News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Moody's Cuts China Rating, Citing Debt Risks

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Moody's Investors Service cut China's sovereign credit rating, citing expectations that the country's financial strength will deteriorate in coming years as debt keeps rising and the economy slows.

Trump Budget Sees Big Savings From Defunding Consumer Watchdog

he Trump administration's proposed budget aims to save nearly $3 billion over the next five years by revamping the Consumer Financial Protection Bureau-a plan that, if implemented, would eliminate funding for the agency created after the 2008 financial crisis.

AIG's Credit Rating Affirmed by A.M. Best

American International Group's credit rating was affirmed by A.M. Best, removing a potential roadblock to the firm's ability to boost profits.

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Fiduciary Rule Survives Critics for Now

The Labor Department cleared a landmark retirement-savings rule to take effect next month, ending a stretch of uncertainty for brokers and investors after President Donald Trump called for a review of the Obama-era regulation with an eye toward repeal or revision.

Budget, Staff Cuts Ahead for Financial Regulation and Research Agencies

The Office of Financial Research, an agency created by the 2010 Dodd-Frank law, is implementing a "staffing streamlining effort" according to budget documents released by the U.S. Treasury Department.

Blockchain Firm R3 Raises $107 Million

R3 CEV, one of many firms trying to capitalize on the technology behind the digital currency bitcoin, said it had raised $107 million from a group of 40 global banks.

Morgan Stanley Joins Rivals in Curbing Broker Recruiting

Morgan Stanley will curtail its recruiting of veteran brokers, joining other big firms on Wall Street that are no longer willing to gorge on the pricey practice of paying top-dollar to poach talent.

Bitcoin's Unlikely Evangelist: Fidelity CEO

Fidelity Investments Chief Executive Abigail Johnson championed the growth of bitcoin and other alternative currencies in a speech Tuesday, a rare vote of confidence by a major player in the financial world.

Blackstone Is Taking Over Mom-and-Pop Real Estate Investing

Blackstone in January launched its first nontraded real-estate investment trust, a vehicle marketed to small investors as a way to participate in the commercial real-estate industry without the volatility of a traded REIT.

China Probes High-Ranking Bank Regulator

China Banking Regulatory Commission Assistant Chairman Yang Jiacai has become the latest Chinese financial figure caught up in President Xi Jinping's long anticorruption campaign.

(END) Dow Jones Newswires

May 24, 2017 00:15 ET (04:15 GMT)