US Senate Could Pass a Bill to Ease Bank Rules
Senate to consider a bill next week to ease bank rules
The US Senate will vote on a bill to ease bank (XLF) rules this week. The bill is the first major rewrite of the Dodd-Frank Act, which was enacted after the global financial crisis. The bill will seek to relax rules on small and mid-size banks, which have long been pushing for a modification of the act.
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Blackstone aims to buy majority stake in Thomson Reuters
Private equity firm Blackstone Group (BX) plans to buy a 55% stake in Thomson Reuters’ Financial and Risk unit. Around 21 senior banks are expected to back the $13.5 billion-equivalent loan and bond financing deal. JPMorgan Chase (JPM), Bank of America (BAC), and Citigroup (C) are leading the effort, while Wells Fargo (WFC), Goldman Sachs (GS), and Morgan Stanley (MS) are likely to join the deal, which would be the biggest buyout financing since the financial crisis.
JPMorgan Chase admits cryptocurrency as a risk to its business
In its annual report, JPMorgan Chase (JPM), for the first time, acknowledged that cryptocurrencies such as bitcoin and ethereum are risk factors to its business. Previously, JPMorgan Chase CEO Jamie Dimon called bitcoin a fraud.
AIG struck a deal with Expedia
American International Group (AIG) has struck a deal with online travel services provider Expedia Group (EXPE) to sell travel insurance to the company’s global customers. The move is part of AIG’s strategy to expand its global reach.