* Organizers that operate as RBM Organizer Group have submitted an application for deposit insurance with the Federal Deposit Insurance Corp. to form Craft Bank, American Banker reports. Ross Mynatt is expected to become CEO of the Atlanta-based entity.
* INTL FCStone has agreed to acquire the brokerage business of Tellimer Group in a deal that involves the purchase of Exotix Partners, Tellimer Capital Ltd. (Nigeria) and the broking business of Tellimer Markets. The acquisition price, which was not disclosed in the news release, is not material to INTL FCStone.
* Asset manager Vanguard and China-based Ant Financial Services Group, operator of the payment and lifestyle platform Alipay, announced a joint venture to provide investment advisory service to retail consumers in China. The services will be accessible through Alipay and Ant Fortune, a wealth management platform operated by Ant Financial.
* Legal cases against two Goldman Sachs units, which face charges for their alleged involvement in the 1MDB scandal, were moved to a higher court in Malaysia from the Magistrate Court after the country's Attorney General's Chambers told prosecutors to transfer the lawsuits, Bloomberg News reports. The two units are Goldman Sachs (Asia) LLC and Goldman Sachs International (UK).
* In another matter, Goldman Sachs updated its environmental policy framework, which includes pledges to reject financing projects that supports new thermal coal mines and upstream Arctic oil exploration and development. The company also targets $750 billion in sustainable finance growth themes by 2030, according to its website.
* In an interview with China Daily, JPMorgan China CEO Mark Leung said the bank is looking to increase its investment in the business of securities, asset management and futures and options and aims to fully own its joint ventures in the country. The company is awaiting the China Securities Regulatory Commission's final approval to officially launch its securities joint venture, in which it holds a majority stake of 51%.
* JPMorgan CEO Jamie Dimon, in a memo to employees, addressed claims of racism at the banking giant. "I am disgusted by racism and hate in any form. Any such behavior — explicit or veiled, deliberate or unconscious — is unacceptable and does not reflect who we are as a company and how we serve our clients and communities every day," Dimon said.
* Shareholder advocacy firms have submitted shareholder proposals to Vanguard Group, JPMorgan, BlackRock and T. Rowe Price for failing to align with the climate issue with their proxy voting records, Bloomberg News reports.
* According to Bank of America, the exchange-traded fund sector could grow 10x in the next 10 years and top $50 trillion, Bloomberg News reports. One primary catalyst is the increased awareness of advantages, such as tax efficiency, low cost, liquidity and transparency.
* Morgan Stanley CEO James Gorman told CNBC that he has no immediate plans to step down and is developing a strong second rung leadership team.
* Moody's has maintained its stable outlook for the U.S. health insurance sector for 2020 as it expects continued economic growth and a strong focus on controlling medical costs. The rating agency said other developments, including the ongoing legal challenges to the Affordable Care Act, may affect the stable outlook, although Vice President Dean Ungar said they would likely be manageable.
* The FAIR Plan, California's fire insurer of last resort, has filed a petition for a writ of mandate asking the Los Angeles Superior Court to have California Insurance Commissioner Ricardo Lara withdraw his decision, which requires the plan to offer a comprehensive homeowners insurance policy, known as an HO-3, in addition to its dwelling fire-only coverage by June 1, 2020.
* Liberty Mutual Group will no longer accept underwriting risk for companies that derive more than 25% of their profit from the extraction or production of energy from thermal coal. Existing coverage and investments exceeding the threshold are to be phased out by 2023.
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