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DJ News Highlights: Top Financial Services News of the Day

· 02/05/2021 07:00
GPB Capital Faces Fraud Charges Over $1.7 Billion Ponzi-Like SchemeBiden Administration Weighs Forgiving Student Debt by Executive ActionRaiffeisen Profit Drops on Lower RevenueCredit Suisse Was Alerted to Banker's Misconduct Years Before ChargesPrudential Reports 27% Drop in Profit, Resumes Share BuybacksKKR SPAC Files for $1 Billion IPOIndia Central Bank Keeps Key Lending Rate UnchangedRegulators Say Market Infrastructure Was Resilient in GameStop FrenzyBNP Paribas Posts Smaller-Than-Expected Drop in ProfitRobinhood Traders: The Taxman Is Coming

If you've been buying or selling GameStop or other hot stocks, here's what you need to know about taxes

France largest bank BNP Paribas reported a drop in quarterly profit, hurt by record low interest rates and the fallout of the pandemic, but said it expected revenue to bounce back this year as the global economy gradually recovers.

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

The Reserve Bank of India kept its lending rate unchanged, while saying that the outlook for growth has improved significantly.

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 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.

Austria's Raiffeisen Bank said its net profit fell to EUR804 million last year as rate cuts, lockdown measures and weaker currencies in Central and Eastern Europe hit revenue.

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.

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

(END) Dow Jones Newswires

February 05, 2021 07:00 ET (12:00 GMT)

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