News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

China Levies Large Fine on Bank Over Bond Guarantees

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China's banking watchdog fined a midsize bank more than $100 million for its role in a bond default last year, one of the largest penalties levied on a Chinese bank and a sign Beijing is ramping up a crackdown on ways banks have been hiding risks.

From Belgrade to the Pinnacle of Washington's Banking World

Jelena McWilliams, an immigrant born in the former Yugoslavia, has been a quiet force for years in shaping Republican policy on the banking industry. Her stature is about to expand greatly if she is confirmed to lead the FDIC.

Bitcoin Futures Promise Wild Ride for Risk-Loving Traders

This weekend's launch of the first U.S. bitcoin futures will let investors add bitcoin to their portfolios through the same electronic brokerages they use to trade stocks and options.

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Wall Street Banks Hit Pause Button on Bitcoin

As investors rush into bitcoin, some big Wall Street banks are hitting the brakes ahead of the launch of the first bitcoin futures market, which is set to go live on Sunday.

Chairman of Berkshire Hathaway's Marmon to Retire in 2018

Frank Ptak, a longtime executive at one of the largest units of Warren Buffett's Berkshire Hathaway, said in an interview that he plans to retire at the end of 2018.

Hong Kong Antigraft Watchdog Arrests Three Executives at Listed Companies

Two Hong Kong-listed financial companies confirmed they are involved in an investigation by the city's corruption commission, which launched a joint operation Thursday with the city's securities regulator.

Fed Plans to Disclose More About Big-Bank Stress Tests

The Federal Reserve proposed disclosing more about its big-bank stress tests, in response to criticism from bankers who have said the exams' results are hard to understand.

Morgan Stanley Fires Harold Ford Jr. After Conduct Complaint

Morgan Stanley has fired former congressman Harold Ford Jr. as a senior adviser to the firm after investigating a claim of inappropriate conduct.

Windstream Lawyer Calls Out Aurelius for Pushing Default

Windstream Holdings Inc.'s lawyer has called out Aurelius Capital Management over its campaign to push the company into default, saying it is simply looking to profit from credit default swaps on the company's debt.

Global Bank Battle Over Basel III Finally Concludes

Global finance officials on Thursday agreed on long-awaited banking rules that reach a compromise between opposing European and U.S. views about how to measure the riskiness of lenders.

(END) Dow Jones Newswires

December 08, 2017 11:15 ET (16:15 GMT)