News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

BNP Paribas Fined by Fed Over Currency Manipulation

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French bank BNP Paribas agreed to pay $246 million to the U.S. Federal Reserve to resolve a probe of misconduct in its foreign exchange business.

Banking Regulator Urges CFPB to Delay Rule Barring Mandatory Arbitration

The Trump-appointed acting head of the national banking regulator urged the Consumer Financial Protection Bureau to delay a rule barring mandatory arbitration requirements between financial firms and customers, escalating a fight between the two regulators.

A New Generation Is Poised to Take Control of KKR

KKR promoted two senior executives to run its day-to-day operations, a step in planning for the succession of Henry Kravis and George Roberts, who co-founded the private-equity pioneer in 1976.

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BNY Mellon Names Former Visa Executive Scharf CEO

Bank of New York Mellon named former Visa and J.P. Morgan Chase executive Charles Scharf as its chairman and CEO, as the trust bank looks to jump-start growth and embrace the technological changes sweeping through the financial-services industry.

Deutsche Bank's Head of 'Know Your Customer' Controls to Leave

Deutsche Bank's global head of "know your customer" anti-financial-crime processes, Edward Maguire, is leaving the bank at the end of this month, according to a mid-June internal memo that was confirmed by a bank spokeswoman.

China Blocks Big Banks From Lending to Dalian Wanda

The Chinese government is putting the brakes on Dalian Wanda's overseas acquisitions, clouding the company's ambitions to become a global entertainment powerhouse.

BlackRock's Earnings Rise On Stronger Inflows

BlackRock pulled in another $103.6 billion in the second quarter, further solidifying the largest trend in asset management where billions keep flooding into lower-cost funds, often at the cost of money run by human stock and bond pickers.

Proxy Fights Are a Rarity for Peltz's Trian

Trian Fund Management doesn't wage proxy fights often, but when it does, it goes big. The activist investor launched a campaign to get co-founder Nelson Peltz elected to the board of Procter & Gamble. Worth $222 billion, P&G is the largest company to ever face such a campaign.

UniCredit Signs Deal With Pimco, Fortress for Sale of Bad Loans

Italian bank UniCredit said it has signed a definitive agreement with Pacific Investment Management Co. and Fortress Investment Group for the sale of 17.7 billion euros worth of bad loans.

Chinese Firm Launches Bid to Make Credit Ratings More Transparent

China's Dagong Global aims to boost transparency in the country's often-murky world of corporate credit ratings, with plans for a digital credit-rating platform that requires companies to submit financial information daily.

(END) Dow Jones Newswires

July 17, 2017 16:15 ET (20:15 GMT)