News Highlights: Top Financial Services News of the Day

02/05/18 04:15 PM EST
Fed Rebuke Costs Wells Fargo About $27 Billion in Lost Market Value 
 

Wells Fargo slumped more than 8%, a sign the bank is struggling to retain the confidence of investors after the Federal Reserve cast it into a regulatory purgatory and limited Wells Fargo's ability to grow its business.

 
Lenders Expect to Ease Standards for Large Business Loans in 2018 
 

Lenders expect to ease underwriting standards for business loans to large companies in 2018 but tighten standards for commercial real-estate and some consumer loans, according to a Federal Reserve survey released Monday.

 
Lawmaker Seeks Probe into Fake Comments on Payday-Lending Rule 
 

The top Democrat on the House Energy and Commerce Committee asked the Trump administration to investigate fake online comments uncovered by The Wall Street Journal on a rule to restrict high-interest payday lending

 
Banks Shutter 1,700 Branches in Fastest Decline on Record 
 

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

 
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.

 
Bitcoin Lawyer Marco Santori Moves From Law Firm Cooley to Startup 
 

Marco Santori, a partner at the law firm Cooley LLP and one of the best-known lawyers in the digital-currency sector, is leaving to become president of bitcoin-services company Blockchain.

 
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.

 
 

(END) Dow Jones Newswires

February 05, 2018 16:15 ET (21:15 GMT)

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