News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

MassMutual to Sell Asian Unit to Jack Ma-Backed Company

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Massachusetts Mutual Life Insurance Co. agreed to sell its Hong Kong-based operations for about $1.7 billion to a group of Asian investors that includes two companies affiliated with Chinese billionaire Jack Ma.

Pension Funds Sue Six Banks, Claiming Stock-Lending Abuses

Three U.S. pension funds sued six major global banks, saying they conspired to block competition in the stock-lending market.

World's Biggest Pension Fund Wants to Stop Index Trackers Eating the Economy

If investors continue to pile passive index-tracking, at some point markets will stop doing their job of allocating resources efficiently in the economy. Perhaps they already have.

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Ernst & Young Chairman on Advising Trump: A Balancing Act

In a memo to employees, Ernst & Young's CEO said that 'as much as I believe in engagement,' it was 'appropriate' for business leaders to disband the Trump administration's advisory panel on which they had served.

Dimon's Remarks on Trump, Charlottesville Provoke Discussion Inside J.P. Morgan

J.P. Morgan CEO Jamie Dimon's public stance against the events in Charlottesville and President Trump's reaction provoked a small number of critical comments among the company's employees.

ECB Leery of Ending Stimulus, Worried It Will Buoy Euro

The European Central Bank considered making a slight change to its forward guidance in July and expressed concern about the euro becoming too strong.

China's Anbang Hits a Wall in South Korea

China's Anbang Insurance dived into South Korea, spending over $1 billion as it took control of two insurers, agreed to buy an asset-management company and picked up a bank stake. Now those deals are fraying.

Standard Bank Profit Rises 14% in First Half

Standard Bank Group, Africa's biggest lender by assets, reported a higher half-year profit, citing robust earnings in markets on the broader continent, including Angola, Ghana, Mozambique, Nigeria and Uganda.

Bank of America to Pay $6 Million to Bankrupt Couple Evicted From Home

Bank of America Corp. has agreed to pay more than $6 million to a California couple whom a federal judge said had been harassed and illegally foreclosed upon, ending an eight-year-long dispute.

Elliott Moves to Block Berkshire Bid for Oncor; Buffett Stands Pat

Elliott Management has purchased a slice of debt that would ensure the hedge fund's ability to block Warren Buffett's deal to buy power-transmission business Oncor, according to people familiar with the matter.

(END) Dow Jones Newswires

August 17, 2017 16:15 ET (20:15 GMT)