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News Highlights: Top Financial Services News of the Day

10/16/2020 | 12:16am EST
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.

Glynn's Take: RBA Set for Multi-Pronged Policy Easing in November 

The Reserve Bank of Australia may go all in at its policy meeting early next month and likely cut its official cash rate to near zero, lower its target for 3-year government bond yields, and announce a substantial quantitative easing program for the first time in its history.

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.

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.

Stock and Bond Investors Disagree on European Banks 

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

Former Teen Startup Founder Josh Buckley Raising $150 Million for Solo Fund 

Josh Buckley, a former teenage startup founder and angel investor, is raising his second venture-capital fund, according to people familiar with the matter, joining a growing group of solo general partners who are changing the early-stage venture market.

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.

(END) Dow Jones Newswires

10-16-20 0015ET

Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. 7.05% 57.06 Delayed Quote.-33.28%
IMI PLC 6.82% 1175 Delayed Quote.-6.70%
MORGAN STANLEY 5.53% 63.6 Delayed Quote.17.90%
WELLS FARGO & COMPANY 8.78% 28.61 Delayed Quote.-51.12%
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