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FINANCIAL SERVICES TOP STORIES
BANKS RAISE CAUTION FLAG ON TRADING
Executives from some of the biggest U.S. financial firms said a slump in trading that has hammered bank results for more than a year is likely to continue to weigh on profits.
U.S. MORTGAGE APPLICATION VOLUME DOWN
The average number of mortgage applications for the week ending May 23 dropped 1.2%, according to a Mortgage Bankers Association's weekly survey.
MASTERCARD TAKES STEPS TO BOOST CARDHOLDER SECURITY
MasterCard said it has taken steps to boost security for its cardholders, a move that comes amid several recent data breaches at high-profile companies.
STEEL NAMED CEO OF PERELLA WEINBERG
Former banker, U.S. Treasury and New York City official Robert Steel is returning to Wall Street as chief executive of Perella Weinberg Partners, taking over for co-founder Joseph Perella, who will become chairman of the firm.
NASDAQ PRIVATE MARKET APPOINTS SIX TO ADVISORY PANEL
Nasdaq OMX Group said its private-market unit formed a six-member board of advisers and expects to appoint additional members over the next few months.
BANK OF MONTREAL BEATS PROFIT EXPECTATIONS
Bank of Montreal posted a solid fiscal 2Q profit beat on strong results from its domestic banking, wealth-management and capital-markets operations. It also raised its quarterly dividend 2.6%.
U.S., GLOBAL ACCOUNTING RULE MAKERS ISSUE LONG-AWAITED REVENUE RULE
Accounting rule makers issued a long-awaited overhaul of how companies record revenue on their books--a move 12 years in the making that will affect a broad array of companies.
BANK OF NEW YORK MELLON TO LOG AFTER-TAX CHARGE
Bank of New York Mellon said, in a regulatory filing, it will log a $100 million after-tax charge in the current quarter, due to administrative errors the bank made regarding certain funds it manages.
HSBC RESHUFFLES ITS ASIA DEALS TEAM
HSBC is said to have named a new head of its Asia mergers and acquisitions team as part of a reshuffling of the company's investment banking team in the region.
MORTGAGE PROBES SHIFT TO SMALLER BANKS
U.S. housing officials, fresh off billion-dollar settlements with bank giants, are zeroing in on smaller lenders, probing smaller banks' mortgage lending and loan servicing in the run-up to the financial crisis, a government official said.
CITIGROUP TRADING REVENUE LIKELY TO DROP FURTHER, CFO SAYS
Citigroup Chief Financial Officer John Gerspach warned that the slump it has been experiencing in trading revenue could deepen sharply in the second quarter and will likely drop between 20% and 25% from a year ago, he said.
EX-GOLDMAN TRADER TOURRE WON'T APPEAL FRAUD VERDICT
Fabrice Tourre, the former Goldman Sachs trader found liable for civil securities fraud last year, said he will not seek an appeal challenging the federal jury's verdict.
(END) Dow Jones Newswires
May 28, 2014 10:00 ET (14:00 GMT)
Copyright (c) 2014 Dow Jones & Company, Inc.
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