News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

American Express CEO to Step Down After 16 Years

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Kenneth Chenault, the head of American Express Co. and one of the country's most prominent African-American corporate leaders, will step down as chairman and chief executive Feb. 1, capping a 16-year run.

SEC Names J.P. Morgan Executive as Top Regulator of Exchanges

The SEC on Wednesday tapped J.P. Morgan Chase's top electronic-trading executive as a senior regulator, signaling an appetite for shaking up rules that are blamed for fragmenting trading across dozens of venues and fomenting the rise of high-frequency trading.

Equifax Faces Shareholder Call for Governance, Pay Changes

An adviser to union pension funds invested in Equifax Inc. wants the company to permanently split the chairman and chief executive roles in the wake of its massive data breach.

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U.S. Bank Profit Shoots Higher, But Questions Linger on Loan Growth

U.S. Bancorp, the biggest so-called regional bank in the U.S., said its third-quarter profit rose to a record level, but analysts raised questions about future loan growth.

Fed's Beige Book: Economic Activity Grows Despite Hurricanes

Economic activity grew at a measured pace across the country in September and October, despite sector-wide disruptions caused by recent hurricanes in the Southern and Eastern U.S., according to a new report from the Federal Reserve.

Coin Offering Raises $232 Million, Then a Fight Broke Out

One of the year's biggest initial coin offerings, a $232 million token sale by Tezos, is embroiled in a management fight that is threatening the deal and highlighting the risks in this red-hot corner of finance.

Affirm Wants To Move Beyond Simple Lending to Provide Financial Advice

Online financial services company Affirm Inc. wants to move beyond simple lending to provide financial advice to customers, its founder and chief executive said Wednesday.

Faber Quits Five Boards Following Comments on Race

Marc Faber, the bearish newsletter writer who encountered sharp rebuke after his racist remarks, has resigned from at least five corporate boards.

Three Hedge Funds Call on Ocean Rig to Explore Deals

Three hedge-fund owners of recently restructured offshore-drilling company Ocean Rig UDW Inc. are calling on it to hire a financial adviser to explore options, including a sale.

Machines Took Over the Stock Market. Next Up, Bonds

Banks including Credit Suisse, Goldman Sachs and Morgan Stanley are unleashing new trading software systems in an attempt to pick up share in the $6 trillion market for investment-grade corporate debt.

(END) Dow Jones Newswires

October 19, 2017 00:15 ET (04:15 GMT)