DJ News Highlights: Top Financial Services News of the Day

· 02/05/2021 00:00

Bond Market Volatility Boosts Online Trading PlatformsCarlyle Group Turns Profit as Market Lifts Its InvestmentsPayPal Should Have More Growth In-StoreU.S. Bank Hires Wealth Executive From JPMorgan ChaseGPB Capital Faces Fraud Charges Over $1.7 Billion Ponzi-Like SchemeCredit Suisse Was Alerted to Banker's Misconduct Years Before ChargesBiden Administration Weighs Forgiving Student Debt by Executive ActionPrudential Reports 27% Drop in Profit, Resumes Share BuybacksKKR SPAC Files for $1 Billion IPORegulators Say Market Infrastructure Was Resilient in GameStop Frenzy

The Treasury Department, SEC and other regulators discussed market functionality and recent trading practices in equity, commodity and related markets.

Blank-check company KKR Acquisition Holdings I Corp., sponsored by KKR & Co., in partnership with Glenn Murphy, filed for an initial public offering with the U.S. Securities and Exchange Commission.

The U.S.'s largest life insurer by assets was stung by low interest rates and the economic fallout from the pandemic.

The White House said it was open to forgiving debt without a move by Congress after Senate Majority Leader Chuck Schumer urged President Biden to use his executive powers to eliminate $50,000 in student loan debt for all borrowers.

The Swiss bank overlooked red flags for years while a rogue private banker stole from billionaire clients, according to a report by a law firm for Switzerland's financial regulator.

GPB Capital faces a Martin Act complaint in New York and civil fraud claims from the Securities and Exchange Commission.

Scott Ford will serve as president of U.S. Bank's wealth management division for affluent clients. Previously, he was a regional director of wealth management for New York at JPMorgan Chase.

After a huge 2020 for digital spending PayPal has momentum in a new realm, in-store payments.

The private-equity firm reported a December-quarter profit of $518.8 million, up from a loss of $8.3 million in the fourth quarter of 2019.

Average daily trading volume on Tradeweb's online bond trading platform topped $1 trillion in January. Other firms are also seeing a surge in trading.

(END) Dow Jones Newswires

February 05, 2021 00:00 ET (05:00 GMT)