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News Highlights: Top Financial Services News of the Day

10/08/2020 | 07:16am EDT
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.

 
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."

 
Fed Faced Divisions Over Low-Rate Promises Last Month 
 

Federal Reserve officials were divided last month over how to apply their new policy framework to an economy battered by the coronavirus pandemic, according to minutes of their Sept. 15-16 meeting.

 
Genstar Capital Seeks $10 Billion for New Funds 
 

Buyout firm Genstar Capital is pitching its 10th midmarket fund to institutional investors less than two years after collecting $7 billion for its ninth flagship vehicle and a related overage fund, according to people familiar with the matter.

 
European Union Moves Closer to Common Debt Issuance 
 

The European Commission is advancing its plans to issue common debt and is poised to tap the bond market this month for the first time on a large scale to fund its coronavirus-relief programs.

 
Pandemic Rocks Private-Markets Fundraising 
 

A record number of private-market investment firms are seeking capital despite the coronavirus pandemic, which held back fund closings during the third quarter, according to data provider Preqin.

 
Venmo's New Credit Card Puts QR Codes Front and Center 
 

Venmo, the payments app owned by PayPal Holdings, has introduced its first physical credit card, stamped with a prominent QR code on the front.

(END) Dow Jones Newswires

10-08-20 0715ET

Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -0.06% 69.96 Delayed Quote.13.46%
JPMORGAN CHASE & CO. -0.26% 157.68 Delayed Quote.24.41%
PAYPAL HOLDINGS, INC. -2.34% 276.34 Delayed Quote.17.99%
WELLS FARGO & COMPANY 0.41% 46.47 Delayed Quote.53.98%
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