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Goldman cuts Marcus' 2019 lending target; Hedge fund Tourbillion to shut down


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Goldman cuts Marcus' 2019 lending target; Hedge fund Tourbillion to shut down

Goldman Sachs Group Inc.'s online lending platform, Marcus, lowered its lending goal for 2019 due to concern over the credit cycle and changes in market data, sources told Bloomberg News.

In an effort to gain another $500 million in revenue by 2020, Goldman Sachs is moving senior bankers away from Wall Street to where their target clients are located, CNBC reports. For Goldman Sachs, the regional push is aimed at winning more business with big corporations they already cover and smaller companies they have ignored in the past, according to the report.

In other banking news, JPMorgan Chase & Co. will likely open its first branch in the Greater Baltimore area in mid-2019 or earlier, the Baltimore Business Journal reports, citing Rob Robertson, the banking giant's regional head of home lending.

Hedge fund Tourbillon Capital Partners LP, which currently manages more than $1 billion, will shut down after years of poor returns and return the money to investors at year end, Bloomberg News reports, citing a letter to clients.

In people news, the Financial Industry Regulatory Authority barred Kevin Smith, a former Morgan Stanley broker who was fired two years ago, for refusing to appear and testify with respect to an investigation concerning his termination. Morgan Stanley fired Smith over concerns related to a trade that may have been executed without client's confirmation.

Hugh Frater will begin serving as interim CEO of government-sponsored enterprise Fannie Mae on Oct. 16, subject to final Federal Housing Finance Agency approval. Frater will succeed Timothy Mayopoulos, who will leave the company on Oct. 15.

In other parts of the world

Asia Pacific: IAG, AMMB seek bids for Malaysian insurer; BNP Paribas to cut SBI Life stake

Europe: Aviva CEO Wilson stepping down; Wirecard eyes more than €10B revenues by 2025

Middle East & Africa: Bank of Israel holds rate; Abraaj's stake in fund to be divided among investors

Now featured on S&P Global Market Intelligence

Cannabis getting buzz with banks, but mainstream acceptance still not high: Dustin Eide, the CEO of cannabis payments startup CanPay, sat down with S&P Global Market Intelligence to discuss the cannabis industry's efforts to look for alternative payment methods to cash and check as mainstream acceptance of marijuana grows.

NY pension fund: More regulation needed on board diversity disclosures: S&P Global spoke with Gianna McCarthy, director of corporate governance at the New York State Common Retirement Fund, about investors increasing desire for meaningful data on ESG indicators.

Cboe floats repealing basic market rule to fix Wall Street's data cost concerns: Cboe President and COO Chris Concannon believes that by eliminating one part of the 2005 Regulation National Market System, the industry's concerns over market data pricing could be resolved.

The day ahead

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

In Asia, the Hang Seng slipped 0.11% to 26,172.91, and the Nikkei 225 declined 1.32% to 23,469.39.

In Europe, around midday, the FTSE 100 was down 0.32% to 7,209.38, and the Euronext 100 was down 0.39% to 1,024.09.

On the macro front

The Redbook report is 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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