News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Wells Fargo Wealth and Investment Management Head David Carroll to Retire

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Wells Fargo said the head of its wealth and investment management unit David Carroll will retire, effective July 31. He will be replaced on July 1 by Jonathan Weiss, who has been head of Wells Fargo Securities, which includes the bank's investment banking business.

Pimco: Time for Lower Risk (and Lower Returns)

Pacific Investment Management has dialed down the risk in its portfolios in recent months as rallying financial markets have reduced returns on assets with a riskier profile, according to a senior investor at the giant fund.

EU Clears Way for $9.9 Billion State Rescue of Troubled Italian Bank

The EU cleared the way for the multibillion-dollar government rescue of one of Italy's biggest and most fragile banks by approving a restructuring plan for the troubled lender Banca Monte Paschi di Siena.

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American Express Nabs Hilton Credit-Card Deal

American Express has won the rights to become the exclusive issuer of Hilton credit cards in a much-needed victory for the card issuer.

China's Daily Yuan Fix Makes Biggest Leap in Five Months

China's central bank guided the yuan to its biggest one-day jump in roughly five months, the latest sign that authorities are seeking to bolster the yuan in the wake of last week's sovereign-debt downgrade.

Riksbank Chief Wants Swedish Government to Cool Red-Hot Property Market

Sweden's central bank chief Stefan Ingves said a red-hot housing market and record-high level of household debt will put the Scandinavian country's economy in peril unless the government cools the property sector down.

Barclays Sells Bigger-Than-Expected Stake in Its Africa Business

Barclays completed the planned sell-down of its African business, reducing its stake in the unit to 15%.

Yuan Rally Doesn't Have Far to Run

Chinese capital outflows have quietly gained steam again in recent weeks and a more hawkish-than-expected Fed could add fuel to the fire. China's central bank is taking pre-emptive action.

Returns Soar as Emerging Markets Turn Less Volatile

Emerging markets are the calmest they have been in nearly three years, helping to draw a surge of funds from abroad and boosting returns in a sector that many investors once viewed as notoriously turbulent.

Barclays Heads Out of Africa

Barclays PLC said Wednesday it will sell a large of chunk of its African unit after regulators signed-off on the long awaited deal.

(END) Dow Jones Newswires

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