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Wednesday Express: Charles Schwab to cut jobs; Numerated raises $15M in funding

* Charles Schwab, which is set to wrap up its Singapore unit, is looking at slashing roughly 600 jobs, The Wall Street Journal reports. The move is a part of the company's efforts to reel in expenses and deal with the impact of lowered interest rates.

* Boston-based banking technology firm Numerated Growth Technologies closed a $15 million series B funding round, which was led by Patriot Financial Partners along with its existing investors.

* Former BTIG analysts, who recently launched their research firm called LightShed Partners, have snagged New York-based KKR as their client, Bloomberg News reports. The company has entered into a strategic relationship with KKR and is working toward creating a research platform.

* The Office of the Comptroller of the Currency has accepted Fifth Third Bank's request to convert into a national bank from an Ohio state-chartered bank. Upon conversion, the bank will operate as Fifth Third Bank, National Association.

* Regions Financial President and CEO John Turner at the Barclays Global Financial Services Conference said the bank has prepared itself for an economic downturn in the last two years. Turner added that Regions has positioned itself well, saying the company started a hedging program a couple of years ago.

* The Treasury Department is looking at appealing the net worth sweep-related decision of the Fifth Circuit Court of Appeals in New Orleans to the U.S. Supreme Court, American Banker reports. The appeals court appeared to agree with Fannie Mae and Freddie Mac investors that the Federal Housing Finance Agency had overstepped its authority when it agreed to amend its preferred stock purchase agreement with Treasury, signed in September 2008 as the government-sponsored enterprises teetered on the edge of collapse.

* Former Federal Reserve Chairman Paul Volcker said regulators have weakened the Volcker rule under the guise of simplifying it, Bloomberg News reports. Volcker, who pushed for the regulations under the Obama administration following the 2008 financial crisis, said in a letter to Fed Chairman Jerome Powell that the planned changes to the restrictions increases the risks in the financial system.

* U.S. Treasury Department Undersecretary of Terrorism and Financial Intelligence Sigal Mandelker said Facebook's Libra needs to meet the country's highest standards and ensure structures are in place to combat money laundering and terrorist financing, Reuters reports.

* Still related to Libra, Facebook informed U.S. senators that the digital currency, which has faced great scrutiny from lawmakers and regulators, will likely be backed by the U.S. dollar, euro, yen, British pound and Singapore dollar, Bloomberg News reports. The list of currencies was given by the social media giant as a response to Sen. Mark Warner's concern that China may lobby for the inclusion of the yuan.

* Insured losses from Hurricane Dorian in the Caribbean and U.S. could exceed $5 billion, catastrophe modeling company Karen Clark & Co. estimated.

* The enormity of the claims stemming from a New York law that alters the statute of limitations for historical allegations of child sexual abuse will likely force insurers to tap into reinsurance, industry experts said.

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