the WSJ that Thomas Barkin, the chief risk officer of McKinsey & Co., is expected to be named president of the Federal Reserve Bank of Richmond.

* U.S. banks have launched the Sheltered Harbor project earlier this year to ensure that they have a secure backup of information that can be used in case of a major hack, the Journal reports.

* While Bank of America will likely move around 300 people in preparation for Brexit, the bank's senior executives considered proposals that would move some 600 to 1,000 people to Paris, sources told Bloomberg News.

* Wells Fargo Advisors' 2018 compensation plan would see advisers getting up to a 50% payout, Reuters reports.

* Eagle Bancorp said that short seller Aurelius Value's report accusing the bank of engaging in an insider loan scheme was "deceptive and materially misleading."

* The U.S. Court of Appeals for the Second Circuit in New York revived an overdraft fee lawsuit against Capital One Financial.

* Jonathan Dixon, the new secretary general of the International Association of Insurance Supervisors, said there is a need for the association to improve its ability to monitor risks in financial technology, cybersecurity and climate-related financial exposures but did not deviate from the organization's goal of a "single standard" for global insurance capital.

* Advantage Insurance priced its initial public offering of 10 million common shares at $9 to $11 apiece.

* CVS Health is acquiring Aetna in a deal valued at around $69 billion, or $207 per share.

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