News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Singapore's Sovereign Wealth Fund to Cut Stake in UBS

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GIC Pte. Ltd. is halving its stake in Swiss banking giant UBS Group AG, crystallizing a multibillion-dollar loss on an investment that was ill-fated from the start.

China Pumps $24.7 Billion Into Financial System

China's central bank made its biggest one-day cash injection into the country's fragile financial markets in nearly four months, a sign that Beijing is trying to mitigate the damage to investor confidence from its campaign to tamp down speculation fueled by excessive borrowing.

AIG's New CEO Says He Won't Break Up the Company

American International Group Inc.'s new chief executive Brian Duperreault on Monday promised not to break up the insurance conglomerate.

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AllianceBernstein Is Selling Bond-Trading Software

AllianceBernstein Holding LP agreed to sell its bond-trading software platform to trading technology firm Algomi Ltd.

Puerto Rico Development Bank Strikes Creditor Deal

Puerto Rico's insolvent industrial development bank announced a deal with creditors on how to distribute proceeds from its 10-year liquidation plan.

ECB's Nouy: Changes to European Banking Rules Don't Go Far Enough

European Central Bank's top bank supervisor Daniele Nouy said Monday that efforts to change European banking rules don't go far enough to iron out national differences

Moody's Buys Dutch Data Provider Bureau van Dijk

Moody's Corp. said it has struck a deal to buy Dutch business data provider Bureau van Dijk for EUR3 billion ($3.27 billion) from Swedish private-equity fund EQT.

J.P. Morgan Buys Dublin Office Tower, Makes Room to Expand Outside London

J.P. Morgan Chase & Co. is buying an office tower in Dublin's docklands business quarter, giving the U.S. bank significant space to expand outside of London when Britain leaves the European Union.

ValueAct's Jeffrey Ubben Hands Reins to Protégé Mason Morfit

Activist investor Jeffrey Ubben is handing his $16 billion portfolio to the next generation, with ValueAct Capital Management tapping Mason Morfit to serve as chief investment officer.

SEC Charges Ex-Nomura Traders With Lying to Customers

The SEC has charged two former co-head traders of the commercial mortgage-backed securities desk at Nomura Securities International with lying to customers to inflate profits.

(END) Dow Jones Newswires

May 16, 2017 07:15 ET (11:15 GMT)