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In This List

BofA Q3 EPS down; Kansas banks merging; Citi calling for stability in Africa

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

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good


BofA Q3 EPS down; Kansas banks merging; Citi calling for stability in Africa

Bank of America Corp. reported third-quarter net income applicable to common shareholders of $5.27 billion, or 56 cents per share, compared with $6.70 billion, or 66 cents per share, in the third quarter of 2018.

PNC Financial Services Group Inc. posted net income attributable to common shareholders of $1.31 billion, or $2.94 per share, for the third quarter, compared with $1.32 billion, or $2.82 per share, in the year-ago period.

U.S. Bancorp reported third-quarter net income applicable to common shareholders of $1.82 billion, or $1.15 per share, compared with $1.73 billion, or 1.06 per share, a year ago.

Bank of New York Mellon Corp., Ally Financial Inc. and Comerica Inc. have also released their financial results for the third quarter.

Goldman Sachs Group Inc. had unloaded some of its shares in WeWork Cos. Inc. in the run-up to the co-working giant's aborted IPO, Business Insider reports, citing a person with knowledge of the Wall Street bank's actions. This took place at two earlier fundraising rounds when WeWork's major investor, SoftBank Corp., gave employees and earlier investors a chance to sell their stake. In its third-quarter earnings report, Goldman announced an $80 million write-down on the value of its stake in WeWork.

Berkshire Hathaway Inc. is asking the Federal Reserve to allow it to increase its stake in Bank of America to more than 10%, Bloomberg News reports. The Warren Buffett-led company plans to remain a passive investor in the lender.

Citigroup Inc. is calling for more stability in banking regulations in Africa, warning that frequent changes in rules will harm the industry, Bloomberg News reports, citing an interview with Citigroup's head of treasury and trade solutions for Europe, Middle East and Africa, Ebru Pakcan.

Arkansas City, Kan.-based Docking Bancshares Inc., the parent company of Union State Bank, is acquiring Newton, Kan.-based Midland Financial Corp. and its unit Midland National Bank, according to a report on NewsCow.net, citing a news release. The deal is expected to close in the fourth quarter, but financial terms of the transaction were not disclosed in the report.

Dayton, Ohio-based Firefighters & Company FCU is in another in-state merger deal, this time buying competitor Monarch FCU in Miamisburg, Ohio, the Dayton Business Journal reports. Monarch became part of Firefighters & Company Oct. 1.

The Council of Institutional Investors called on the U.S. Securities and Exchange Commission in a letter Oct. 15 to reconsider its recent sets of guidance regarding proxy advisory firms' roles in corporate governance. The appellants are worried that such guidance, which interprets voting advice from a proxy advisory firm as a form of solicitation, might reduce investor participation in the corporate governance voting process, undermine investor protection and diminish corporate managerial accountability, among other things. The group also asked the regulator to subject its rulemaking to public comment when it reconsiders the guidance in question.

Fidelity Investments is assessing its association with money manager Ken Fisher as Phildelphia's board of pensions cut its relationship with his firm because of alleged inappropriate remarks about women at a conference last week, Reuters reports.

Domenick Migliorato, a former supervisor of the securities lending desk at Industrial & Commercial Bank of China Financial Services LLC, agreed to settle SEC charges for his supervisory failures involving the improper handling of prereleased American depositary receipts. The regulator found that under Migliorato's watch, personnel on the securities lending desk failed to take reasonable steps to determine whether the proper number of foreign shares were owned and held by the company or its customers, opening up the possibility that the ADRs could be used improperly for short selling or dividend arbitrage. Earlier this year, Industrial & Commercial Bank of China settled similar charges from the SEC by agreeing to pay $42 million.

Amid a swirl of M&A speculation in the industry, Interactive Brokers Group Inc.'s founder and chairman, Thomas Peterffy, does not foresee the online brokerage pursuing a deal to acquire rival E*TRADE Financial Corp., saying his company is used to growing organically and is unlikely to try and "digest another business" right now.

In other parts of the world

Asia-Pacific: China opens up banking, insurance sectors; Latitude IPO falls through

Europe: Wirecard faces heat; US charges Halkbank over sanctions; German bank raided

Middle East & Africa: Dubai Islamic Bank, Bank Muscat post profits; Wafa Insurance CEO steps down

Now featured on S&P Global Market Intelligence

JPMorgan's Marianne Lake top-paid US bank CFO in 2018: JPMorgan Chase's former CFO, Marianne Lake, was the highest-paid CFO in the U.S. banking industry in 2018, with $14.2 million in total compensation, a 9.3% increase from 2017.

One-off credit issues could torpedo US regional banks' Q3 earnings season: With markets concerned about a potential turn in the economy, one-off credit issues could weigh on U.S. regional banks' third-quarter earnings season.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, the Hang Seng increased 0.61% to 26,664.28, and the Nikkei 225 went up 1.20% to 22,472.92.

In Europe, around midday, the FTSE 100 lost 0.12% to 7,201.94, and the Euronext 100 was essentially flat at 1,100.88.

On the macro front

The retail sales report, the Atlanta Fed business inflation expectations report, the business inventories report, the housing market index, the Beige Book and the Treasury international capital 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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