News Highlights: Top Financial Services News of the Day

10/08/2020 | 11:16am
Fed's George: Economy Has Recovered More Quickly Than Expected 

Kansas City Fed leader Esther George said considerable risk remains over the economic outlook.

Morgan Stanley to Acquire Eaton Vance for $7 Billion 

The bank is buying fund manager Eaton Vance just days after completing its takeover of discount broker E*Trade Financial, continuing its shift away from trading toward steadier, simpler businesses like money management.

Banks' Arctic Financing Retreat Rattles Oil Industry 

Defenders of the oil-and-gas industry are fighting back against banks who want to stop financing new Arctic-drilling projects, fearing it could be a harbinger of an unbankable future for fossil-fuel companies.

Wells Fargo CEO Finds Himself on Defense After a Tough First Year 

A long list of challenges confronted Wells Fargo Chief Executive Charles Scharf when he was brought in to restore the bank's tarnished reputation. In the year since, his problems have only multiplied.

Chinese Fintech Company Lufax Plans U.S. IPO 

Even as some Chinese companies are opting to sell stock closer to home, Lufax plans to raise about $3 billion from a U.S. initial public offering, a person familiar with the situation said.

JPMorgan Unveils Push to Bridge Racial Wealth Gap 

America's largest bank is focusing on expanding access to affordable housing and boosting minority-owned small businesses.

Startup CFOs Get Some Help From Counterparts at Venture Funds 

Finance chiefs at some startups are turning to their venture-fund counterparts for guidance during the coronavirus pandemic, which for some executives triggered the first economic crisis in their professional lives.

Harvard Spins Out Natural-Resources Team, Ending Long Chapter at Endowment 

The university's endowment has spun out its natural-resources team into an independent investment firm that will take over some of the endowment's portfolio of orchards, farms and plantations.

Financial Services Roundup: Market Talk 

The latest Market Talks covering Financial Services

Regulators Fine Citigroup $400 Million Over 'Serious Ongoing Deficiencies' 

In a consent order agreed to by the New York bank's board, the Federal Reserve faulted Citigroup for falling short in "various areas of risk management and internal controls."

(END) Dow Jones Newswires

10-08-20 1115ET

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