PNC Is in Advanced Talks to Buy U.S. Arm of Spain's BBVA

PNC Financial Services Group is in talks to buy the U.S. arm of Spanish lender BBVA, according to people familiar with the matter, in what would be one of the largest bank tie-ups since the financial crisis. 


 
HSBC Has Big Ambitions in China. Westerners Still Dominate Its Board.

The British bank has scaled back in Europe and the U.S. and doubled down on Asia, but that isn't reflected in its senior ranks. Just two of 14 board members are Chinese. 


 
Berkshire Hathaway Is Becoming Its Own Elephant Investment

The biggest purchase the conglomerate has made in 2020 is the purchase of its own stock. Until recently Warren Buffett eschewed buybacks. 


 
Venture Capitalists Pay Up for Backing Accused Online Loan Shark

Online lender Think Finance and its backers resisted critics for years, litigating and lobbying in defense of its payday lending business. Now two of Silicon Valley's most prominent venture capitalists are paying $50 million over their roles in the failed company's allegedly illegal practices. 


 
Freddie Mac CEO Quits

The chief executive of mortgage-finance company Freddie Mac plans to step down in January. 


 
Wells Fargo Ex-CEO Settles SEC Claims, Former Consumer-Unit Head Faces Fraud Case

John Stumpf agreed to pay $2.5 million to settle civil claims over his role in the bank's fake accounts scandal, while regulators sued another departed Wells executive over fraud allegations. 


 
Fed's Williams Says Covid Surge Puts Question Mark On Economic Outlook

The New York Fed leader said the recovery so far has been better than expected, but added that the rise of coronavirus cases puts a question over the outlook even as news of a potential vaccine suggests a solution to the crisis may be coming. 


 
The World Should Watch Japan's Attempts to Save Its Struggling Banks

Low, zero and negative interest rates make banking a low-profit game. Japan's attempts to get its lenders to merge and cut costs are worth paying attention to. 


 
Coatue Raises Over $2.3 Billion So Far for Growth Fund

Multistrategy investment firm Coatue Management has collected more than $2.33 billion so far for a private-equity fund it began raising last year, regulatory filings indicate. 


 
Ant Group Appoints Chief Compliance Officer as Regulatory Pressure Mounts

Ant Group Co. named a new compliance chief, according to people familiar with the matter, as the Chinese financial technology behemoth prepares for tougher regulations over its fast-growing digital-lending business.

(END) Dow Jones Newswires

11-16-20 0015ET