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News Highlights : Top Financial Services News of the Day

10/15/2021 | 12:16am EST
Morgan Stanley Profit Rises, Powered by Deal Making, Trading 

The New York bank said third-quarter profit rose 36%.

AIA Gets Approval to Start Operations in Hubei Amid China Expansion Push 

AIA Group Ltd. has approval to start operations in the central province of Hubei, the latest step in the insurer's bid to step up its business expansion in China.

Citigroup Profit Jumps 48% After Releasing Rainy-Day Funds 

The bank, which reported a third-quarter profit of $4.64 billion, freed up $1.16 billion it had set aside for bad loans early in the pandemic. The quarterly result beat analyst expectations.

Bank of America Profit Rises on Higher Interest Income 

The second-largest U.S. bank earned $7.69 billion in the third quarter, as it benefited from a rebound in net interest income. The quarterly result topped analysts' expectations.

Wells Fargo Profit Rises 59% on Reserve Release 

The bank's quarterly profit beat analyst expectations, lifted by a release of funds it had set aside for potential loan losses during the pandemic, but revenue fell 2%.

Coinbase Pitches Blueprint for Special Crypto Regulator 

Trading platform Coinbase, which has feuded with U.S. regulators in recent months, plans to publicly release a document with proposals for crypto regulation.

SEC Revives Proposal to Claw Back Executive Pay 

The Securities and Exchange Commission is working to implement a controversial rule proposed in 2015 that would force companies whose financial results contain errors to claw back some of their executives' incentive pay.

Fund to Let Retail Investors Bet on Early Tech Startups 

Regulators typically limit the purchase of private shares to individual investors with a net worth of more than $1 million or annual income above $200,000.

White House Ransomware Summit Eyes Tighter Global Scrutiny for Crypto 

Officials from 31 countries and the EU say uneven enforcement allows hackers to cash in.

Fed's Bullard sees real risk that inflation remains stubbornly high next year 

St. Louis Fed President James Bullard said Thursday that he sees a real risk that inflation remains stubbornly high next year.

(END) Dow Jones Newswires

10-15-21 0015ET

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