News Highlights: Top Financial Services News of the Day

Features Dow Jones Newswires

JPMorgan's Profit Hurt by Tax Law

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JPMorgan said Friday that its fourth-quarter profit fell from a year earlier because of one-time charges related to the recently passed tax overhaul, while earnings excluding that impact were roughly flat.

Wells Fargo Profit Rises, Helped by Tax Law

Wells Fargo said its fourth-quarter profit rose 17% as a boost from the new tax law helped mask weakness in some of the bank's main businesses.

Steven Mnuchin Unsure if Bill Needed to Shore Up Tax Law

Treasury Secretary Mnuchin said it isn't clear whether Congress will need to take up a bill to make technical corrections to the sweeping new tax law that took effect this month.

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This Man Started a Tussle Over North Carolina's $96 Billion Pension Fund

Dale Folwell promised a fight with Wall Street if he became North Carolina's treasurer. Now, the elected official is clashing with employees as he rethinks how one of the largest U.S. public retirement funds should invest its $96 billion.

PNC Profit Boosted by Tax Law

PNC Financial Services said Friday that fourth-quarter earnings doubled compared with a year ago, boosted by a one-time gain from the recently passed tax overhaul.

BlackRock Beats Estimates

BlackRock said it has set a record for the company's net flows, further highlighting the success the company has seen from its exchange-traded funds known as iShares.

Fed's Dudley Makes Case for Rate Rises, Warns of Overheating Risks

New York Fed President William Dudley said the case for rate rises this year remains robust amid risks the economy could overheat, and warned that the new tax law could boost the U.S. deficit over time.

The Spark Behind Iran's Unrest: Millions of Defrauded Investors

The collapse of investment firms offering outlandish returns fueled the protests that grew into the biggest challenge to the regime since 2009. Iranians blame the firms for pocketing funds and the government for not adequately regulating the industry.

Senate Panel to Vote Again Wednesday on Powell's Fed Nomination

The Senate Banking Committee will vote next week for the second time on the nomination of Jerome Powell to be the next Federal Reserve chairman, a spokeswoman said.

Bitcoin Plunges as South Korea Crafts Crypto Crackdown

Bitcoin prices tumbled as much as 13.7% Thursday, as a top official from South Korea said the government is preparing a bill to ban the trading of cryptocurrencies on exchanges.

(END) Dow Jones Newswires

January 12, 2018 11:15 ET (16:15 GMT)