News Highlights: Top Financial Services News of the Day

03/02/18 12:15 AM EST
White House Preparing to Nominate Richard Clarida as Fed's No. 2 Official 

President Donald Trump is likely to nominate Columbia University economist Richard Clarida to become vice chairman of the Federal Reserve Board, according to people familiar with the matter.

Fed's Dudley Says Four Rate Rises in 2018 Would Still Be Gradual 

New York Fed leader William Dudley said a slightly more aggressive course of interest-rate rises this year wouldn't upend the central bank's desire to boost the cost of borrowing slowly and steadily.

Blackstone Chief Schwarzman Reaped $800 Million in 2017 

The haul is one of the largest paydays ever at a publicly traded company and underscores the ascendancy of firms that manage private investment funds for institutions and the wealthy.

Nasdaq Sues IEX Over Stock-Exchange Technology Patents 

Nasdaq Inc. is suing stock-exchange operator IEX Group Inc. for alleged patent infringement, dealing a potential setback to an upstart that is trying to challenge larger rivals.

MetLife Revises 2017 Earnings After Another Mistake 

MetLife disclosed that it revised its 2017 earnings upward after discovering it had previously miscalculated reserves for a retirement-savings product in Japan, raising new questions about the insurance giant's internal controls.

Foreign Gains Seen as Cushion for Canada's Big Banks 

Canadian banks' first-quarter earnings were bolstered by gains outside their home turf, which analysts say could help cushion the lenders if Canada's overheated housing market falters.

FBI, Indonesian Police Search Yacht Seized in 1MDB Scandal 

U.S. and Indonesian investigators searched a luxury yacht off Bali, seeking evidence the crew had tried to evade authorities in Southeast Asian waters to avoid seizure related to a $4.5 billion fraud case brought by the U.S. Department of Justice.

Treasury Issues Tax Guidance Limiting Carried-Interest Provision 

The Treasury Department moved Thursday to limit a gap that could have let some investment-fund managers avoid higher taxes on their carried-interest income.

Wells Fargo's Wealth Management Unit Under Investigation 

Wells Fargo's problems expanded to its wealth-management business after it was accused of making "inappropriate referrals or recommendations."

Fed's Dudley Says Trade Protectionism Is a 'Dead End' 

Federal Reserve Bank of New York President William Dudley warned Thursday that any move toward protectionist trade policies is a "dead end" for those countries that try them.


(END) Dow Jones Newswires

March 02, 2018 00:15 ET (05:15 GMT)

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