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Wednesday Express: Goldman may restructure alternative investment businesses

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Wednesday Express: Goldman may restructure alternative investment businesses

* Goldman Sachs is considering combining its merchant banking division with its asset management arm or otherwise tying them closer together as part of its efforts to potentially simplify its investing businesses, sources told Business Insider.

* The investment bank is also looking to raise capital for its special situations group from outside investors and considering integrating the group with its merchant banking division, sources told The Wall Street Journal.

* Citigroup expedited its 2019 plans to cut costs by simplifying its organizational structure and making process improvements, CFO Mark Mason said at an investor conference. Mason also expects a year-over-year decline in the company's first-quarter revenue from fixed-income and equities by a high-single-digit percentage.

* In his testimony before the House Financial Services Committee, Wells Fargo CEO Timothy Sloan defended his company's steps to improve operations after a slew of scandals, but some panel members were unconvinced, calling for the bank to be downsized and urging the Office of the Comptroller of the Currency to remove several executives and board members.

* Consumer Financial Protection Bureau Director Kathleen Kraninger told the Senate Banking Committee that while the agency has the authority to enforce the Military Lending Act, it can only do so can only when examiners are investigating other issues and compliance for the act emerges.

* Bermuda-based reinsurer RenaissanceRe Holdings received all regulatory approvals for its affiliate's purchase of Tokio Marine Holdings' reinsurance platform, which includes Zurich-based Tokio Millennium Re and London-based Tokio Millennium Re (UK).

* In a settlement with Washington Insurance Commissioner Mike Kreidler, Costco Wholesale unit NW Re paid $2.4 million in unpaid premium taxes and $1.2 million in fines, tax penalties and interest.

* Global reinsurer PartnerRe will reorganize its property and casualty business into the regional units, namely Americas; Europe, Middle East and Africa; and Asia-Pacific, effective April 1.

* The House Committee on Financial Services is holding a hearing entitled, "Preparing for the Storm: Reauthorization of the National Flood Insurance Program" at 10 a.m. ET today.

* And the Subcommittee on National Security, International Development and Monetary Policy will conduct a hearing entitled, "Promoting Corporate Transparency: Examining Legislative Proposals to Detect and Deter Financial Crime" at 2 p.m. ET today.