News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Trump Pick for Treasury Deputy Is Dropping Out

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James Donovan, the Trump administration's nominee for the No. 2 spot at the Treasury Department, is dropping out of contention.

Fed's Williams: Dollar Still Global King, Gold Irrelevant to Monetary Policy

The U.S. dollar is in a safe place as the world's pre-eminent reserve currency, San Francisco Fed leader John Williams told a group of high-school students.

ECB Calls for More Pan-European Bank Mergers

The European Central Bank called on eurozone banks to engage in more cross-border mergers, warning that a lack of integration in the region's financial markets harmed its ability to set monetary policy.

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Chinese Brokerage Sealand Hit With Underwriting Ban

The China Securities Regulatory Commission barred Guangxi-based Sealand Securities from underwriting bonds for a year over a forged-stamps scandal that rattled the industry in December.

How SoftBank and Saudi Arabia Settled Their Differences to Birth the World's Biggest Tech Fund

SoftBank is poised to launch a $100 billion technology fund as early as Saturday, capping months of arduous negotiations in which the Japanese tech giant haggled with the fund's main Saudi investor over control of the money, investment strategy and questions about its commitment.

Fed Markets Lieutenant Suggests Reverse Repos May Be Too Critical to Phase Out

Federal Reserve Bank of New York Senior Vice President Lorie Logan suggested that a key part of the central bank's post-crisis toolkit for controlling interest rates is so helpful, it may be challenging to remove it again.

U.S. vs Europe: The Political Risk Reverses in Markets

U.S. political turmoil, set against relative eurozone calm, is steadily narrowing the gap between U.S. and German bond yields.

Fed's Bullard Says Markets Are Doubting Need for June Rate Rise

St. Louis Fed President James Bullard warned that financial markets don't appear to believe the central bank has the economic data it needs to support more interest-rate rises.

Trump's Glass-Steagall May Be Less Onerous Than Big Banks Fear

Treasury Secretary Steven Mnuchin told a congressional panel that a breakup of the big banks isn't what the Trump administration has in mind when it comes to a modern version of the Glass-Steagall Act.

Leon Cooperman Settles Insider Trading Case

Hedge-fund manager Leon Cooperman and his firm have agreed to pay $4.9 million as part of a civil settlement of insider trading charges brought by securities regulators.

(END) Dow Jones Newswires

May 19, 2017 16:15 ET (20:15 GMT)