News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

Goldman to Take $5 Billion Charge Tied to New Tax Law

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Goldman Sachs said it will take a $5 billion charge to its fourth-quarter earnings related to the tax overhaul, setting up the Wall Street firm's first quarterly loss in six years.

Pershing Square, Valeant to Pay $290 Million to Settle Allergan Suit

Pershing Square Capital Management and Valeant Pharmaceuticals are paying $290 million to settle a lawsuit that alleged their trading in Allergan was illegal, allowing William Ackman to put behind him the last vestiges of an investment that created turmoil at his hedge fund.

ECB's Mersch Warns of 'Speculative Hype' Surrounding Bitcoin

European Central Bank executive board member Yves Mersch told German business newspaper Börsen-Zeitung that investor excitement around bitcoin could be grounds for worry.

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Everything Went Right for Markets in 2017-Can That Continue?

Money managers and analysts entered 2017 widely anticipating that the overall levels of major indexes would remain little changed by year-end. Instead, the S&P 500 is on track to post its best yearly gain since 2013.

Banks Scramble to Help Customers Looking to Prepay 2018 Taxes

Lenders are struggling to accommodate mortgage borrowers who are rushing to prepay their property taxes before the Republican tax law takes effect.

Insurers Want More of Your Money to Manage

Insurers are increasingly hungry for U.S. asset managers because of what they offer: steady fee income, a way to offset declining life insurance sales and more assets from people saving for retirement.

Wall Street Traders Miss Out on Record Markets

Markets boomed in 2017, but the year turned out to be unremarkable for trading, as stocks and other assets' steady performance reduced demand for skilled traders and made it harder for them to eke out profits.

Ambac Removes Obstacle to Proposed Debt Swap

Ambac Assurance Corp. bought peace with hedge funds that were suspicious of a $5 billion restructuring proposal, moving the bond insurer a step closer to digging out from losses from the U.S. housing crash.

What to Watch on the Fiduciary Front in 2018

The federal rule meant to protect retirement savers from conflicted advice was dealt a setback in 2017 as its full implementation was delayed. But consumers, state regulators and parts of the advisory industry have embraced its ideal of requiring retirement advice to be in investors' best interest.

U.S. Grants Banks Waivers to Manage Retirement Plans

Five global banks can continue managing corporate retirement plans in the wake of recent guilty pleas to criminal charges, under new waivers announced by the Trump administration.

(END) Dow Jones Newswires

December 29, 2017 16:15 ET (21:15 GMT)