Wells Fargo & Co. President and CEO Timothy Sloan will testify before the House Financial Services Committee today for a hearing on the bank's consumer-abuse scandals. In his prepared opening statement, Sloan detailed the bank's progress in repaying customers harmed by improper sales practices as well as changes in the bank's risk management and board. Sloan will likely be grilled by House Democrats who are seeking to increase oversight of Wall Street banks, including Rep. Maxine Waters of California, who chairs the committee, and Rep. Alexandria Ocasio-Cortez of New York, Reuters reports.
Still on Capitol Hill, Consumer Financial Protection Bureau Director Kathleen Kraninger will testify before the Senate Committee on Banking, Housing and Urban Affairs for the bureau's semi-annual report to Congress.
In other banking news, Citigroup Inc. executives held meetings in recent weeks to review the bank's position on working with marijuana companies, but ultimately decided against setting a firmwide policy, opting for a case-by-case basis approach instead, sources told Business Insider. The marijuana industry, which is projected to reach $75 billion in the U.S. by 2030, has been getting the attention of more banks, according to the report.
In regulatory news, 79 investment advisers agreed to return more than $125 million to clients to settle the Securities and Exchange Commission's charges. The investment advisers self-reported their violations of the Advisers Act, including failing to disclose conflicts of interest and failing to implement reasonably designed policies and procedures relating to mutual fund share classes. "Consistent with the terms of the initiative, the commission has agreed not to impose penalties against the
investment advisers," the SEC said.
And JP Morgan Asset Management will launch the JPMorgan BetaBuilders U.S. Equity exchange traded fund at a fee of 2 basis points, or a charge of 20 cents for every $1,000 invested. The ETF will be the lowest-fee U.S. stock market ETF, CNBC reports, noting that similar ETFs from BlackRock Inc.'s iShares and Charles Schwab Corp. each charge 3 basis points.
In other parts of the world
Asia Pacific: Citi to open Singapore currency trading hub; ORIX mulls overseas asset arm sale
Europe: New Brexit deal up for vote; US targets Evrofinance; Denmark zeroes in on banks
Middle East & Africa: Regulator clears 2 Saudi banks' merger; Absa, Old Mutual post higher results
Now featured on S&P Global Market Intelligence
Net income climbs 26% at US credit unions in 2018: While balance sheet growth helped boost net income at U.S. credit in 2018, the rate of balance-sheet growth slowed compared to previous years.
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng was up 1.46% to 28,920.87, and the Nikkei 225 rose 1.79% to 21,503.69.
In Europe before midday, the FTSE 100 was up 0.23% to 7,146.65, while the Euronext 100 was down 0.11% to 1,019.31.
On the macro front
The Redbook index for retail sales, the consumer price index and the National Federation of Independent Business' small business optimism index 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.
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