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News Highlights: Top Financial Services News of the Day

10/15/2020 | 11:16am EST
Morgan Stanley Profit, Revenue Rise 

The Wall Street firm said its quarterly profit rose 25% from a year ago, another big U.S. bank to skate unscathed through the rockiest economy in years. Trading revenue increased 20%, following the trend at rivals.

Stock and Bond Investors Disagree on European Banks 

Bond investors are signaling confidence in European banks even as their share prices languish.

Financial Services Roundup: Market Talk 

The latest Market Talks covering Financial Services

Wells Fargo Fires Employees Who Applied for SBA Pandemic Loans 

Wells Fargo & Co. fired more than 100 employees for allegedly defrauding a federal pandemic-relief program.

Vista Equity's Robert Smith Reaches Settlement With DOJ 

The billionaire is set to pay $140 million and admit liability for additional taxes owed and not properly filing foreign bank account reports but won't be prosecuted.

HarbourVest Raises Over $8 Billion for New Secondary Fund 

The Boston firm aims to capitalize on a booming market for secondhand fund stakes.

Fed Official Wonders Whether Treasury Market Can Handle Massive Issuance Alone 

The Federal Reserve's point man on financial regulation said the Treasury market has grown so large that some level of central bank involvement may need to continue to ensure orderly trading conditions.

Fed's Clarida Says Continuing Support Will Be Needed to Sustain Recovery 

The Federal Reserve Vice-Chairman said the U.S. economy's recovery has been surprisingly strong after a heavy hit earlier in the year, but that continuing support will be needed to recover what was lost so far during the pandemic.

Australia's RBA Sifting Options to Further Support Economy 

The Reserve Bank of Australia may cut interest rates further and deploy a bigger bond buying program over time, but Gov. Philip Lowe has indicated there is no rush, highlighting the role that government spending is now doing to drive the economic recovery.

Goldman Sachs Profit Nearly Doubles 

The bank's sharply higher profit is the latest confirmation that, even in a pandemic and a recession, Wall Street can still make money.

(END) Dow Jones Newswires

10-15-20 1115ET

Stocks mentioned in the article
ChangeLast1st jan.
IMI PLC 1.98% 1132 Delayed Quote.-5.51%
MORGAN STANLEY 0.06% 64.06 Delayed Quote.25.31%
THE GOLDMAN SACHS GROUP, INC. -0.92% 235.47 Delayed Quote.3.36%
WELLS FARGO & COMPANY 1.00% 29.16 Delayed Quote.-45.80%
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