News Highlights: Top Financial Services News of the Day

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McKinsey Executive Barkin Expected to Lead Richmond Fed

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The Federal Reserve Bank of Richmond is expected to pick Thomas Barkin, a senior executive at McKinsey, to serve as its next president.

CVS to Buy Aetna for $69 Billion, Combining Major Health-Care Players

CVS agreed to buy Aetna for about $69 billion in cash and stock in a move to transform the pharmacy company and capture more of what consumers spend on health care.

Senate Passes Sweeping Revision of U.S. Tax Code

Republicans navigated a thicket of internal divisions over deficits and other issues to pass the bill, which included about $1.4 trillion in tax cuts and would reduce the corporate rate to 20% from 35%.

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Key Issues to Resolve in Congress's Tax Bill

House and Senate Republicans will now attempt to reconcile the competing tax bills they passed into one measure that can pass both chambers again. Lawmakers are confident they can finish this month.

Senate Tax Revisions Mostly Favorable to Venture-Capital Firms

The Senate's passage of a proposed overhaul to the U.S. tax code caps a period of uncertainty for the tech industry, spurring a sigh of relief from venture-capital investors.

Fed Policy Fails to Tamp Down on Risk-Taking, Group Says

The Federal Reserve's rate increases don't appear to have cooled financial markets and may not therefore be having much impact on the U.S. economy, the Bank for International Settlements said Sunday.

Will Fed Catch Digital-Currency Fever?

For years central bankers have seen digital currencies as a curiosity to keep an eye on, but now they are increasingly looking at whether they should create their own.

How Cash-Strapped Chicago Got a Triple-A Rating for Its New Bonds

Chicago has created a new company to sell the debt, offering a tempting pledge to investors: a dedicated first claim to the city's sales taxes.

Banks Build Line of Defense for Doomsday Cyberattack

U.S. banks have quietly launched a doomsday project they hope will prevent a run on the financial system should one of them suffer a debilitating cyberattack.

Overseas Investors (Finally) Join the U.S. Stock-Market Party

Foreign-investor money is pouring into the U.S. stock market at the fastest clip in years, ending a long period of selling and providing a fresh boost to a more than eight-year rally.

(END) Dow Jones Newswires

December 04, 2017 00:15 ET (05:15 GMT)