News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

A Million-Dollar Bet That Bitcoin Will Hit $50,000

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An unidentified trader or traders just made a bet that bitcoin will surge above $50,000 next year, about triple its current price.

Wells Fargo, Other Banks Plan to Share Tax Windfall With Employees

Bank profits are expected to get a huge boost from the tax bill that cleared Congress Wednesday, and a handful of lenders plan to use some of the proceeds to increase employee wages.

Bitcoin Price Plunges, Recovers as Bitcoin Offshoot Blasts Off

The launch of Bitcoin Cash sparked cries of insider trading and contributed to the price on the original bitcoin falling about $2,000 in less than an hour before recovering.

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North Korea Is Suspected in Bitcoin Theft

Investigators in South Korea are looking into North Korea's possible involvement in a heist from a bitcoin exchange that collapsed here on Tuesday, according to people familiar with the situation, as the sanctions-choked regime develops new ways to raise money.

OCC's Otting to Make Simplifying Bank Rules One of Top Priorities

U.S. Comptroller of the Currency Joseph Otting will make simplifying bank rules one of his top priorities in the coming year, he said in his first press briefing since taking office at the end of November.

U.K. Reassures EU Banks of 'Business as Usual' After Brexit

The Bank of England has moved to placate European investment banks in London, saying they likely won't be forced to build heavily-capitalized outposts in the U.K. after Brexit, the latest effort by British policy makers to maintain London's pre-eminence as a financial center.

Tax Cut Expected to Trigger Fannie, Freddie Infusion

Enactment of the Republican tax plan could trigger a roughly $14 billion accounting loss at Fannie Mae and Freddie Mac, leading to the first taxpayer-funded infusion since they became profitable firms in 2012.

Big Hedge Funds Want In on Bitcoin

Until recently, big-name hedge funds paid little attention to the digital currency. But the rollout of futures trading and soaring prices has some large firms considering whether it is time to wade into the market.

KKR Exits African Investment

KKR said it would sell a controlling stake in its first African investment, one month after the firm disbanded its Africa deal team because it couldn't find enough big companies to buy.

Big U.S. Banks Get Satisfactory Grades on 'Living Wills'

The eight largest and most complex U.S. banks received satisfactory grades on their latest "living will" bailout-prevention plans, a milestone that further reduces the already-remote possibility that any of the firms would be broken up by the government.

(END) Dow Jones Newswires

December 21, 2017 07:15 ET (12:15 GMT)