Global banks flag concerns over U.S. Senate tax proposal
WASHINGTON (Reuters) - Global banks raised concerns on Friday over a provision in the U.S. Senate tax bill aimed at cracking down on tax avoidance by multinational corporations that they said could hurt the banking industry.
Wells Fargo consumer lending head axed after disparaging regulators: source
NEW YORK/WASHINGTON (Reuters) - Wells Fargo & Co announced on Friday it fired its head of consumer lending, a move that people familiar with the matter said was because he disparaged a bank regulator to a fired employee.
China sets sweeping new rules to regulate $15 trillion asset management products
BEIJING (Reuters) - China's central bank on Friday issued sweeping guidelines to tighten rules on asset management business, the latest step by Beijing to fend off systemic risks in the country's rampantly growing shadow banking sector.
Hedge fund bet on Glencore backfires with $100 million loss
LONDON (Reuters) - London hedge fund giant Lansdowne Partners lost $100 million from a long-term bet against Glencore this year after the spectacular recovery of the miner took some by surprise. For Lansdowne, that bet had generated returns in 2014 and 2015, when Glencore more than other major miners was dragged down by falling commodity prices and concerns about its level of debt. But so far this year, Glencore's shares have risen 29 percent, from 278 to 354 pence, making it the top-performing global miner.
Barnes & Noble says investor's plan to take it private not 'bona fide'
(Reuters) - Barnes & Noble Inc
said on Thursday a deal proposed by an activist investor to take the bookstore chain private was not "bona fide" as its chairman and founder, Leonard Riggio, would not participate and raising the required funds was highly unlikely.
Mistrial in NY corruption case against union chief, hedge fund executive
NEW YORK (Reuters) - A U.S. judge on Thursday ordered a mistrial in the corruption case against the former head of New York City's correction officers' union and a co-founder of the now-defunct hedge fund firm Platinum Partners, after jurors said they were deadlocked.
U.S. junk bond funds post fourth-biggest week of outflows ever: Lipper
NEW YORK (Reuters) - U.S. fund investors walloped high-yield funds with their biggest week of withdrawals since March, Lipper data showed on Thursday.
Ex-banker Otting confirmed as U.S. Comptroller of the Currency
WASHINGTON (Reuters) - A former banking executive and associate of U.S. Treasury Secretary Steve Mnuchin was confirmed by the Senate on Thursday to be U.S. Comptroller of the Currency, serving as the leading regulator of national banks.
Killing medical tax break will hammer U.S. middle-class seniors
(The writer is a Reuters columnist. The opinions expressed are his own.)
U.S. fund investors snub domestic stocks
NEW YORK (Reuters) - U.S. investors dashed into funds that buy stocks outside the country at the fastest pace since July, while pulling money out of domestic equities, Investment Company Institute (ICI) data showed on Wednesday.