News Highlights: Top Financial Services News of the Day

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Wells Fargo Names Former Fed Governor Elizabeth Duke to Chairman Role

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Wells Fargo said Elizabeth Duke would replace its chairman, Stephen Sanger, on Jan. 1, making the former Federal Reserve governor the first woman to hold a top board role at one of the nation's largest banks.

Warren Buffett's Berkshire Validates Another Credit-Card Company

Warren Buffett's Berkshire Hathaway is increasingly betting on the growing credit-card industry.

U.S. Chamber of Commerce Asks SEC to Reject New Auditor Disclosure Rule

The business group is asking the Securities and Exchange Commission to block a new rule that would require auditors to tell investors more about what they find when they audit a company's books.

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Treasury Market Group Offers Guidelines on Confidential Trading Information

An industry group sponsored by the Federal Reserve recommended new guidelines covering the handling of confidential bond-trading information, the latest example of efforts to improve the integrity of government securities markets.

KPMG to Pay $6.2 Million to Settle SEC Claims of Audit Failures

KPMG agreed to pay $6.2 million to settle SEC allegations that the accounting firm botched its audit of an oil-and-gas company, and the lead partner on the audit agreed to a suspension from auditing public companies.

Fed Minutes May Offer Clues on Start of Portfolio Wind-Down, Rate Rise Plans

The Federal Reserve on Wednesday will release minutes from its July meeting, when it left interest rates unchanged and indicated it could begin shrinking its bond portfolio as soon as September.

Massachusetts Probes Retail Brokers Over Exchange Payments

Massachusetts is investigating whether retail brokerages hurt investors by routing orders to stock exchanges that pay them rebates, creating a potential conflict of interest, a top state official said.

Johnny Depp's Former Business Managers Face Federal Probes

Federal investigators from three agencies are looking into a top Hollywood business-management firm facing fraud allegations from a former client, actor Johnny Depp, according to people familiar with the matter.

Deutsche Bank Names Tom Patrick as Americas CEO

Deutsche Bank named global equities chief Tom Patrick to oversee the Americas region, the third executive to hold the title of Americas CEO since early 2016.

Why Blackstone Is Betting $7 Billion on Natural Gas

Private-equity firm Blackstone is making one of its biggest bets on the growth of natural gas production, wagering that even if gas prices remain stuck at depressed levels, it can profit.

(END) Dow Jones Newswires

August 16, 2017 00:15 ET (04:15 GMT)