News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

China Steps Up Support for Its Currency

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Investors say Beijing is seeking to build confidence in its economy amid concerns about a debt buildup and a crackdown on loose lending.

Fed Stress-Test Results Coming June 22, 28

The Federal Reserve said it plans to release the results of its big-bank stress tests June 22 and June 28, and a senior official said the central bank would provide banks with more information about the annual exercise as well as change its approach to supervising banks' boards of directors.

Wells Fargo Wealth and Investment Management Head David Carroll to Retire

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.

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UBS to Temporarily Adjust Broker Pay

UBS is temporarily revamping how it pays its U.S. brokers to comply with new retirement rules taking effect next week, a stopgap that minimizes the impact on clients as a review of the regulation plays out

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.

Anbang, After a Whirlwind of Western Deals, Has Been Benched by China

The insurer was part of a global advance by Chinese companies that seemed unstoppable a year ago. Now, the country's clampdown on risk has forced the firm to behave like an ordinary insurer.

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.

Regulator Bars Ex-Morgan Stanley Broker

Wall Street's self-regulatory body has barred a former broker at Morgan Stanley from the industry over claims that he concealed $190 million in Venezuelan bond trades.

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.

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.

(END) Dow Jones Newswires

June 02, 2017 00:15 ET (04:15 GMT)