News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Societe Generale Profit Falls

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Societe Generale reported a 15% in third-quarter profit, hit by low interest rates, a low-volatility environment and litigation provisions.

Goldman Retreats From Options as Stock Derivatives Trading Struggles

Waning stock volatility is pressuring the equity derivatives business, suppressing revenue and driving traders out of what was once a key Wall Street moneymaker.

Private-Equity Firms Oppose Tax Bill-but Things Could Be Worse

House Republicans' tax proposal faces stiff opposition from private-equity firms that say it threatens to disrupt their business model, which often relies on ladling debt onto acquisition targets.

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How to Dissect a Chinese Bond-Market Selloff

While yields on Chinese government bonds have recently risen sharply, those on corporate bonds haven't. Working out why can tell investors a lot about how Chinese markets now work.

Trump Says Jerome Powell Is His Choice to Lead Federal Reserve

President Donald Trump said he would nominate Federal Reserve governor Jerome Powell to be the next chairman of the central bank, saying he has the "wisdom and leadership" to guide the economy through any turbulence that arises.

Cash-Strapped Venezuela Seeks to Restructure Debt

Venezuelan President Nicolás Maduro said the cash-strapped South American country will seek to restructure its debt, raising the prospect of a showdown with bondholders that could be complicated by U.S. sanctions on key members of the Venezuelan administration.

CFTC Official: Revamp Postcrisis Swap Rules

Postcrisis swap rules are too dependent on misleading measurements of risk, Commodity Futures Trading Commission member Brian Quintenz said in a speech Thursday.

AIG Disappoints Again, Posts Wider-Than-Expected Loss

AIG swung to a $1.74 billion third-quarter loss as it absorbed one of the insurance industry's single biggest hits from hurricanes and also boosted unrelated claims reserves.

Elliott Management Enlists UBS in NXP Campaign

Elliott Management has enlisted investment bank UBS for help in its effort to secure a higher price in Qualcomm's planned purchase of NXP Semiconductors or bring in a new bidder, according to people familiar with the matter.

Banks Sidestep a Big Tax-Plan Pitfall

Banks do pretty well under the tax bill unveiled Thursday: it puts them on track for big tax cuts yet lets the firms avoid some of the biggest potential downsides of the overhaul.

(END) Dow Jones Newswires

November 03, 2017 07:15 ET (11:15 GMT)