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Tuesday Express: JPMorgan Q3 EPS up 15%; Citi eyes new securities biz in China

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Tuesday Express: JPMorgan Q3 EPS up 15%; Citi eyes new securities biz in China

* JPMorgan reported third-quarter net income of $9.08 billion, or $2.68 per share, up from $8.38 billion, or $2.34 per share, in the year-ago period.

* BlackRock reported third-quarter net income attributable to the company of $1.12 billion, or $7.15 per share, down from $1.22 billion, or $7.54 per share, in the year-ago period.

* Goldman Sachs, Citigroup and Wells Fargo are also expected to report quarterly results today.

* While it is dropping its investment banking joint venture in China, Citigroup is poised to set up a wholly owned securities business in the world's second-largest economy, initially focusing on brokerage and futures trading, sources told Bloomberg News. The bank reportedly plans to apply for a futures license as early as the first half of 2020.

* Amid nonstop criticism from regulators and major partners' defections, Facebook turned to its close allies and officially formed Oct. 14 The Libra Association with a board composed of the social media giant's close associates to oversee its controversial cryptocurrency project, Bloomberg News reports.

* The personal information of some American Express cardholders has been compromised, the bank told its customers in a letter dated Sept. 30, pointing to a former employee as the culprit. The matter is now being investigated by the company with law enforcement agencies, the bank said.

* Specialty finance firm Redwood Trust is buying CoreVest American Finance Lender and several of its affiliates from CoreVest Management Partners and certain affiliates of Fortress Investment Group's credit funds business for about $490 million.

* On the insurance front, activist shareholder Voce Capital Management is again criticizing Argo Group International Holdings after the insurer received a subpoena from the SEC saying the probe "vividly illustrates the need for immediate and sweeping changes" at the company.

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