Wells Fargo & Co. has been probing gender bias complaints in its wealth management division, with part of the internal investigation focusing on a complaint against Jay Welker, division head and president of the private bank, The Wall Street Journal reports. Welker allegedly told some female executives that women should stay home and take care of their children. He often called the women "girls" and had told them to put their "big girl panties on," the report cited six female executives who attended or had direct knowledge of a meeting convened in June to discuss their discontent over the lack of women in senior roles. Wells Fargo is now planning to hold five women-focused wealth management internal events this 2018, higher than the two such events held in 2017 and one event in 2016, according to the report.
The National Credit Union Administration liquidated Briarwood, N.Y.-based Melrose CU. The credit union, which had approximately $1.1 billion in assets, was insolvent and had no prospect for restoring viable operations, according to the regulator.
A Goldman Sachs Asset Management LP private equity fund acquired between 10% and 20% in multi-strategy hedge fund firm LMR Partners, sources told Reuters. The purchase price for the minority stake was not disclosed.
In other parts of the world
Asia-Pacific: Shinhan Financial nears ING Life stake buy; Australia's FinClear eyes 2019 IPO
Europe: Danske Estonia handled $30B; SocGen's €1.1B penalty; London bank chief arrested
Middle East & Africa: 3 UAE lenders in merger talks; Tel Aviv bourse plans IPO by 2018-end
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Nonbanks solidify mortgage market share advantage over banks: Nonbanks originated 52.1% of all mortgages in 2017, up from 50.5% in 2016, based on Home Mortgage Disclosure Act data.
The day ahead
Early morning futures indicators pointed to a mixed opening for the U.S. market.
In Asia, the Hang Seng gained 0.94% to 27,973.34, while the Nikkei 225 fell 0.05% to 22,696.90.
In Europe, around midday, the FTSE 100 dropped 0.30% to 7,481.73, and the Euronext 100 shed 0.94% to 1,049.48.
On the macro front
The Purchasing Managers' manufacturing index, the Institute For Supply Management's manufacturing index and the construction spending report are due out today.
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