News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

AllianceBernstein's CEO, Independent Directors Ousted

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The French parent company of AllianceBernstein Holding fired the money manager's chief executive and all of its independent board members.

Corporate Tax Cut as Growth Elixir? Foreign Experience Suggests Caution

There is little compelling evidence that cuts in corporate tax rates lead to faster growth-and certainly not on the scale President Trump wants-among many of the largest U.S. trading partners.

Hackers Ran Through Holes in Swift's Network

The payment-transfer network has left banks largely responsible for their own cyberdefense. In the past year, a spate of cyberattacks has penetrated banks along Swift's less-defended perimeter, shaking confidence in the network used by banks for cross-border transactions.

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Fed Expected to Keep Rates Steady

Federal Reserve officials are likely to keep interest rates steady at their policy meeting this week and drill down into details about when and how to reduce their large holdings of mortgage and Treasury securities.

The 93 Words That Could Unlock $200 Billion in Bank Capital

Inside the bill to replace the Dodd-Frank Act is a proposed overhaul of the way banks calculate the size of their financial cushion against 'operational risk'-which could mean a bonanza for investors.

Brothers Behind UFC Launch Investment Firm

The Las Vegas-based brothers who built mixed martial-arts company UFC into a $4 billion enterprise are starting a direct-investing firm.

Property Insurers Hit By Worst First Quarter in 20 Years

Hail, tornadoes and an ice storm turned the first three months of 2017 into the most expensive first quarter in more than 20 years for U.S. insurers.

Credit Suisse Shareholders Approve Bonus Packages

Credit Suisse Group AG shareholders approved bonus packages for top executives but by a narrower margin than last year, reflecting anger at the size of the bonuses even after the bank reduced them earlier this month.

Puerto Rico Government Development Bank to Liquidate

Puerto Rico's industrial development bank has decided to liquidate, proposing a fiscal plan to federal officials that calls for winding down its operations over 10 years.

Auditors on $2 Billion Mozambique Debt Sales Still Can't Find All the Money

The forensic audit of $2 billion of Mozambique debt sales has been delayed for the third time, highlighting the difficulty of untangling where the money went.

(END) Dow Jones Newswires

May 01, 2017 11:15 ET (15:15 GMT)