News Highlights: Top Financial Services News of the Day

03/06/18 07:15 AM EST
New Powers Come With Pressure for Europe's Central Bank 

The European Central Bank is being dragged into local controversies over issues ranging from banking scandals to bribery, underlining the mounting political pressures on the world's No. 2 central bank as it takes on a vastly expanded role.

Megabanks Get One Big Win in Senate Rollback Bill 

Bipartisan legislation expected to clear the Senate this week has just one provision that is set to directly benefit the nation's megabanks: a section aimed at making it easier for them to buy state and local bonds.

How Are Laundry Machines and Roads Alike? They're Infrastructure 

With public-works deals in short supply, many investors are stretching the definition of infrastructure to other deals they hope will offering steady, predictable returns.

Citigroup, Kabbage Form Consortium on Fintech Cybersecurity 

Four financial companies including Citigroup and online lender Kabbage have formed a consortium to address fintech firms' cybersecurity risks, a sign of the industry's growing links to traditional banks and insurers.

Fed Considering 'Broad Revisions' to Volcker Rule Compliance 

The Federal Reserve is considering "broad revisions" to how banks comply with a rule that prevents them from engaging in certain types of trading and investing.

South Africa's Ruling Party Withdraws Motion to Nationalize Central Bank 

The African National Congress withdrew a parliamentary motion on the nationalization the South African Reserve Bank, one of the few central banks that still has private shareholders.

Chicago Stock Exchange Ends Proposed Sale to Chinese Investors 

The Chicago Stock Exchange has ended a two-year effort to sell a major stake to Chinese investors, after U.S. regulators rejected the deal last month.

Next Up for Amazon: Checking Accounts is in talks with big banks about building a checking-account-like product the e-commerce giant could offer customers.

AXA to Buy Insurer XL Group for $15.3 Billion 

French financial giant AXA said it would buy New York-listed insurance company XL Group for $15.3 billion, creating one of the world's biggest property and casualty insurers.

Credit-Card Losses Surge at Small Banks 

Small banks have been fighting for a bigger piece of the credit-card market in search of higher returns. Now, they're contending with rising losses.


(END) Dow Jones Newswires

March 06, 2018 07:15 ET (12:15 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.