Financial Services and Banking

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JPMorgan Chase & Co is facing a potential fine over "historical deficiencies" in internal controls in its role as an adviser to customers within its U.S. bank, it disclosed in a regulatory filing late on Monday.

The largest U.S. bank, which earlier this year agreed to pay more than $920 million and admitted to wrongdoing to settle federal U.S. market manipulation probes, said it was in talks with a U.S. regulator to resolve the latest issue.

Although JPMorgan did not name the regulator, it added that there was no assurance that the current talks would lead to a resolution.

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Eight big banks must face U.S. cities' allegations of municipal bond collusion
By Jonathan Stempel


NEW YORK (Reuters) - A federal judge on Monday said Philadelphia and Baltimore may sue eight big banks for allegedly conspiring to force state and local governments to pay inflated interest rates on a popular type of tax-exempt municipal bond.

Slideshow ( 5 images )
U.S. District Judge Jesse Furman in Manh...

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CME Group, the world's biggest futures exchange operator, said on Wednesday third-quarter profit plunged 35% as the ultra-low rate environment, aimed at easing the economic blow of the COVID-19 pandemic, cut demand for some of its top products.

The U.S. Federal Reserve flooded the markets with liquidity in response to the pandemic and said interest rates would stay near zero for the foreseeable future. As a result, volumes for CME’s rates and energy products, which are used for hedging against price big moves, were down 51% and 25% respectively.

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(Reuters) - Charles Schwab Corp said on Monday it is laying off about 1,000 positions in the combined workforce of Charles Schwab and TD Ameritrade to streamline and reshape their branch network.

“These reductions are part of our efforts to reduce overlapping or redundant roles across the two firms,” Charles Schwab, which completed the acquisition of TD Ameritrade earlier in October, said.

The financial services company also said it won’t be executing any additional company-wide reductions for the rest of 2020.

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Nasdaq Inc on Wednesday reported third-quarter profits that topped Wall Street views, helped by strength in the transatlantic exchange operator’s indexing business and a surge in trading volumes.

Nasdaq reported an adjusted quarterly profit of $1.53 per share, versus estimates of $1.46 per share, according to IBES data from Refinitiv.

Net income rose to $264 million, or $1.58 per share, from $150 million, or 90 cent...

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By Saqib Iqbal Ahmed

NEW YORK (Reuters) - BlackRock Inc's quarterly results exceeded analysts' estimates on Tuesday helped by broad-based strength in its businesses, as the recovery rally in global financial markets helped world's largest asset manager end the quarter with a record $7.81 trillion in assets under management.

"Each of our strategic investment areas, including iShares ETFs, alternatives and technology, continue to grow, while strong investment performance has...

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Euronext is to buy Borsa Italiana from London Stock Exchange for 4.3 billion euros ($5.1 billion) in cash, the companies said on Friday, in a major expansion of the French operator's network of European trading platforms.

LSE entered exclusive talks with Euronext last month after the Paris bourse owner saw off competition from Deutsche Börse and Swiss rival SIX.

The deal could bring LSE a step closer to winning approval for its $27 billion purchase of data provider Refinitiv.

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Morgan Stanley said on Thursday it would buy asset management firm Eaton Vance Corp for about $7 billion in a cash-and-stock deal that advances Chief Executive James Gorman's push to grow the bank's investment management business.

The deal will help shore up the performance of the unit, its smallest business, while also insulating the bank from weak periods for its main trading and investment banking operations.

Morgan Stanley said the acquisition would boost Morgan Stanley Investment Management’s assets under management to about $1.2 trillion and revenue to $5 billion.

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Goldman Sachs Group Inc is buying General Motors Co's credit card business for about $2.5 billion, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The Wall Street bank won the bidding for the deal over Barclays Plc, according to the report.

Capital One Financial Corp, which has been GM's credit card issuer since 2012, and Goldman have agreed upon the purchase price and expect to finalize the deal in the coming weeks, the re...

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There have only been two direct listings on the New York Stock Exchange in the last two years. There is about to be two more in a single day.

Data analytics company Palantir Technologies and workplace software maker Asana Inc are set to debut on the U.S. stock market on Wednesday bypassing an initial public offering (IPO).

The last direct listing was workplace messaging platform Slack Technologies Inc's debut in 2019, which came a year after music-streaming service Spotify Technology SA went public without an IPO.