News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

HSBC to Pay $352 Million to Resolve French Probe

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HSBC said its Swiss private-banking unit will pay EUR300 million ($352 million) to resolve charges that it helped clients evade taxes in France.

Wells Fargo Trims Small-Business Card-Processing Unit

Wells Fargo laid off about 50 employees as it continues to restructure its credit-card processing business geared toward small-business customers, a bank spokeswoman said.

White House Weighs Former Pimco CEO El-Erian for Fed Vice Chairman

The White House is considering economist Mohamed El-Erian as one of several candidates to potentially to serve as the Federal Reserve's vice chairman.

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Venezuelan Bonds at Standstill Following Default Determination

Venezuelan bonds, already trading at distressed levels, were at a near standstill Tuesday a day after a credit-rating firm declared the nation in default on missed interest payments.

Departing FDIC Chief: Postcrisis Rules Are There for a Reason

Federal Deposit Insurance Corp. Chairman Martin Gruenberg warned that efforts to loosen some postcrisis restrictions could be premature and could put the financial system at risk of another meltdown.

CFTC Fines Norway's Statoil, Citing Market Manipulation

The U.S. Commodity Futures Trading Commission said Tuesday that it fined Norway's Statoil ASA $4 million for attempting to manipulate energy markets in 2011.

Wall Street Fines Fall in Trump Administration's First Year

Penalties levied by the Securities and Exchange Commission dropped to a four-year low during the latest fiscal year, showing how a more friendly tone from regulators and the transition of political power can yield relief for Wall Street. Total penalties ordered through SEC enforcement actions fell 15.5% last year to about $3.5 billion, the lowest total since 2013.

The New Tax on Stock Investors Hidden in the Senate Tax Plan

Some of the largest fund companies in the country are pushing back against a little-noticed provision in the Senate tax bill they argue will cost investors millions.

High-Yield Canary Isn't Singing About Markets Doom

An autumn pullback in the junk-bond market is centered in the telecommunications sector, where fierce competition for users is pressuring the finances of many large debt issuers.

At Last, Deutsche Bank CEO and Big Shareholder Meet

Deutsche Bank's John Cryan met last week with the CEO of the lender's biggest investor, HNA, one month after the Journal reported on his resistance to engage with the Chinese conglomerate.

(END) Dow Jones Newswires

November 14, 2017 16:15 ET (21:15 GMT)