News Highlights: Top Financial Services News of the Day

03/07/18 11:15 AM EST
Mnuchin Says Tariffs Will Move Forward After Cohn Departs 

Treasury Secretary Steven Mnuchin said the White House will move forward with steel and aluminum tariffs despite strong pushback from congressional Republicans and business groups.

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.

Fed's Bostic Says Trade Wars Aren't Easy and Winnable 

Atlanta Fed President Raphael Bostic warned that boosting trade barriers is unlikely to help the U.S. economy.

Indonesia to Turn Over Yacht in 1MDB Probe to FBI 

Indonesia will hand over to the FBI a $250 million yacht connected to a $4.5 billion fraud case centered on the Malaysian state fund 1MDB.

Wells Fargo Urged to Pause Growth of College Partnerships 

Wells Fargo is facing new scrutiny over its relationships with U.S. colleges, with a senior Democratic senator urging the bank to pause any expansion of its campus partnerships.

Despite Rising Yields, Most Companies Bide Their Time on Debt 

Pharmacy chain CVS Health wants to get ahead of rising interest rates with its massive $40 billion bond issue, but other companies are holding back despite the threat of higher finance costs.

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.

CEO Chips Away at Some of Bank of New York's Age-Old Conventions 

Charles Scharf, who joined BNY Mellon in July, has laid off staff, consolidated office space and overhauled executive pay as part of broad overhaul. His challenge is to kick-start the bank that has been mired by slow growth and price wars.

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.


(END) Dow Jones Newswires

March 07, 2018 11:15 ET (16:15 GMT)

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