BlackRock Inc. and Vanguard Group Inc. are among at least six global asset management giants that have held talks with regulators in China to apply for fully foreign-owned mutual fund licenses in the nation, sources told Bloomberg News.
Voting 410-13, the U.S. House of Representatives passed the Insider Trading Prohibition Act
In Massachusetts, Cambridge Bancorp, the holding company for Cambridge Trust Co., agreed to acquire in-state peer Wellesley Bancorp Inc. in an all-stock transaction
Bristol, Pa.-based Fidelity Savings and Loan Association of Bucks County and Philadelphia-based Washington Savings Bank have agreed to merge with and into William Penn Bank (MHC), a unit of William Penn Bancorp Inc. (MHC). The mergers
Jefferies Financial Group Inc. is poaching about a dozen professionals, including analysts, salespeople and traders from the equity division of CLSA Ltd. in India, on top of its hiring spree
Despite the rise of online banks, younger people still consider physical bank branches
The Financial Stability Oversight Council has "significant" concerns and about the increasing trend of nonbank financial companies underwriting mortgages
At the hearing, Mnuchin also said Congress may have to help his department ease the transition to a new interest rate benchmark
Mark Dewar, JPMorgan Chase & Co.'s Australian head of trading, had a series of meetings from 2015 with the Australian Competition and Consumer Commission before the Australian regulator issued cartel charges against Citigroup Inc. and Deutsche Bank AG over a A$2.5 billion capital raising for Australia & New Zealand Banking Group Ltd., Reuters reports, citing Dewar's testimony in a court hearing Dec. 5. All three banks worked on the stock issue of ANZ in August 2015, but only JPMorgan was spared from charges of withholding information on the sale process to investors in an attempt to support the stock's price.
Wells Fargo & Co. will refund next year its checking account
Robo adviser Wealthfront has laid out its banking goals
In other parts of the world
Asia-Pacific: SMFG to expand Indonesia biz; RHB Bank to exit Hong Kong; Yes Bank downgraded
Europe: Phoenix buys Swiss Re unit; EU approves NordLB rescue; Julius Bär eyes EFG
Middle East & Africa: Israel outlines open banking rules; Orange Bank's MEA plans; Bankia in Morocco
Now featured on S&P Global Market Intelligence
Credit union's deal for $747M bank rounds out record year: As bankers express concern about the growing trend of credit unions acquiring banks, those deals are only getting bigger.
Fintech M&A Deal Tracker — Deal volume plummets in November: Nearing the end of a year defined by staggering deal values, the number of fintech deals in November declined year-over-year and month-over-month.
Schwab leads S&P 500 Financials index in November following deal announcement: The S&P 500 Financials index gained 5.0% in November, outpacing the S&P 500's 3.6% total return. Among the 67 financial companies in the index, 61 closed the month in the green.
The day ahead
Early morning futures indicators pointed to a higher opening for the U.S. market.
In Asia, the Hang Seng was up 1.07% to 26,498.37, and the Nikkei 225 inched up 0.23% to 23,354.40.
In Europe, around midday, the FTSE 100 rose 0.81% to 7,195.32, and the Euronext 100 gained 0.50% to 1,119.24.
On the macro front
The employment situation report, the consumer sentiment report, the wholesale trade report, the Baker-Hughes Rig Count and the consumer credit report are 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.
The Daily Dose has an editorial deadline of 7:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.