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BNY Mellon gets into repo trading; a $90M deal is struck by banks in Illinois

Banking Essentials Newsletter - November Edition

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University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

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BNY Mellon gets into repo trading; a $90M deal is struck by banks in Illinois

The FOMC's April decision comes out today.

State Street Corp.reported first-quarter net income available to common shareholders of , or 79 cents per share.It was $373 million, or 89 cents per share, in the first quarter of 2015. Fee revenuefell 4.1% year over year to $1.97 billion.

Also on this morning's agenda: earningsreports by Nasdaq Inc.,Carlyle Group LP, , , , Franklin Resources Inc., Evercore Partners Inc., EverBank Financial Corp, Cullen/Frost Bankers Inc., BOK Financial Corp., ProsperityBancshares Inc., ValleyNational Bancorp and SantanderConsumer USA Holdings Inc.

Others have been holding shareholdermeetings. Yesterday, CitigroupInc. announced it would add 1,000 employees in Florida. And its stakeholdersvoted in favor of executivecompensation and againstthe big bank's break . It's worth noting, however, thatsay-on-pay only saw 63.6% in support, compared with last year's 84%. TheWall Street Journal, BloombergNews and Reuterscover the results.

is under pressure, and CEO Ralph Babb has a saleis "on the table," Bloomberg quotes. Meanwhile, the Journal, ticking off bigger banks' ROEs,asks why Comerica's investors expect poor performance to be solvedby size.

In more banking news, Bank ofNew York Mellon Corp. is getting into repo trading in Europe, and it'sdoing so by acquiring multilateral trading facility DBV-X, the Financial Times reports.

Two banks fromOregon are buying two from Washington. CascadeBancorp will pay $17.1million for Prime PacificFinancial Services, and PacificContinental Corp. will acquire FoundationBancorp Inc. for $67.1million.

In Illinois, struck a $90 million cash-and-stockdeal for First Clover Leaf FinancialCorp.

Chicago-based acquiredICC Mortgage Services'assets, according to National Mortgage News.

And, in Indiana,Lizton Financial Corp.is buying Indiana Business Bancorpfor about $12.5 million.

On the regulatory front — withdrawals. Steven Rattner will not be working for after all.He canceled his request after learning SEC Commissioners Michael Piwowar and KaraStein questioned the staff's earlier approval.The SEC, this week, is expected to officially announce that it has also changedits mind.

And on Capitol Hill, the House debated H.R. 4096— a proposed Volcker ruleamendment that would allow certain investment advisers to share a similar namewith a private equity fund. However, further proceedings were postponed.

In other parts of the world

clarifiedthe comments of CEO Xavier Rolet in a TheSunday Telegraph article where he labeled rival Intercontinental Exchange Inc.'s ownership of a "disaster,"the Journal writes.LSE Group said Rolet's comments on ICE, which is considering a bid to block LSE'splanned merger with Deutsche BörseAG, were "Rolet's own views and assessment of ICE's track recordin Europe" and that "Rolet has held no discussions with ICE regardingits strategy." The clarification came after a request by the U.K. TakeoverPanel.

The day ahead

U.S. marketsare expected to start the day's trading on a lower note as the Nasdaq compositeindex, the S&P 500 and the Dow Jones Industrial Average were trading below fairvalue in early morning futures trading.

In Asia, the HangSeng dropped 0.21% to 21,361.60, and the Nikkei 225 was down 0.36% to 17,290.49.

In Europe as ofmidday, the FTSE 100 was down 0.35% to 6,262.51, and the Euronext 100 had climbed0.29% to 890.20.

On the macro front

The MBA mortgageapplications report, the international trade in goods report, the pending home salesindex and the EIA petroleum status report are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links mayrequire a subscription.