trending Market Intelligence /marketintelligence/en/news-insights/trending/vasmsk0ue2yowwbg1ondaw2 content esgSubNav
In This List

Wells Fargo unit suing LJM Partners; RCB Holding buying Kansas' Central B&T

Blog

Using ESG Analysis to Support a Sustainable Future

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook


Wells Fargo unit suing LJM Partners; RCB Holding buying Kansas' Central B&T

The U.S. Senate advanced to debate a bipartisan bill that would overhaul major portions of the Dodd-Frank Act. Four additional Democrats who did not cosponsor the bill helped the Senate move it into debate in a 67 to 32 vote. Democrats strongly opposing the legislation also hope to introduce amendments to dilute a bill they fear will break down regulatory safeguards on the banking industry.

In banking news, Wells Fargo & Co. unit Wells Fargo Securities is suing LJM Partners Ltd. for $16.4 million after the latter allegedly failed to cover the company's margin and losses with the Chicago Mercantile Exchange, Reuters reports. Fund manager LJM Partners, which acted as clearing broker in the Wells Fargo transaction, is closing after near-total losses when the U.S. stock market plunged in February.

Oklahoma's RCB Holding Co. is acquiring Kansas-based Central Bank and Trust Co. in a deal expected to close in the second quarter, the Wellington (Kan.) Daily News reports.

In fintech news, S&P Global Inc. is buying machine intelligence company Kensho Technologies Inc. for about $550 million, net of cash acquired, for a mix of cash and stock.

And in Capitol Hill today, the House Financial Services Committee's subcommittee for Financial Institutions and Consumer Credit will hold a hearing entitled, "Legislative Proposals to Reform the Current Data Security and Breach Notification Regulatory Regime" at 2 p.m. ET.

In other parts of the world

Asia-Pacific: China to cut banks' provision ratio; Aussie bank begins talks for NZ unit sale

Europe: RBS settles US misselling claim for $500M; Deutsche Bank's DWS drawing interests

Middle East & Africa: Bank Leumi FY'17 profit up 13.7%; EU to remove Bahrain from tax blacklist

The day ahead

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

In Asia, the Hang Seng fell 1.03% to 30,196.92 and the Nikkei 225 dropped 0.77% to 21,252.72.

In Europe, around midday, the FTSE 100 fell 0.01% to 7,145.94 and the Euronext 100 fell 0.46% to 1,004.58.

On the macro front

The ADP Employment Report, EIA Petroleum Status Report and the Beige Book are due out today.

The Daily Dose is updated as of 7:30 a.m. ET. Some external links may require a subscription.