News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Who Is Winning With the Fiduciary Rule? Wall Street

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The brokerage business fiercely fought the new retirement advice rule, which requires brokers to act in the best interests of retirement savers, rather than sell products that are merely suitable but could make brokers more money. But so far for Wall Street, it has been a gift.

1MDB Makes Payment of $350 Million to Abu Dhabi's IPIC

Malaysia's troubled state-investment fund 1MDB said it had paid the equivalent of $350 million to Abu Dhabi's International Petroleum Investment Co. after missing a pair of deadlines.

Credit Suisse Bans Trading of Some Venezuelan Bonds

Credit Suisse Group will prohibit trading of certain Venezuelan bonds, citing the country's political climate, according to an internal bank memo.

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Embattled Wells Fargo Plans Board Shake-Up

The board of Wells Fargo, grappling with fresh problems even as it tries to move past the bank's sales-practices scandal, is planning a shake-up that is likely to include Stephen Sanger stepping down as chairman.

Elliott Loses Legal Battle Against Akzo Nobel

Elliott Management lost its latest legal challenge to remove Akzo Nobel's chairman, but the legal decision signaled that the New York hedge fund could pursue this effort at a later date.

Barclays Hires Citi Executive to Be Card Unit CEO

Barclaycard International has hired longtime card industry executive Barry Rodrigues to run its operations.

Glencore Profits Rise on Commodities Boom

Swiss mining and trading giant Glencore reported strong first-half results benefiting from rising commodity prices as it continues to recover from a downturn that sparked widespread worries about its financial health and caused an investor revolt.

Why Goldman Sachs Seized a Client's 217-Foot Yacht

The story behind Goldman's nautical trophy catalogs the inevitable outcome of Wall Street's latest gold rush: lending to wealthy clients, the loans backed by everything from Warhols to fine wine.

SoftBank Filings Confirm It's Taking Extra Risk in Giant Tech Fund

Filings by SoftBank Group show it has taken on outsize risk in its new SoftBank Vision Fund, which has said it would have at least $93 billion to put into big technology bets.

Today's Financial Crisis: We Forgot the Financial Crisis of 2007

The global financial crisis began 10 years ago this week. The bad news is that it doesn't take a once-in-a-lifetime financial crisis to put a big dent in your savings, merely a perfectly ordinary mismatch between expectations and reality.

(END) Dow Jones Newswires

August 11, 2017 07:15 ET (11:15 GMT)