News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

RBA Estimates Cash Rate Target of 3.5% Over Time

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Australia's central bank said it estimates the neutral nominal cash rate would be around 200 basis points above its current level, adding monetary policy has been expansionary for about 5 years.

Bain's Socially Conscious Fund Makes First Deals

Bain Capital acquired organic-waste recycler Living Earth and gym operator Impact Fitness in the first deals for the private-equity firm's new socially conscious investment fund.

New York Seeks Bank Records of Paul Manafort

New York prosecutors have demanded records relating to up to $16 million in loans that a bank run by a former campaign adviser for President Donald Trump made to former campaign chairman Paul Manafort, according to a person familiar with the matter.

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BNP Paribas Fined by Fed Over Currency Manipulation

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

A fight between regulators escalated Monday when President Trump's acting national banking regulator urged the Consumer Financial Protection Bureau to delay a rule barring mandatory arbitration requirements between financial firms and customers.

A New Generation Is Poised to Take Control of KKR

KKR put two executives in line to take over one day for Henry Kravis and George Roberts, the private-equity pioneers atop one of the biggest brands in finance.

BNY Mellon Names Former Visa Executive Scharf as CEO

Charles Scharf is returning to Wall Street as the new chief executive of Bank of New York Mellon Corp., placing a retail banking veteran in charge of a firm that safeguards trillions of dollars for big institutions.

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.

(END) Dow Jones Newswires

July 18, 2017 00:15 ET (04:15 GMT)