News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

SEC Turns to Big Deals Lawyer to Spur More Public Companies

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To drive more companies to go public, the new head of the SEC has turned to a veteran Silicon Valley attorney who has been involved in some of the biggest deals in history.

SoftBank to Pump $5 Billion Into China's Didi

Japan's SoftBank is pledging to invest $5 billion in China's lead ride-hailing firm Didi Chuxing, seeking to position itself in a key technology growth area.

Home Capital Group Posts Slight Decline in Profits

Home Capital Group reported a slight decline in profits while announcing it plans to seek additional deals to sell its more of its assets in light of a run on the company's deposits.

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Barclays Shakes Up Investment Banking Unit, Announces Hiring Spree

Barclays's corporate-and-investment banking chief Tim Throsby has taken interim control of the bank's markets business and launched a hiring spree as the British lender looks to bolster returns at the unit.

Merrill Lynch Eases Ban on Commission-Based IRAs

Merrill Lynch will unveil new commission-based retirement accounts next month, people familiar with the matter said, relaxing a wholesale move to fee accounts that the brokerage had planned to comply with the "fiduciary" rule.

Wells Fargo to Cut Additional $2 Billion in Expenses

Wells Fargo plans to cut an additional $2 billion in expenses by the end of 2019, more than analysts had expected.

Delaware Judge Frees Cigna to Exit Anthem Merger

A judge on Thursday freed health insurer Cigna Corp. to abandon its proposed $48 billion merger with Anthem Inc., declining to give Anthem more time to try to salvage the deal, which federal courts have blocked on antitrust grounds.

Fannie Mae's Overseer Has 'Complete Confidence' in CEO

Federal Housing Finance Agency Director Melvin Watt backed Fannie Mae Chief Executive Timothy Mayopoulos in a letter to a top House Republican, despite a watchdog's recommendation the agency consider firing the executive over relationship disclosures.

Italy Tries to Reassure U.S. on Its Bank Turnaround

Italy's Economy Minister Pier Carlo Padoan sought to reassure U.S. Treasury Secretary Steven Mnuchin about the health of the Italian banking system, saying the sector is on a firm road to recovery.

AIG Gets a CEO Who Can Stand Up to Icahn

American International Group is poised to choose a strong hand to restore confidence in the insurance giant. AIG plans to name industry veteran Brian Duperreault as chief executive, The Wall Street Journal has reported.

(END) Dow Jones Newswires

May 12, 2017 07:15 ET (11:15 GMT)