News Highlights: Top Financial Services News of the Day - Wednesday at 7 AM ET

A Recession Signal Is Flashing Red. Or Is It? 
 

When the yield curve turns positive, the country is usually about to plunge into recession. Hope this time relies on a few historical exceptions.

 
UniCredit Takes 9% Stake in Commerzbank 
 

The Italian bank-one of the biggest in the eurozone-said it would engage with Commerzbank about value-creating opportunities and request authorization to potentially exceed a 9.9% shareholding at a later date.

 
Berkshire Hathaway Keeps Selling Bank of America Stock. Stake Now at 11.1%. 
 

Berkshire now has sold Bank of America stock for 12 straight trading sessions.

 
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.

(END) Dow Jones Newswires

September 11, 2024 07:15 ET (11:15 GMT)

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