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News Highlights: Top Financial Services News of the Day

10/22/2020 | 04:16pm EST
Goldman to Recoup, Cut Executives' Pay After 1MDB Fines 

Goldman Sachs is seizing or withholding $174 million from executives including CEO David Solomon after agreeing to a costly settlement to resolve government investigations into its role in a Malaysian bribery scandal.

Goldman Sachs Malaysia Subsidiary Pleads Guilty in 1MDB Case 

A unit of Goldman Sachs pleaded guilty to conspiring to violate U.S. antibribery laws, the first step in an expected resolution of a long-running investigation into its role in a Malaysian corruption scandal.

Sun Life to Buy Majority Stake in Crescent Capital 

The Canadian insurer will pay up to $338 million for a 51% stake in private-credit fund manager Crescent Capital, as it seeks to expand its alternative investments arm.

Blackstone Casts a Wider Net in Diversity Push 

Private-equity giant Blackstone is making a wider push to increase diversity in portfolio companies and their boards of directors with two new initiatives.

SEB Profit Beat Forecasts 

Sweden's SEB posted a better-than expected third-quarter net profit of SEK4.77 billion as net interest income rose while costs remained flat.

Bond Insurance Returns to the Muni Market in a Big Way 

The decimated municipal-bond insurance industry is having a renaissance. Weakened by Covid-19, state and local borrowers are using insurance at their highest rates in more than a decade.

Carbon Pledge Lifts Wind and Solar Stocks in China 

Chinese renewable-energy stocks have soared recently as investors believe the country's drive to become carbon neutral will fuel heavy investment in wind farms and solar parks.

Financial Services Roundup: Market Talk 

The latest Market Talks covering Financial Services.

Ant Group's Giant IPOs Set to Launch After Regulators Clear the Way 

The Chinese financial technology giant said investors in mainland China have committed to purchasing more than a third of the shares it plans to sell in a pair of blockbuster initial public offerings.

South Korea, China Expand Currency Swap 

The central banks of South Korea and China have renewed and expanded their currency swap deal.

(END) Dow Jones Newswires

10-22-20 1615ET

Stocks mentioned in the article
ChangeLast1st jan.
CRESCENT NV -1.69% 0.0349 Delayed Quote.25.99%
SUN LIFE FINANCIAL INC. -2.55% 57.67 Delayed Quote.-0.05%
THE BLACKSTONE GROUP INC. -1.62% 59.55 Delayed Quote.6.45%
THE GOLDMAN SACHS GROUP, INC. -2.05% 230.58 Delayed Quote.2.38%
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