News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Trump Banking-Oversight Nominees Clear Hurdle

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The Senate Banking Committee advanced two Trump administration banking-oversight nominees, Randal Quarles to be Federal Reserve vice chairman for banking supervision and Joseph Otting to be comptroller of the currency.

Big Bank Plays Regulatory Hopscotch

Nordea is moving its headquarters from Sweden to the eurozone, where the bank hopes for better tax and capital treatment.

Citigroup Taps Second UBS Banker This Week

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.

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Why Florida Is Largely Insured by Companies You've Never Heard Of

Hurricane Irma will test a Florida insurance market where a wave of large insurers aggressively reduced their footprint, replaced by smaller firms and a state-backed body.

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.

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.

Euro Jumps as ECB Raises Economic Forecasts

The common currency rose more than 1.1% after the European Central Bank raised its growth forecasts, adding to the currency's rapid climb this year.

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.

(END) Dow Jones Newswires

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