News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

President Trump Unlikely to Nominate Gary Cohn to Become Fed Chairman

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President Donald Trump is unlikely to nominate Gary Cohn, his top economic adviser, as the next Federal Reserve chairman, indicating that he is open to considering additional names for a pick he has said he would like to make by year's end, according to people familiar with the president's thinking.

CFTC Charges Monex With $290 Million Precious-Metals Fraud

The Commodity Futures Trading Commission charged Monex with defrauding more than 3,000 customers of $290 million in one of the largest precious-metals fraud cases ever.

No Law Needed on Insider Trading, SEC Chief Says

The Securities and Exchange Commission is well positioned to punish insider trading and doesn't need Congress to write legislation that would define it, Jay Clayton said this week.

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Jack Dorsey's Square Makes a Move Into Banking

The San Francisco-based finance firm led by Jack Dorsey plans to submit an application on Thursday to form a wholly owned bank based in Utah, the company said.

Analysis: Dudley Speech Could Send Important Signals on Fed's Direction on Rates

A Thursday evening speech by New York Fed leader William Dudley may prove pivotal in signaling whether the U.S. central bank will be able to deliver another interest-rate increase this year.

Education Department Ends Student-Loan Cooperation With CFPB

The Education Department plans to stop sharing information on student loans with the Consumer Financial Protection Bureau, calling the regulator "overreaching and unaccountable."

So Long Sweden: Its Biggest Bank Is Moving Because of Regulation

Nordea Bank, the Nordics' biggest lender, said Wednesday it would move its headquarters from Sweden to Finland, which is inside the eurozone's banking union, saving as much as EUR1 billion.

U.S. Bank Agencies Pledge Regulatory Assistance During Hurricane Irma

Federal and state banking regulators on Wednesday said they would provide "regulatory assistance" to institutions in areas affected by Hurricane Irma.

Trian Details Its Case for Changes at P&G

Activist investor Nelson Peltz laid out his case for why Procter & Gamble Co. should give him a board seat, painting a picture of a company impenetrable to outsiders and incapable of navigating the changing consumer landscape.

Bank of Canada Surprises With Another Rate Rise

The Bank of Canada raised its benchmark interest rate by a quarter-percentage point to 1%, saying stronger-than-anticipated growth-highlighted by a blockbuster performance in the second quarter-warrants the removal of "considerable" stimulus from the economy.

(END) Dow Jones Newswires

September 07, 2017 00:15 ET (04:15 GMT)