News Highlights: Top Financial Services News of the Day

03/07/18 07:15 AM EST
Gary Cohn Resigns as White House Economic Adviser After Losing Tariffs Fight 

Gary Cohn will resign after 14 months as President Donald Trump's top economic adviser, days after Mr. Trump surprised senior staff by announcing steel and aluminum tariffs that Mr. Cohn opposed.

Fed's Brainard Sees Rate Rises as Appropriate as Inflation Firms 

Federal Reserve governor Lael Brainard said she has become more confident inflation will hit the central bank's target, allowing officials to continue raising interest rates gradually.

KPMG Acts Globally But Keeps Scandals Local 

The Big Four accounting firms promote themselves as unified entities, each with one global brand. That implies common leadership and one standard of quality. But how they are organized tells a different story.

Legal & General Profit Up 32% 

Legal & General posted a 32% rise in annual 2017 profit and said it received a one-off boost from U.S. tax changes.

Banks Look to Break Government's Hold on Student-Loan Market 

The banking industry's main lobbying group is pressing for the federal government to instate caps on how much individual graduate students and parents of undergraduates can borrow from the government to cover tuition.

The New ID Theft: Millions of Credit Applicants Who Don't Exist 

Synthetic-identity fraud is one of the fastest growing forms of identity theft-and the hardest to spot and combat. Scammers use phony names and unused Social Security numbers to secure debt, a crime that exposes a vulnerability in the U.S.'s credit-checking system. "It seemed too easy."

Royal Bank of Scotland Settles Over Mortgage Securities 

Royal Bank of Scotland reached a $500 million settlement in New York over the bank's misrepresentations to investors about the quality of home loans it packaged into mortgage-backed securities at the height of the housing boom.

What Bust? European Banks Are Loading Up On Real Estate 

With the economy growing and most of their balance sheets finally restored to health, many European banks are boosting real-estate loan volume and competing aggressively on rates.

S&P Global Buys Startup in Artificial-Intelligence Push 

S&P Global said it will buy technology startup Kensho Technologies-its second investment in the artificial intelligence space this year.

Alexis Ohanian's VC Firm Invests in Crypto Trading Platform 

Initialized Capital, the venture-capital firm co-founded by Alexis Ohanian, has invested $2.1 million in a startup cryptocurrency trading platform, DDEX.


(END) Dow Jones Newswires

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

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