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News Highlights: Top Financial Services News of the Day

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07/27/2020 | 12:16am EDT
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.

 
Private-Equity Executives Pour $92 Million Into 2020 Races 
 

Employees of private-equity and other investment firms spent $84.1 million on 2020 congressional races and presidential campaigns through June 30, based on data compiled by the Center for Responsive Politics.

 
Wells Fargo Still Has a Way to Go 
 

Wells Fargo did some needed work in the second quarter. The bank's turnaround still has a way to go.

 
Former Bridgewater Associates Co-CEO Eileen Murray Sues Firm 
 

The suit alleges Bridgewater is withholding an estimated $20 million to $100 million in deferred compensation because she disclosed her gender-discrimination dispute with the firm.

 
Bridgewater Associates Lays Off Several Dozen Employees 
 

The world's largest hedge fund made layoffs in its research department, client-services team and among recruiters, an unusually large cut amid a difficult period for Bridgewater's business.

 
Goldman Settles 1MDB Dispute With Malaysia for $3.9 Billion 
 

The Wall Street bank will pay $2.5 billion to the government of Malaysia for its role in the alleged theft of billions of dollars from a government investment fund, and guarantee the recovery of $1.4 billion in assets allegedly stolen from the fund.

 
Shoplifting Is Less of a Bar to a Bank Job as Regulator Eases Rules 
 

Individuals convicted of minor crimes will find it easier to land a job at a bank after a regulator eased restrictions the industry had warned were unduly tough.

 
American Express Reports $1.6 Billion in Provisions for Credit Losses 
 

The credit-card company reported a large drop in second-quarter profit as it logged provisions of $1.6 billion to cover potential credit losses. The company said the Covid-19 pandemic significantly affected quarterly results.

 
 


Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY 0.19% 91.24 Delayed Quote.-26.71%
HSBC HOLDINGS PLC 0.17% 324.55 Delayed Quote.-45.17%
MASTERCARD INCORPORATED -1.55% 288.64 Delayed Quote.-3.33%
WELLS FARGO & COMPANY 1.47% 21.45 Delayed Quote.-60.13%
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