News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Fed Poised to Set Portfolio Reduction Plan in Motion

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The Federal Reserve on Wednesday likely will announce the beginning of a yearslong program to shrink its bond portfolio and could offer clues about the prospects for another rate increase this year.

Buffett Says Harvey Hit Geico Harder than Irma

Car insurer Geico suffered greater losses from Hurricane Harvey than Hurricane Irma, said Warren Buffett, chairman of Geico's parent company Berkshire Hathaway Inc.

Bank Mergers: Why the Trump Rally Failed to Boost Dealmaking

The Trump rally was supposed to be a boon for bank mergers. But the number of U.S. bank deals so far this year has dropped slightly. At the current pace, this year could have the fewest bank mergers since 2009.

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OECD Urges Politicians to Step Up as Central Banks Eye Stimulus Exit Door

A pickup in global economic growth will prove short-lived unless governments increase spending on productivity-boosting projects and push through overhauls that deal with the legacy of the financial crisis, including the problem of "zombie firms," says the OECD.

Bitcoin 'Fugitives' Gather in Hong Kong to Skirt China's Curbs

China's crackdown on cryptocurrencies isn't stopping the industry's enthusiasts from preaching their tune. Instead, it is emboldening them to find ways to circumvent the curbs.

A Surprise Bump in Bad Card Loans

Credit card lenders are seeing some of the highest delinquency rates in years.

Call It 'Fintech' and Watch the Valuation Soar

China's ZhongAn insurance company wants to be seen as tech play, rather than a boring old insurer.

CFPB Says It Could Have Pursued $10 Billion Penalty Against Wells Fargo

The CFPB calculated it could have pursued a $10 billion penalty against Wells Fargo over its sales practices scandal before settling on a much smaller fine, according to government documents released by House Republicans.

Upheaval at the Top of Guggenheim, as SEC Scrutinizes Investment Powerhouse

Mark Walter helped turn Guggenheim Partners into an investment powerhouse. Now he is considering giving up his chief executive post as the firm contends with internal unrest and scrutiny from regulators.

Harvard Endowment Chief: 8% Return Is 'Disappointing'

Harvard University's endowment delivered an 8.1% return in the latest year, which was better than the loss of 2% in fiscal 2016 but trailed results announced by other schools.

(END) Dow Jones Newswires

September 20, 2017 11:15 ET (15:15 GMT)