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JPMorgan combines 2 teams; Citi setting up Singapore forex platform


Japan M&A By the Numbers: Q4 2023


Banking Essentials Newsletter: 7th February Edition

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JPMorgan combines 2 teams; Citi setting up Singapore forex platform

Federal regulators are once again considering to make changes in the Volcker rule, sources told The Wall Street Journal. However, they have yet to make a final decision whether to change or adapt the proposals released in May 2018.

Rep. Lee Zeldin, R-N.Y., introduced H.R. 1661, which will provide the National Credit Union Administration Board the flexibility to increase the maturities of federal credit union loans. The bill is now referred to the Committee on Financial Services.

In banking news, JPMorgan Chase & Co. is combining its middle-market technology team and its emerging growth commercial banking team to better position the bank to offer services to fast-growing startups, Reuters reports. The technology and disruptive commerce industry group will focus on startups specializing in software, semiconductors, food, health and wellness, lifestyle and pet products. It will be led by James Millar and Alton McDowell.

Citigroup Inc. is setting up an electronic currency trading and pricing platform in Singapore, according to Bloomberg News. The facility, which is expected to launch in the fourth quarter, will support 23 spot currencies.

Short Hills, N.J.-based Investors Bancorp Inc. settled a lawsuit in Delaware Chancery Court over allegations of questionable equity compensation paid to its then-directors on or about June 23, 2015. Under the settlement, all of the challenged stock options granted to current directors Kevin Cummings and Domenick Cama, nonemployee directors, and Paul Stathoulopoulos, who was not a director at the time, will be surrendered and canceled.

In other parts of the world

Asia Pacific: China may let shadow banks resume ops; Westpac, CBA face customer complaints

Europe: OneSavings, Charter Court in merger talks; UBS, StanChart to settle HK IPO case

Middle East & Africa: Isracard IPO gains steam; no tax hike in Saudi Arabia; Amen Bank gets new chair

Now featured on S&P Global Market Intelligence

Texas Independent deal kicks off 2019 bank M&A in the Lone Star state: Barring some unforeseen economic collapse, more bank consolidation in Texas is likely, said Jacob Thompson, a managing director of investment banking at SAMCO Capital Markets.

Credit union auto loans continue to grow as delinquencies fall: All auto loans at credit unions grew 10.1% to $369.83 billion as of Dec. 31, 2018.

The day ahead

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

In Asia, the Hang Seng was up 0.97% to 28,503.30, and the Nikkei 225 gained 0.47% to 21,125.09.

In Europe as of midday, the FTSE 100 gained 0.75% to 7,157.46, and the Euronext 100 was up 0.28% to 1,016.53.

On the macro front

The retail sales and the business inventories reports 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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