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JPMorgan, Wells Fargo suffer tech glitches; 2 Missouri banks merging


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JPMorgan, Wells Fargo suffer tech glitches; 2 Missouri banks merging

Banking giant JPMorgan Chase & Co. suffered a glitch that allowed some customers to access other customers' accounts, Bloomberg News reports. JPMorgan spokeswoman Trish Wexler said the company is investigating the problem, which it believes was "extremely limited in scope" and has since been fixed.

Wells Fargo & Co. customers also had problems accessing their digital accounts, the American Banker reports. In a tweet, the bank acknowledged and apologized for the problem. On Feb. 16, Wells customers had also reported not seeing their online deposits in their accounts.

Bank of America Corp. disclosed that it has five separate, ongoing lawsuits with financial guarantor Ambac Assurance Corp. The lawsuits are about bond insurance policies provided by Ambac on some securitized pools with loans that the financial guarantor alleges were misrepresented by BofA.

Meanwhile, U.S. Bancorp has teamed up with AutoGravity to allow customers to digitally apply for automobile loan and receive a decision in minutes. The service is currently only available through the bank's website, but will expand to the bank's mobile app and will be available to used-car buyers and co-applicants in the following months.

First National Bank of Omaha will not renew a contract with the National Rifle Association to issue its NRA Visa card, the bank said in a post on its Twitter account.

Capital One Financial Corp. unit GreenPoint Mortgage Funding Inc. in December 2017 has resolved its long-running litigation for a total of $540 million. The lawsuit alleged that the company — which was shut down in 2007 — breached certain representations and warranties in two contracts on 30,000 mortgage loans it had sold.

In Missouri, OakStar Bank is merging with First National Bank in a deal expected to close in April, the Buffalo Reflex reports.

Toronto-based Royal Bank of Canada posted net income of C$3.01 billion in the fiscal first quarter, compared to the year-ago's C$3.03 billion. The recent quarter includes the impact of the recent U.S. tax reform of C$178 million, or 12 Canadian cents per share, mainly related to the writedown of net deferred tax assets.

And BlackRock Inc. is planning to reach out to several companies manufacturing and distributing firearms and weapons after a school shooting in Parkland, Fla., which killed 17 people. The asset manager is working with clients who want to exclude from their portfolios weapons manufacturers and other companies that do not align with their beliefs.

In other parts of the world

Asia Pacific: Japan to check regional banks' defenses; Paytm registers 2 insurance units

Europe: Standard Life Aberdeen, Phoenix in £3.24B deal; RBS posts 1st FY profit in years

Middle East & Africa: Bahraini bank eyes Saudi, UAE expansion; Kenyan banks urged to rethink plans

The day ahead

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

In Asia, the Hang Seng increased 0.98% to 31,268.15, and the Nikkei 225 inched up 0.72% to 21,892.78.

In Europe, around midday, the FTSE 100 was down 0.19% to 7,238.52, and the Euronext 100 slipped 0.17% to 1,022.25.

On the macro front

The 2-Yr FRN Note Settlement and the Baker-Hughes Rig Count report are due out today.

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