News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Senate Passes Sweeping Revision of U.S. Tax Code

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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%.

Resigned to Not Getting Special Treatment, London's Bankers Brace for Brexit

After Britain voted for Brexit, the U.K.'s finance industry launched a vast lobbying offensive: The European Union better help London's banks, or the continent's businesses and consumers would suffer. That pitch hasn't worked.

Visa Fires Top Executive Who Handled PayPal, Apple Partnerships

Visa fired Jim McCarthy, one of its most high-profile executives, citing behavior that violated company policy.

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McKinsey Executive Barkin Expected to Lead Richmond Fed

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.

Chinese Online Lender Dianrong Eyes 2018 IPO, Could Raise at Least $500 Million

Dianrong.com, a Chinese online lending platform started and run by a co-founder of LendingClub Corp., is planning an initial public offering as soon as next year that could raise at least $500 million.

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.

Why Central Banks Continue to Put Asset Prices Out of Whack

Even as the world's central banks edge away from the extraordinary policies of the past decade, huge market distortions remain. The unwinding of years of easy money will continue to puzzle investors.

(END) Dow Jones Newswires

December 04, 2017 07:15 ET (12:15 GMT)