News Highlights: Top Financial Services News of the Day
ECB Sets Out New Rules to Tackle Bad Loans
The European Central Bank published new rules to strengthen the buffer that banks use to cover bad loans, its latest move to tackle a major problem for the region's banking sector.
PwC Reports Higher Global Revenue
PricewaterhouseCoopers recorded $37.7 billion in global revenue in its most recent fiscal year, up 5% from the previous year in U.S. dollar terms, the Big Four accounting firm said Wednesday.
Former Morgan Stanley Executive to Run Rockefeller Family Office
Rockefeller & Co. is expected to appoint Greg Fleming as CEO, part of a deal in which the firm will be acquired by hedge-fund firm Viking Global Investors and recast as an adviser and asset manager to the ultrawealthy.
Fund Managers Put Their Money Where Their Mouths Are
Fidelity International, the overseas sister company of U.S.-based Fidelity Investments, said it will soon begin offering equity funds that charge a slightly higher fee when they outperform their benchmark, but less if they underperform.
In China, Cryptocurrency Sales Persist in the Shadows
As China widens a crackdown on exchanges and attempts to limit private trading venues for digital currencies, clandestine sales pitches seeking as much as $100,000 per investor are taking place out of regulators' sight.
Ex-Goldman Banker Tied to 1MDB Barred From U.S. Securities Industry
A former Goldman Sachs senior banker linked to alleged financial fraud involving Malaysian state fund 1Malaysia Development Bhd. was barred from the U.S. securities industry for failing to cooperate with a regulator's investigation.
End of the Social Security Number? A White House Official Thinks So
The Trump administration is exploring ways to replace the Social Security number with a safer system based on modern technology, the White House's cybersecurity coordinator said Tuesday.
SEC Weighs How to Protect Vast Trading Database From Hackers
U.S. regulators, already grappling with defending their systems against hackers, are taking a fresh look at how to protect a vast database of stock-market trades that promises to be an even bigger target of cyberthieves.