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Wednesday Express: Morgan Stanley makes promotions; BlackRock's Q4'19 results

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Wednesday Express: Morgan Stanley makes promotions; BlackRock's Q4'19 results

* BlackRock reported fourth-quarter 2019 adjusted net income attributable to the company of $1.31 billion, or $8.34 per share, compared to $975 million, or $6.08 per share, in the year-ago quarter.

* Bank of America reported net income applicable to common shareholders of $6.75 billion, or 74 cents per share, in the fourth quarter of 2019, compared with $7.04 billion, or 70 cents per share, in the year-ago period.

* U.S. Bancorp reported net income applicable to common shareholders of $1.41 billion, or 90 cents per share, for the fourth quarter of 2019, compared with $1.78 billion, or $1.10 per share, in the year-ago period.

* PNC Financial Services reported net income attributable to common shareholders of $1.31 billion, or $2.97 per share, in the fourth quarter of 2019, up from $1.28 billion, or $2.75 per share, in the year-ago period.

* Morgan Stanley recently promoted 130 executives to managing directors, making the recent round of appointments the smallest pool to be promoted at the firm since 2002, Bloomberg News reports, citing people familiar with the matter. In its latest round, 25% of the promotions were given to women.

*Goldman Sachs Group will post its fourth-quarter and full-year 2019 earnings today.

* Fidelity Investments' cryptocurrency unit is set to make its debut in the European markets, Reuters reports. Fidelity Digital Assets, which will act as a custodian for bitcoin held by a London-based cryptocurrency investment firm, is set to be at the helm of shifting digital money to mainstream investing.

* The Intercontinental Exchange is set to roll out a new data service for investors, during the second half of this year, to better assess environmental, social and governance risks and opportunities in U.S. and internationally listed corporations. Bank Of America's global research arm will serve as a development partner for the latest offering.

* Morningstar is close to a settlement with the U.S. Securities and Exchange Commission over alleged violations of rules prohibiting ratings analysts from taking part in sales and marketing for their companies, The Wall Street Journal reports, citing people familiar with the matter.

* In New York, asset manager Cerity Partners is set to merge with wealth management firm EMM Wealth. The wealth manager took over Cerity Partners' name and branding, as of Jan. 1.

* On Jan. 14, The Federal Reserve Bank of New York declared that it will extend its overnight and 14-day term repo operations until Feb. 13. The repo operations, aimed at ensuring an ample supply of reserves, were initially planned to be discontinued by the end of January.

* The House Financial Services Committee has passed a bill demanding prudential banking regulators to provide annual testimony on their supervision and regulation activities, while ensuring tighter cybersecurity among regulators and financial institutions they supervise.

* In a letter to Consumer Financial Protection Bureau Inspector General Mark Bialek, 15 Democratic senators urged the official to investigate the recent dip in restitution offered to consumers under Director Kathy Kraninger, American Banker reports.

* Comptroller of the Currency Joseph Otting's much talked-about proposal aimed at revamping the Community Reinvestment Act is further dividing lawmakers in Congress, American Banker reports. The Democrats and Republicans remain largely torn between the process and community reinvestment advocates at the helm of the said plan.

* In an effort to become more customer-centric, life and health insurer CNO Financial Group reorganized its business into two new divisions from three operating business segments. The firm will also centralize certain functional areas that were previously under the three business segments.

* S&P Global Ratings' outlook for the U.S. property and casualty insurance sector remained stable. The industry's capital strength, conservative investment strategies and underwriting discipline back the rating agency's view.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.