News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Citigroup Taps Second UBS Banker This Week

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Citigroup Inc. has tapped a UBS Group AG investment banker to head up its chemicals coverage for Europe, the Middle East and Africa, the second time this week the big U.S. bank has announced a new hire from its Switzerland-based rival.

China Forex Reserves Rise for Seventh Straight Month

China's foreign exchange reserves rose for a seventh straight month in August thanks to a weaker U.S. dollar and Beijing's continued capital controls.

China's Bad Banks Show It Still Has a Big Bad Loan Problem

The latest results from distressed debt-buyer Cinda Asset Management belie the healthy picture painted by recent Chinese bank earnings.

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Pressured Pensions Target Riskier Assets

Pension plans are pinned in a corner: Ultralow interest-rate policies by central banks have left them grappling with huge deficits, just as the swelling ranks of retirees are adding to outflows. They are hard-pressed to squeeze more out of their investments.

5 Questions for the ECB Policy Meeting

ECB officials returning from their summer vacations face a crucial question: What to do about their $2.7 trillion bond-buying program? A false step could roil financial markets and undo the ECB's work in reinvigorating the eurozone economy.

President Trump Unlikely to Nominate Gary Cohn to Become Fed Chairman

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.

How to Gauge Whether Irma Will Be an Insurance Catastrophe

Hurricane Irma could be the costliest hurricane ever for insurers. But it may take a loss of more than $100 billion to turn the industry's tide of more capital and weaker returns.

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.

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.

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.

(END) Dow Jones Newswires

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