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The Tuesday Express: North American financials


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The Tuesday Express: North American financials

* President Donald Trump will meet with House and Senate Republican leaders this afternoon, June 6, to discuss his legislative priorities. Trump wants the summer to be focused on passing the Republicans' bill to repeal the Affordable Care Act and the president's fiscal year 2018 budget; while the fall will be spent reconciling the president's budget with tax reform.

* Trump will nominate Joseph Otting — who previously worked alongside Treasury Secretary Steven Mnuchin as an executive of OneWest Bank FSB — as head of the Office of the Comptroller of the Currency, the White House announced late Monday, Reuters reports.

* New York-based asset manager Blackstone Group is expected to finalize the sale of its Australian retail platform worth A$3.5 billion by mid-July, The Australian Financial Review's Street Talk reports.

* In Pennsylvania, Doylestown-based Penn Community Bank is merging with Abington-based Chelten Hills Savings Bank.

* Before Merrill Lynch begins its self-imposed recruiting pause on June 1, it hired seven brokers from two of its biggest rivals, The Wall Street Journal reports. The Bank of America unit tapped five brokers who managed $4.3 billion in client assets from UBS Group's brokerage arm, and two brokers from JPMorgan Chase's private bank who managed more than $1.1 billion in client assets.

* Activist investor Joseph Stilwell, along with affiliated investment entities, again called for the sale of Wayne Savings Bancshares, saying that the company's board did not even propose a plan to achieve a mediocre performance during the recent proxy campaign.

* Shareholders of Zions Bancorp. rejected a proposal calling for an independent chairman.

* On insurance, AmTrust Financial Services — which is facing accounting problems and continued investor skepticism — named Adam Karkowsky executive vice president and CFO.

* Brighthouse Life Insurance found its creditworthiness questioned during a hearing that was part of its attempt to secure regulatory approval to spin off from MetLife. Fitch Ratings downgraded Brighthouse's credit rating a week prior to the hearing.

* And Turing Re, Hamilton Re's newly established special purpose vehicle that will offer collateralized capacity for the company's reinsurance portfolio, will be funded with $65 million worth of capital from a private placement.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription.