News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

PayPal Posts Increased Profit, Revenue

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PayPal Holdings Inc. reported strong first-quarter revenue and usage growth on Wednesday along with plans to buy back as much as $5 billion worth of its own stock.

Tax Cut Would Cost BofA, Citi Billions. Here's Why They Still Win.

A cut in the corporate tax rate would involve immediate pain for some big banks, namely Citigroup and Bank of America, but an eventual earnings boost should more than make up for that.

Credit Suisse to Raise Capital, Ditch Sale of Swiss Unit

Credit Suisse said it planned to raise about $4 billion of fresh capital and abandon plans for a partial sale of its Swiss unit as the banking giant reported a first-quarter profit that topped analysts' expectations.

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Raymond James Profit Falls 10% as Legal Settlement Weighs

Raymond James Financial Inc.'s profit fell 10%, missing expectations as charges stemming from a lawsuit involving a failed ski resort weighed on the brokerage's earnings.

From Buffett to Small-Cap Stocks, the Impact of Trump's Tax Plan

President Donald Trump unveiled a proposal to cut corporate taxes and reduce the top tax rate on so-called pass-through businesses, including many owner-operated companies, to 15% from 39.6%.

New Fed Paper Measures What Fed Got for Its Bond Buying

New Federal Reserve research is helping quantify what the central bank achieved when it purchased trillions in bonds to help spur growth when short-term interest rates could be cut no further.

State Banking Regulators Sue Federal Agency to Stop Charters for Fintech Firms

State banking regulators sued a federal agency in an effort to prevent it from issuing specialty national banking licenses to financial-technology firms, a growing area of competition for traditional banking.

Federal Reserve Restructuring Part of Large Bank Supervision Program

The Federal Reserve is restructuring a panel it set up in 2010 to improve its supervision of the largest and most complex banks, according to people familiar with the initiative, in its latest effort to implement lessons learned from the financial crisis.

State Street Hurt by Hedge-Fund Outflows

State Street Corp. posted increases in assets under custody and administration, as market appreciation and growth in U.S. asset managers and electronically traded fund flows were partially offset by continued outflows from hedge funds.

Banco Santander 1Q Net Profit Up 14.3%

Banco Santander's net profit rose 14.3% in the first quarter from a year earlier, as the bank made progress boosting its capital ratio.

(END) Dow Jones Newswires

April 27, 2017 00:15 ET (04:15 GMT)