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News Highlights: Top Financial Services News of the Day

10/15/2020 | 04:16pm 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.

Fed's Daly Calls for More Fiscal Aid 

Federal Reserve Bank of San Francisco leader Mary Daly said Thursday that while the outlook for the economy remains uncertain, she believes central bank policy is well situated to help assist the recovery.

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

Citigroup Executive to Join New York City Mayoral Race 

Ray McGuire, a vice chairman at Citigroup, said he is leaving the investment bank to run for mayor of New York City in the November 2021 election.

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.

(END) Dow Jones Newswires

10-15-20 1615ET

Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 0.00% 57.06 Delayed Quote.-28.58%
IMI PLC -0.35% 1120 Delayed Quote.-4.33%
MORGAN STANLEY -0.19% 63.48 Delayed Quote.24.18%
WELLS FARGO & COMPANY -0.07% 28.59 Delayed Quote.-46.86%
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