News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Bank of America Results Beat Expectations

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Bank of America said its second-quarter profit rose more than expected as rising short-term interest rates offset a trading slump.

RBA Estimates Cash Rate Target of 3.5% Over Time

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.

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SEC's Piwowar Urges Easing of Audit Rule for Smaller Firms

Securities regulators should consider exempting smaller public companies from accounting rules passed after the financial scandals that felled Enron Corp. and other firms, an SEC commissioner said Monday.

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.

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.

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.

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.

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.

(END) Dow Jones Newswires

July 18, 2017 07:15 ET (11:15 GMT)