Merkel Lobbied for Wirecard Despite German Probe
German Chancellor Angela Merkel promoted Wirecard's Asia expansion plans during a trip to China late last year despite multiple red flags about the company.
New York Regulator Charges First American Unit Over 2019 Data Breach
New York's top financial regulator filed charges Wednesday against a subsidiary of insurance company First American Financial in the first enforcement action by the regulator under a set of rules requiring banks and other financial services companies to maintain cybersecurity protections.
Warburg Pincus Dials Back Investing in Oil and Gas
"Warburg Pincus will begin a transition away from investing in companies that are dependent on hydrocarbon pricing in the core global fund," said a person familiar with the firm's plans.
Fake Businesses Are Fooling Real Banks Into Processing Online Drug Purchases
One website advertised dog products. Another advertised flowers; another, home decorations. All of them were really fronts to process payments for marijuana or designer drugs, prosecutors said.
Financial Services Roundup: Market Talk
The latest Market Talks covering Financial Services
Black Regulators Rarely Appointed to Oversee Wall Street
Senior roles supervising the financial industry have gone overwhelmingly to white officials over the years. Today just one of 21 politically appointed financial regulators at eight agencies is Black, according to new research.
CFTC Chairman Pushes to Finalize Dodd-Frank Rules
Heath Tarbert has made it his mission to finish implementing several thorny parts of the Dodd-Frank Act, 10 years after the financial reform law was enacted.
Carlyle Co-CEO Glenn Youngkin to Step Down
Carlyle Group said its co-chief executive Glenn Youngkin will step down, leaving Kewsong Lee in sole charge of one of the world's largest private-equity firms.
UBS's Focus on Wealthy Clients Cushions Against Losses
Swiss lender UBS said it could start buying back stock again later this year despite the shadow over markets from the coronavirus pandemic.
Arkansas Pension Sues Allianz Over More Than $700 Million Loss
An Arkansas public pension plan sued Allianz Global Investors and its corporate parent, alleging the money manager violated its fiduciary duties and abandoned risk controls when it sought to reverse February losses by doubling down on a series of unprofitable trades.