News Highlights: Top Financial Services News of the Day

02/05/18 11:15 AM EST
Jerome Powell Sworn In as Federal Reserve Chairman 
 

Jerome Powell took the oath of office as chairman of the Federal Reserve's board of governors on Monday, succeeding Janet Yellen.

 
Banks Double Down on Branch Cutbacks 
 

Banks are closing branches at the fastest pace in decades, as they leave less profitable regions and fewer customers use tellers for routine transactions.

 
Asset Growth in the World's Largest Money-Market Fund Slows Sharply 
 

Asset growth in the world's largest money-market fund hit a plateau at the end of 2017, following a series of measures by the fund's manager to control its swelling size.

 
Saudi Campaign Seeks to Calm Investors Shaken by Anticorruption Drive 
 

The Saudi government is embarking on a campaign of damage control after the abrupt detentions of wealthy businessmen spooked the foreign investors it needs to diversify its economy.

 
China's Latest Cryptocurrency Target: Websites 
 

Authorities plan to block websites related to cryptocurrency trading and fundraising, the latest move to tighten controls over what Beijing deems as risky investments.

 
Great Eastern Holdings in Talks With Malaysia's Largest Pension Fund 
 

Singapore-based insurer Great Eastern Holdings is in exclusive talks with Malaysia's largest pension fund to sell it a minority stake in its Malaysian insurance unit, a deal that could fetch as much as $1 billion, according to people familiar with the discussions.

 
Why Older Kindergartners Should Run Your Mutual Fund (Someday) 
 

A study finds that fund managers who were older when they started kindergarten have tended to outperform those who started younger.

 
Zero-Fee ETFs (or Even Negative) Are on the Horizon 
 

A George Mason professor argues why zero-fee, or even negative-fee, ETFs could be here soon.

 
Wells Fargo Rebuke Puts Bank Boards in Fed's Crosshairs 
 

The Federal Reserve's unprecedented move to handcuff growth at Wells Fargo sent a strong message to boards of directors and contributed to the bank's shares falling sharply Monday.

 
JPMorgan to Banking Clients: Joint Health-Care Venture Is No Threat 
 

JPMorgan Chase & Co.'s employee health-care initiative with Amazon and Berkshire Hathaway raised worries among some of the bank's clients of a potential competitive threat.

 
 

(END) Dow Jones Newswires

February 05, 2018 11:15 ET (16:15 GMT)

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