News Highlights: Top Financial Services News of the Day

11/23/17 11:15 AM EST
HSBC's Global Banking Co-Head Leaves After 18 Months 
 

HSBC's global banking co-head, Matthew Westerman, will leave after a turbulent 18 months at the bank, staff were told in a memo.

 
Investors Have Gotten Too Complacent on China Debt 
 

China is right that industrial capacity cuts are helping steel and coal firms to reduce debt and banking-sector risks. Investors are wrong to conclude the battle is won.

 
CFTC Reports Steep Drop in Enforcement Actions, Fines 
 

The Commodity Futures Trading Commission's enforcement actions and fines plunged in the first year of the Trump administration from a year earlier, when the figures were lifted by big settlements with banks.

 
Carl Icahn Buys Stake in SandRidge Energy 
 

Carl Icahn has purchased a 13.5% stake in SandRidge Energy Inc., joining a list of shareholders who say a deal the oil-and-gas producer struck last week for Bonanza Creek Energy Inc. makes little sense.

 
Consultant Finds Employee Discord at Office of Financial Research 
 

Many employees at the Office of Financial Research are unsatisfied with their agency's leadership and harbor concerns about mismanagement, according to a consultant's report.

 
China Wields Bigger Stick on Booming Little Lenders 
 

In its latest attempt to restrain the fast-evolving fintech sector, Beijing directed local governments to stop licensing providers of online microloans and to prohibit their operating outside the province where they are registered.

 
Long Island Town Charged With Securities Fraud 
 

The Securities and Exchange Commission on Tuesday charged the Long Island town of Oyster Bay with defrauding bondholders by failing to tell them about four private loan deals.

 
Banks Mustn't Set Up Shells if They Want to Retain EU Access, Say Officials 
 

European financial officials reiterated that banks and insurers shouldn't expect to set up letterbox firms in the European Union if they want to retain access to the bloc post-Brexit.

 
China's Online Lending Army Runs Into Beijing 
 

What could go wrong betting on fintech companies catering to China's increasingly affluent consumers? Quite a lot, it turns out.

 
Stop Using Excel, Finance Chiefs Tell Staffs 
 

CFOs say the ubiquitous spreadsheet software that revolutionized accounting in the 1980s hasn't kept up with the demands of contemporary corporate finance units.

 
 

(END) Dow Jones Newswires

November 23, 2017 11:15 ET (16:15 GMT)

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