Visa, Mastercard Fined Wirecard for Dubious Transactions
Defunct payments processor Wirecard miscoded gambling transactions and had high levels of stolen card purchases and reversed transactions, leading to big fines from card networks, according to people familiar with the matter.
Vanguard Challenges Bond Behemoths With Active Funds
Vanguard Group, the titan of low-cost index funds, is coming after a fast-growing pocket of the money-management industry: actively managed bond funds.
Fund Administrator for Fortress, Pimco and Others Suffers Data Breach Through Vendor
A ransomware attack against a vendor of SEI Investments compromised data from investors.
Deutsche Bank to Pull the Plug on Coal Mining by 2025
Deutsche Bank has decided to end its global business activities in coal mining by the end of 2025 as part of its new policy on activities involving oil, gas and coal around the world.
Fed Outlook Turns Gloomier as Virus Spreads
Federal Reserve officials meet Tuesday and Wednesday, facing growing doubts about the prospect for a sustained economic rebound due to the nation's uneven public-health response to the coronavirus.
Jumbo Mortgages Are No Longer the Cheapest Mortgages Around
Record-low interest rates are helping home buyers lock in years of savings on future mortgage payments. But those searching for larger homes or in expensive markets aren't reaping the same rewards.
Financial Services Roundup: Market Talk
The latest Market Talks covering Financial Services
HSBC Defends Cooperation With U.S. Prosecutors in Huawei Case
HSBC Holdings issued a statement defending its cooperation with U.S. prosecutors in a case against China's Huawei Technologies after Chinese state media said the bank had set Huawei up.
Wells Fargo Tightens Purse Strings to Ride Out Pandemic
The fourth-largest U.S. bank is slashing costs, cutting staff and tightening up on lending to ride out the coronavirus recession. Its rivals might not be too far behind.
Visa, Mastercard Debit Fees Are Hurting Retailers, Durbin Says
Sen. Richard Durbin says anticompetitive practices by large card networks and debit-card issuers are costing merchants potentially billions of dollars amid the pandemic.
