News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Pimco President to Retire, Co-Operating Chiefs Named

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Pacific Investment Management announced the retirement of its longtime president, Jay Jacobs, and the appointment of two veteran executives as co-chief operating officers.

U.S. Lawsuit Links $2.2 Billion Deal to Malaysian 1MDB Scandal

U.S. authorities are investigating the $2.2 billion purchase of a U.S. energy company by a Middle Eastern government investment fund that was arranged by Goldman Sachs and netted one investor a $300 million windfall in less than a week, according to a government lawsuit and people familiar with the investigation.

Where Banks Win Big Under the Mnuchin Plan

The Treasury Department's proposals to overhaul financial regulation offer banks, especially the biggest, potentially significant relief when it comes to how much capital they must hold.

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Trump Financial Blueprint Will Help Senators Craft Regulatory Rollback, Lawmaker Says

Senate Banking Committee Chairman Mike Crapo (R., Idaho) on Tuesday said the Trump administration's broad blueprint for rolling back postcrisis rules will help senators craft a bipartisan financial overhaul.

In GE Shakeup, the Return of GE Capital

After 36 years under Jack Welch and Jeff Immelt, the conglomerate will soon be run by two GE lifers John Flannery and Jeffrey Bornstein, who spent years working together at the once lucrative-yet-problematic GE Capital.

James Dimon, Treasury's Mnuchin Sing Same Bank Overhaul Song

The Trump administration's proposal to rethink many of the rules governing the U.S. financial sector sounded a lot like bankers' wish lists.

Treasury Backs Banks in Debate on Accounting Rule

Department recommends regulators 'carefully review" a new rule making banks book losses on soured loans more quickly

As Wealth Managers Vie for Slice of $166.5 Trillion in Private Assets, Profit Pressure Emerges

Accelerating economic growth and stock gains drove global private wealth up 5.3% last year to $166.5 trillion, according to a Boston Consulting Group study, a record sum that comes as competition among global managers to handle that wealth pressures industry profitability.

Investing Firm Tortoise Exploring Potential Sale

Income-investing specialist Tortoise is exploring a potential sale of a majority stake in the firm, Chief Executive Kevin Birzer said.

Trump Regulation Plan Makes for Pleasant Reading on Wall Street

The U.S. Treasury Department's report on bank regulation recommends several changes that would greatly benefit top Wall Street institutions

(END) Dow Jones Newswires

June 13, 2017 16:15 ET (20:15 GMT)