News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Acting U.S. Banking Regulator Is Recused From Decisions on Many Banks

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The acting head of a top U.S. banking regulator has temporarily recused himself from matters involving 80 banks, law firms, and other entities, according to documents made public Friday.

AmTrust to Sell Most of Stake in National General Holdings for $211.7 Million

AmTrust Financial Services Inc. said Friday it would sell most of its stake in fellow insurer National General Holdings Corp. for about $211.7 million.

PNC Offers 'Clean' Mutual Fund Shares

PNC Investments has begun offering mutual-fund share classes stripped of any distribution fees in its tax-qualified brokerage retirement accounts, a move that coincides with the deadline for initial implementation the Labor Department's fiduciary rule.

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Deutsche Bank Declines to Disclose Trump's Account Information

Deutsche Bank told U.S. Democratic lawmakers the German lender can't disclose details requested about its banking relationship with President Donald Trump, citing customer privacy rules.

Greece Passes More Austerity, Paving Way for Next Bailout Tranche

Greece's parliament approved another round of economic overhauls the country has to implement to unlock much-needed bailout cash to meet upcoming debt repayments.

Hedge Funds Jump on Sterling's Slide

Hedge funds seized on opportunities to profit Friday in the immediate aftermath of the U.K.'s election turmoil and a slump in the value of the pound.

China Market Regulator Steps Up IPO Rejections

China's securities watchdog, which has vowed to prevent fraudulent stock listings, is rejecting a far larger portion of initial public offerings this year; as of May 19 the approval rate was 73%, down from 92% in 2016.

How Low Has the Dollar Sunk? Even Some Rappers Prefer Euros

As hip-hop becomes increasingly global, more artists are snubbing 'Benjamins' to rhapsodize about foreign bills. 'Purple yen and blue dirham'

Fiduciary Rule Is Now (Partially) in Effect

When President Donald Trump took office, many in the financial industry were confident that a looming retirement-savings rule they had opposed for years would soon be dead. To their dismay, the core principle of the rule was implemented Friday.

Berkshire Unit Settles With California Regulator Over Workers Comp Insurance

A unit of Berkshire Hathaway will be able to sell a revised version of its controversial workers' compensation insurance policies in California following a settlement with the state's top insurance regulator.

(END) Dow Jones Newswires

June 09, 2017 16:15 ET (20:15 GMT)