News Highlights: Top Financial Services News of the Day - Tuesday at 4 PM ET

Goldman's Credit-Card Exit Hampered by Lax Lending Standards 
 

The bank lent loosely on some credit cards, contributing to a big loss as it tries to sell the General Motors card business.

 
Fed Backpedals on Plan to Increase Big Bank Capital 
 

Banks spent over a year fighting earlier proposals that would have raised some banks' capital buffers by nearly 20%.

 
Hedge-Fund Investors Extract Lower Fees in Response to Subpar Returns 
 

ExodusPoint is waiving fees after investor pressure if funds underperform cash.

 
JPMorgan, Goldman Sachs shares move sharply lower on Solomon's deal comments, revised capital requirements 
 

JPMorgan Chase and Goldman Sachs shares led sharp losses for bank stocks Tuesday, after Goldman Chief Executive David Solomon noted a drop in deal-making activity, and after a long-anticipated, revised set of capital requirements from the Federal Reserve finally took form.

 
JPMorgan's Dimon Would 'Love' Bank to Be Private, Slams Shareholder Meetings 
 

The chairman and CEO of the U.S.'s biggest bank spoke at the Council of Institutional Investors, a group that promotes shareholder rights and best practices in corporate governance.

 
Bank of America raises employee minimum wage to $24 per hour 
 

The banking giant said it remains on track to pay $25 an hour by 2025 - a significant bump from the $15-per-hour minimum in 2018.

 
SEC Chief Gensler Tells Wall Street What to Do Before a Financial 'Tornado' Hits 
 

Financial institutions heading into a restructuring should disclose many more details than the law requires, the head of the SEC argues.

 
First Reserve Pivots From Big Energy to Embrace Midsize Infrastructure Businesses 
 

Private-equity firm First Reserve has shifted from large bets in the oil patch to backing midsize providers of specialized services and engineered products to infrastructure operators-and it says a string of profitable exits shows the strategy is working.

 
Bank of Canada's Macklem Says Deeper Cuts Might Be Warranted If Economy Disappoints 
 

Deeper interest-rate cuts in Canada could be warranted should growth weaken further, says Bank of Canada Gov. Tiff Macklem-a scenario some economists believe will unfold in the coming months.

 
The Shadow Dollar That's Fueling the Financial Underworld 
 

The cryptocurrency tether enables a parallel economy that operates beyond the reach of U.S. law enforcement.

(END) Dow Jones Newswires

September 10, 2024 16:15 ET (20:15 GMT)

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