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In This List

Tuesday Express: Comerica Q4'19 EPS down; State Street explores Currenex sale

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

Tuesday Express: Comerica Q4'19 EPS down; State Street explores Currenex sale

* Comerica reported fourth-quarter 2019 net income attributable to shares of $267 million, or $1.85 per share, compared with $308 million, or $1.88 per share, in the year-ago period.

* Old National Bancorp and Atlantic Union Bankshares Corp. are also expected to report results today.

* State Street is looking to sell currencies trading platform Currenex, which it bought in 2007 for $564 million, sources told the Financial Times.

* JPMorgan Chase has been hiring staff and meeting potential clients in Japan for a new division within its commercial bank, the corporate client banking & specialized industries, or CCBSI, group, which serves medium-sized international companies and their units worldwide, citing an email from Andrew Kresse, JPMorgan's head of corporate client banking & specialized industries for international banking.

* Citigroup launched a $150 million fund that will make equity investments in double bottom-line private sector companies based in the U.S. that have a positive impact on society.

* Bank of America, already the largest U.S. consumer bank, can double its consumer market share without a proportionate increase in its branch network, Chairman and CEO Brian Moynihan said in an interview with the Financial Times.

* Goldman Sachs Group, which already provides advisory, wealth and asset management services to corporations, investment firms, government institutions and individuals in South Africa, received approval from the country's regulators to operate a bank, Bloomberg News reports, citing a company statement. Goldman will reportedly offer fixed-income products, foreign exchange and South African government securities, to corporate and institutional investors.

* Morgan Stanley's board reduced Chairman and CEO James Gorman's total compensation for 2019 to $27 million, compared with $29 million in 2018.

* Birmingham, Mich.-based Birmingham-Bloomfield CU and Lake Orion, Mich.-based Lakes Community CU will join forces effective Feb. 1, according to the websites of the two credit unions. Lakes Community CU members approved the merger Jan. 11.

* Federal Reserve Vice Chairman for Supervision Randal Quarles laid out a set of ideas that would overhaul key elements of how the Fed oversees banks, including a possible removal of major foreign banks from an extra layer of supervision. Among the changes that Quarles floated was removing four large foreign banks from an extra layer of oversight that Fed officials currently conduct through the Large Institution Supervision Coordinating Committee.

* Sens. Sherrod Brown, D-Ohio, and Ron Wyden, D-Ore.; and Rep. Anna Eshoo, D-Calif., sent a letter to Federal Trade Commission Chairman Joseph Simons urging the agency to launch a probe into the legality of Envestnet's selling of consumers' financial transaction data it collects through Yodlee to determine if such a sale violates the FTC Act.

* Citadel Securities' Shanghai-based unit paid 670 million yuan to settle a trading irregularity case in China, The Wall Street Journal reports, citing the China Securities Regulatory Commission. The company's proprietary trading account was frozen during the investigation, but Citadel now reportedly hopes to expand in China.

* Deposits at online banks have continued to grow ahead of the broader industry growth rate, despite online banks cutting deposit rates more aggressively than traditional branch-based banks, according to a report by Fitch Ratings.

The Daily Dose: Express Edition is updated as of 6:30 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.