News Highlights: Top Financial Services News of the Day
Hedge Funds Are Having a Volatile 2018
Hedge funds have long touted their ability to do better when things turn volatile, but they lagged behind the S&P 500 for the first half of 2018 despite market swings tied to trade policy tensions and interest rate increases.
Former Goldman Banker Is in 1MDB Plea Talks
A former Goldman Sachs banker is talking with U.S. prosecutors about potentially pleading guilty to charges stemming from alleged fraud at a Malaysian state investment fund, people familiar with the matter say.
Billionaire's Secret Buyout Formula: 110 Instructions and an Intelligence Test
Robert Smith's private-equity firm, Vista Equity Partners, revamps software companies by following detailed protocols and gauging employees' personalities and cognitive abilities. "Their process is like a factory," says one investor.
Wells Fargo Chief Economist to Retire at End of Month
Wells Fargo' said that its chief economist, John Silvia, is retiring from his post at the end of the month, and that Jay Bryson will serve as interim chief economist.
Wall Street Is Raising More Cash Than Ever for Rental-Home Gambit
Financiers who loaded up on homes after the housing bust are buying more, betting high prices and slim inventory will make well-to-do families more willing to rent a house.
Verifone Names New CEO
Payments company Verifone Systems said its Chief Executive Paul Galant will resign once its sale to private-equity firm Francisco Partners closes.
James Packer Steps Down from Board of Crown Investor Consolidated Press Holdings
Australian billionaire James Packer has stepped down from the board of his investment company, further reducing his involvement in his business empire after struggling with mental-health issues.
Citigroup Taps UBS Bankers to Bolster Operations in France
The lender continues to tap its Swiss rival for talent as it adds two investment bankers.
Emerging Markets Fight Back to Bolster Currencies
Central banks in some emerging market economies have started to spend down a $6 trillion stash of foreign reserves to contain currency declines.
The Unusual Campaign to Avert a Credit-Default Swaps Debacle
When Blackstone Group made a bet that shook confidence in the credit derivatives market, U.S. regulators waged an unusual campaign to pressure the investment firm to back down.