News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Australia's RBA Stays Pat on Rates as Expected

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The Reserve Bank of Australia left its benchmark interest rate steady at a policy meeting Tuesday as inflation continues to show weakness despite a surging job market and a stronger global economy.

Bondholders Can't Rely on Reliance Communications

India's Reliance Communications is headed toward a bond default, after the debt-laden wireless carrier skipped paying interest on a bond for the first time.

AmTrust Sells Stake in U.S. Fee Businesses to Private Equity Firm

AmTrust Financial Services Inc. on Monday said it was selling a majority stake in some of its U.S. fee businesses to private equity firm Madison Dearborn Partners, while also reporting higher-than-expected losses for some prior periods.

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Wells Fargo Launches Robo-Investment Service

Wells Fargo & Co. is rolling out a new robo advisory service to attract more of its retail clients to its brokerage arm, joining a growing roster of firms leveraging the digital tools favored by many young investors.

Goldman Sachs Names Stephanie Cohen as Head of Strategy

Goldman Sachs Group Inc. is naming a new head of strategy as it looks to incubate new businesses and find different sources of revenue to replace trading revenue that's unlikely to return in force.

New York Fed Says Dudley Plans to Retire in Mid-2018

The Federal Reserve Bank of New York announced Monday that its leader William Dudley is planning to step down early and retire in the middle of next year.

For Investors, Saudi Crackdown Sparks Hope, Risks Uncertainty

A far-reaching crackdown that extends into Saudi Arabia's business elite has abruptly raised the stakes for global investors just as the kingdom embarks on a campaign to lure foreign capital to help overhaul its oil-dependent economy.

Bank Bets Tied to Government Bailouts Soar Up to 1,440% in a Year

The U.S. banking industry is booming-a development that is bringing windfall gains to a small group of investors who bought esoteric bank securities when the outlook for financial firms was far less clear-cut.

Equifax Still Probing Legal Officer's Share-Sales Role

An Equifax board committee is continuing to examine the role of the company's chief legal officer in approving share sales by four executives days after suspicious activity was discovered in the company's systems.

CFTC Fines Cargill $10 Million Over Swaps Trades

The Commodity Futures Trading Commission fined Cargill Inc. $10 million for improperly valuing swap trades, a move that the regulator said caused the company's revenue to appear higher than it should have been.

(END) Dow Jones Newswires

November 07, 2017 00:15 ET (05:15 GMT)