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In This List

Jefferies' fiscal Q4 results; AmEx unit eyes China ops; Wells to hike tech hires

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go


Jefferies' fiscal Q4 results; AmEx unit eyes China ops; Wells to hike tech hires

For the fiscal quarter ended Nov. 30, 2019, Jefferies Financial Group Inc. reported net income attributable to common shareholders of $195.5 million, or 62 cents per share. The company had recorded a net loss attributable to common shareholders of $20.4 million, or 6 cents per share, for the two months ended Nov. 30, 2018.

According to a recent analysis, Wells Fargo & Co. is looking to boost hiring for its technology roles while cutting its hires for risk and compliance positions, Business Insider reports. The lender has been undertaking efforts to improve its efficiency ratio and balance new investments in technology with making improvements on the risk and compliance front in the wake of the scandal related to its sales practices.

On the other hand, in an effort to maintain exclusivity in the upper echelons of its people pool, Goldman Sachs Group Inc. let go of at least 36 partners last year, Business Insider reports. Approximately half of the partners left from its securities division.

Digital wealth management platform YieldStreet partnered with Citigroup Inc. to access investment opportunities across private credit markets. The move, which Citi is supporting through its Spread Product Investment Technologies unit, caters to investor demand for credit investments that include the real estate, aviation, shipping and telecommunications sectors.

JPMorgan Chase & Co. is set to increase the annual fee for its Chase Sapphire Reserve credit card, Bloomberg News reports. The increase follows American Express Co.'s move, which raised its Platinum card fee after adding new benefits to its basket of offerings as a way to win over more premium millennial customers.

At an event held by Women in Housing and Finance, Federal Housing Finance Agency Director Mark Calabria said it is possible that Freddie Mac and Fannie Mae could operate under a consent order after being relieved from their conservatorship, American Banker reports. This would allow the government-sponsored entities to exit government control and at the same time ensure that they would be able to raise the necessary capital to operate privately.

At a recent talk, Federal Reserve Governor Lael Brainard laid out an alternative plan to revamp the Community Reinvestment Act. The plan significantly moved away from the one jointly laid out by the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. Brainard said that the regulators' proposal to compile banks' CRA activities into a single ratio could lead to companies overlooking the needs of the local communities.

The Chinese central bank announced that it has accepted the application of an American Express subsidiary looking to begin operations in the country, Reuters reports. The company first won approval to clear card payments in November 2018.

In other parts of the world

Asia-Pacific: China drafts financial leasing rules; India may raise rating agencies' fine

Europe: Julius Bär faces €335M claim; new ABN Amro CEO; Santander pumps money into unit

Middle East & Africa: Bank Hapoalim to ax more than 900 jobs by 2022; Mubadala cuts stake in UniCredit

Now featured on S&P Global Market Intelligence

De novo banks class of 2019 — Texas-based TYME Bank files: Farmers Branch, Texas-based TYME Bank filed to form a new bank on Dec. 26, 2019, marking the 21st application of the year.

Rate-squeezed Q4 big bank earnings could be as good as it gets: The rate environment may not be as ominous as it was a few months ago, but analysts still anticipate that the largest U.S. banks will post substantial net interest margin compression in fourth-quarter 2019 reports, helping to drive broad-based declines in earnings and revenue.

US banks at lowest price-to-adjusted tangible book values in December '19: Large-cap U.S. banks continued to outperform the broader stock market in December 2019.

The day ahead

Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng increased by 1.68% to 28,561.00, while the Nikkei 225 was up 2.31% to 23,739.87.
In Europe, around midday, the FTSE 100 increased by 0.55% to 7,616.24, and the Euronext 100 increased by 0.49% to 1,161.09.

On the macro front

The jobless claims report, EIA natural gas report, the Fed balance sheet and the money supply report 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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