News Highlights: Top Financial Services News of the Day
Banks Rack Up Advisory Fees, Even With Fiduciary Rule's Future in Limbo
An Obama-era retirement-savings rule is in limbo, but investors already are pouring their retirement savings into brokerages' promise of conflict-free financial advice in exchange for a fee.
Focus Financial Stake Sale Underscores Allure of Independent Advisers
Private-equity firms KKR & Co. and Stone Point Capital, in a bet that more investors will want advice from independent financial advisers and less from Wall Street's traditional brokers, will pay $2 billion for a majority stake in Focus Financial Partners.
Harbert Management Reaches New York Settlement
The New York attorney general's office said it reached a $40 million settlement with an Alabama investment firm over the failure of members of an investment management company it sponsored to pay millions in New York state taxes.
Mastercard Launches Fast Payments on Facebook Messenger
Mastercard said it is adding a new payments option to Facebook Messenger, the social-media company's messaging service, allowing consumers to place online orders on the Facebook's service with just a few clicks.
Justices Grill SEC Over Limiting Power to Make Wrongdoers Give Back Gains
The Supreme Court on Tuesday voiced skepticism toward a plea from Wall Street's top cop that one of its main enforcement tools shouldn't be subject to a federal statute of limitations.
Goldman Misses Big on Trading, Trails Rivals Badly
A rare trading stumble from Goldman Sachs ended a streak of strong earnings for big U.S. banks and set the Wall Street powerhouse, fresh off a leadership transition, on its heels early in the year. Shares declined about 5%.
Bank of America Reports Jump in Earnings
Bank of America said its first-quarter profit beat expectations as trading jumped and the lender started to see the benefits of a long-awaited rise in interest rates.
Billions Gush Into Merrill's Fee Accounts as Obama-Era Rule Looms
Billions of dollars in new fee-paying assets flowed into Bank of America's coffers during the first quarter, a record high that comes as its Merrill Lynch unit worked to comply with now-delayed retirement rules.
Charles Schwab Profit Rises as New Accounts Surge
Charles Schwab Chief Executive Walt Bettinger said engaged investors helped drive growth during the company's latest quarter as more clients opened new accounts, lifting profit 37% from a year ago.
5 Things to Watch in Morgan Stanley's Results
Morgan Stanley is scheduled to report first-quarter results on Wednesday morning. Here's what to look for.