News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Fannie, Freddie Modify Repayment Agreements With U.S.

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Mortgage-giants Fannie Mae and Freddie Mac will retain some of their quarterly earnings as part of an agreement between the Trump administration and their regulator to allow them to build a small capital buffer against future operating losses.

The Internal Divide Behind Trump's CFPB Takeover

The Trump administration's move to put its budget chief in charge of the Consumer Financial Protection Bureau exposed a divide between a White House faction and the Treasury. It was also a setback for some financial companies that still want the watchdog to have some regulatory teeth.

JPMorgan Rebuked by Swiss Regulator Over Dealings With 1MDB

Switzerland's financial regulator said JPMorgan's Swiss unit had "seriously breached" anti-money-laundering regulations related to its dealings with Malaysian state investment fund 1MDB.

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Voya Financial to Exit Individual Annuities Business

Voya Financial is selling parts of its annuities businesses to a group of investors led by Apollo Global Management and its affiliates, Crestview Partners and Reverence Capital Partners.

MetLife Hires Firms to Locate Workers Owed Pensions

MetLife hired a law firm to investigate how its retirement business failed to aggressively search for possibly tens of thousands of people owed pension benefits and is planning to hire a specialty firm to help locate the missing people.

For Heavily Indebted Firms Like Dell, Tax Bill Delivers a Downside

The tax overhaul will limit the deduction companies take on interest paid on debt, a move that will in particular affect companies that amassed hefty debts because of past deals or relied on debt financing instead of equity.

Spotify Closes In on Unusual IPO That Boxes Out Bankers

Spotify is expected to receive approval from the SEC to move forward with a listing of its shares on the New York Stock Exchange, a key step in the music-streaming service's plan to avoid a traditional IPO.

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

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.

(END) Dow Jones Newswires

December 21, 2017 11:15 ET (16:15 GMT)