News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Brokers' Call on Wall Street: Bye

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A growing number of brokers, disillusioned with pay hurdles and strict corporate cultures at the so-called wirehouses, are taking their billions of dollars under management and going independent.

Australian Regulator Raises Capital Target for Banks

Australia's biggest banks face having to hold billions of dollars more in capital after the industry regulator ratcheted up minimum requirements to ensure lenders can withstand future crises.

REITs Rein in Building During Expansion

The unwillingness of real-estate investment trusts to develop large projects has helped keep supply of commercial real estate in check, extending the sector's recovery, says Fitch Ratings in a research note.

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White House to Nominate Peirce as Republican SEC Commissioner

The Trump administration plans to nominate Hester Peirce to fill a vacancy as a Republican member of the Securities and Exchange Commission, the White House said.

Financial Regulators Edge Closer to Showdown Over Arbitration Rule

Two financial regulators edged closer to a showdown Tuesday over a new rule easing the ability for consumers to band together and sue banks

Creditors of Puerto Rico Utility Demand a Receiver

Wall Street investors asked a court to place Puerto Rico's indebted public electric monopoly under receivership, escalating a standoff over reforming the U.S. territory's dilapidated power infrastructure.

Trump Tax Policy Nominee Regrets Prior Stance on Shelters

President Donald Trump's pick to run the Treasury Department's tax policy office said he wished he had acted differently when the accounting firm he helped lead was marketing aggressive tax shelters.

Merrill Lynch Boosts Profit, Fee-Based Assets

Merrill Lynch continued to pull client money into fee-based accounts during the second quarter, helping to push the brokerage's net income to the best level since it was acquired by Bank of America in 2009.

What to Watch in Morgan Stanley's Results

Morgan Stanley is scheduled to report its second-quarter results before markets open Wednesday. Here's what you should watch.

Wells Fargo Planning More Branch Changes

Wells Fargo is planning new branch changes to improve customer and employee relationships still damaged from the bank's sales-practices scandal last year.

(END) Dow Jones Newswires

July 19, 2017 07:15 ET (11:15 GMT)