News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Treasury Calls for Overhaul of Systemically Important Designation

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The Treasury Department has called for an overhaul of the process for designating financial institutions as systemically important.

Wells Fargo Executive Fired After Complaining About Regulators

Wells Fargo fired its head of consumer lending because of disparaging remarks he made about the regulatory system, highlighting the tense environment as the lender sorts through a variety of regulatory probes.

Why It Has Been So Hard to Win the Spinoff Trade

Corporate spinoffs such as Ferrari, from Fiat Chrysler, and PayPal, from eBay, have a well-documented history of outperforming the market. But the few funds that invest exclusively in spinoffs haven't.

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China Moves to Tackle Asset-Management Risks

China drew up plans to streamline oversight of asset-management products sold by financial institutions, a move aimed at reining in risk and putting an end to practices that take advantage of regulatory loopholes.

Bitcoin Erases Losses, Snaps Back to Nearly $8,000

The price of bitcoin surged Friday to a record near $8,000, erasing the sharp pullback last weekend in a stretch that is volatile even by the digital currency's standards.

Junk Bond Outflows Surge Following Market Selloff

Investors pulled money out of junk-bond funds at a near record pace over the past week, amid steep losses in the high-yield market.

Two Weeks of Frenzied Negotiations Led to Bank-Relief Deal

Moderate Democrats worked with the GOP on a plan to roll back the Dodd-Frank law, marking the first significant bipartisan agreement to relieve small and regional lenders from a number of restrictions.

Fed's Williams Favors Gradual Rise of Rates Over Coming Years

San Francisco Fed Chief John Williams said Thursday he still favors gradually raising short-term interest rates over coming years and looks forward to discussing the matter with his colleagues at their meeting next month.

House Backs GOP Tax-Overhaul Bill

The House of Representatives passed a bill that would usher in the most far-reaching overhaul of the U.S. tax system in 31 years, backing a plan that would lower the corporate tax rate to its lowest point since 1939 and cut individual taxes for most households in 2018.

Investors Holding Venezuela Default Protection Get $1 Billion Payday

Investors who hold insurance-like derivatives against a Venezuelan default will receive a payout of more than $1 billion following a financial industry panel ruling, the latest sign that Wall Street is bracing for a messy debt restructuring.

(END) Dow Jones Newswires

November 17, 2017 16:15 ET (21:15 GMT)