News Highlights: Top Financial Services News of the Day

10/08/2020 | 04:16pm
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.

Bank of Canada Governor Says Pandemic-Related Stimulus Will Add to Vulnerabilities 

The extraordinary fiscal and monetary stimulus introduced to support the Canadian economy during the coronavirus pandemic will make it more vulnerable to future shocks, Bank of Canada Governor Tiff Macklem said in a speech Thursday.

Fed's George: Economy Has Recovered More Quickly Than Expected 

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

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.

Where Trump and Biden Stand on Mortgage Finance 

The Republican president and his Democratic challenger have divergent views on the U.S. government's role in the $11 trillion mortgage market, with potential consequences for the price of home loans for millions of Americans.

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.

Insurance Executive Ordered to Prison on Seven-Year Sentence 

Authorities said Greg Lindberg must report to federal prison on Oct. 20 to begin serving his sentence for attempted bribery of North Carolina's elected insurance commissioner, according to a court filing.

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.

(END) Dow Jones Newswires

10-08-20 1615ET

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