News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

GOP Tax Proposal Expected to Benefit Wall Street Firms

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A lower corporate tax rate as called for in the tax framework unveiled by the Trump administration should immediately boost banks' own profits. Bankers expect some pain points, but are confident the benefits will outweigh them.

SEC's Top Cop in New York to Leave Agency

The chief of the Securities and Exchange Commission's New York office plans to leave the agency in October after 17 years, the regulator said.

Whitney Tilson to Close Kase Capital Hedge Fund

Whitney Tilson is closing his hedge fund, the latest high-profile investor to close shop amid an extended period of disappointing returns for the industry.

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CFTC Names SEC Official to Top Clearing Post

The Commodity Futures Trading Commission has hired longtime Securities and Exchange Commission official Brian Bussey as its director of clearing, a top post overseeing clearinghouses and major derivatives-market participants.

Fed's George Still Sees Need for Gradual Rate Rises

Kansas City Fed President Esther George again called for gradual increases to short-term interest rates, saying such moves should help foster sustainable growth and financial stability.

Fed's Fischer Says Tools to Deal With Financial Imbalances Are Limited

Federal Reserve Vice Chairman Stanley Fischer warned that "a major concern of mine is that the U.S. macroprudential tool kit is not large and not yet battle-tested."

Got it Covered: China's First Online-Only Insurer Pops in Market Debut

Shares of China's first online-only insurer rose strongly in its market debut in Hong Kong on Thursday, with ZhongAn Online P&C Insurance Co. providing a boost to what's been a muted year for initial public offerings there.

Morgan Stanley Chief Says Firm's Brokers Will Maintain Key Position

Morgan Stanley, with its large investment bank and wealth management business, has been cool on the idea that roboadvisers will upend the brokerage business that generates about half of its revenue.

High-Net-Worth Individuals Ride Stock Rally to Strong Growth

The ranks of the richest individuals expanded globally at a faster rate in 2016 than the prior year, according to a new report, a finding that comes as wealth managers grapple with client concerns over fees and services.

Citibank Buys $2.17 Billion Toshiba Settlement From Owners of S.C. Nuclear Plant

The owners of an unfinished nuclear power plant in South Carolina have agreed to sell at a discount their shares of a $2.17 billion settlement with Toshiba Corp., which agreed to cover costs for the project which was canceled over the summer.

(END) Dow Jones Newswires

September 28, 2017 16:15 ET (20:15 GMT)