With Gary Cohn probably leaving Goldman Sachs Group Inc., speculation abounds regarding who might take his place as Lloyd Blankfein's likeliest successor
New Jersey-based Prudential Financial Inc. is being sued by three former managers, and the latter are claiming some of the insurance firm's customers didn't know they were signed up for policies. Prudential sells some products through Wells Fargo & Co. -- and an internal review allegedly revealed that certain clients had gotten policies through the bank's fake-account creation practice.
In more Wells news
Coming up this week is another Wells update on retail banking customer activity. In September, 10% fewer customers met with branch bankers compared with the year-ago count. There was also a 25% decline in consumer checking account openings and a 20% dip in credit card applications. In October, new accounts were down 44% year over year. The conference call for the November data is on Dec. 16, Friday.
A research report by Oppenheimer's Chris Kotowski explains why there isn't likely to be a "a major easing of regulatory burden on the banks
And, in the credit union
In other parts of the world
Asia-Pacific: China to roll out interbank yuan trading; ASEAN to cut nontariff barriers
Europe: UniCredit, Amundi strike Pioneer deal; UK banks could face fresh PPI bill
Middle East & Africa: Non-OPEC countries join in oil cuts; Gambian president rejects loss
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng fell 1.44% to 22,433.02, while the Nikkei 225 increased 0.84% to 19,155.03.
In Europe, around midday, the FTSE 100 was down 0.32% to 6,931.70, but the Euronext 100 was up by 0.05% to 913.56.
On the macro front
The U.S. Treasury's budget data for November is due out today.
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