GE Capital asks U.S. government to lift ‘too big to fail’ designation

Lender GE Capital asked the U.S. government on Thursday to stop designating it as “too big to fail,” saying it had shrunk to the point where it would not pose a major threat to the nation's financial stability if it experiences distress. Chief Executive Officer Keith Sherin said in a statement that the General Electric Co unit no longer met the criteria for a “systemically important financial institution,” a label that can trigger requirements for stricter oversight and more capital. The application came the day after a federal judge struck down the designation of insurer MetLife Inc , but GE Capital said the two events were unrelated.

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GE Capital asks U.S. government to lift ‘too big to fail’ designation

U.S. judge strikes down MetLife designation of ‘too big to fail’

MetLife had argued in court that the Financial Stability Oversight Council (FSOC), made up of the heads of the country's financial regulatory agencies, used a secretive and flawed process when in 2014 it designated the company as systemically important to the financial system. The designation meant regulators believed a collapse of the insurer could devastate the U.S. financial system just as much as failure of a major bank, and triggered possible requirements for it to hold more capital and for stricter oversight. “From the beginning, MetLife has said that its business model does not pose a threat to the financial stability of the United States,” the company's chief executive, Steven Kandarian, said in a statement.

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U.S. judge strikes down MetLife designation of ‘too big to fail’

BlackRock planning to cut 400 jobs: Bloomberg

(Reuters) – BlackRock Inc , the world's largest asset manager, is planning to cut about 400 jobs, or 3 percent of its workforce, Bloomberg reported, citing people with knowledge of the matter. The layoffs will be announced in the coming weeks, but the firm will continue to hire in key areas and expects to end the year with a higher headcount, Bloomberg reported. BlackRock had hired about 800 people during 2015.

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BlackRock planning to cut 400 jobs: Bloomberg

Interest rate optimism pushes Wall Street higher

MetLife and other financial stocks led the market higher while the S&P energy sector was down marginally after crude prices retreated from their day's highs after a report showed a weekly build in U.S. crude inventories. Yellen said on Tuesday the U.S. central bank should proceed cautiously as it looks to raise interest rates. On Wednesday, her comments were echoed by Chicago Fed President Charles Evans, who said there was a high hurdle to raising rates in April, given low inflation.

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Interest rate optimism pushes Wall Street higher

U.S. jury finds GM ignition switch defective but did not cause crash

A U.S. jury found on Wednesday that a defective ignition switch was not to blame for a 2014 accident in a General Motors car, the first trial to reach a verdict since the company recalled millions of vehicles with the part. The eight jurors, who deliberated less than a day following a two-week trial in Manhattan, found that the ignition switch made the 2007 Saturn Sky involved in the crash on a New Orleans bridge unreasonably dangerous and that GM failed to warn about its safety risks. The case was the second in a series of test trials over the ignition switch, which can slip out of place, causing engines to stall and cutting power to the brake, steering and air bag systems.

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U.S. jury finds GM ignition switch defective but did not cause crash

Wells Fargo plans quiet assault on Wall Street from glass tower

As Wall Street remakes itself on a former rail yard in the far west of Midtown Manhattan, one surprising name is leading the way. Wells Fargo & Co , the San Francisco-based lender known for its retail banking business, has picked out space for a trading operation to use as a base for a stealth attack on the investment banking world. The boom-and-bust of Wall Street offers lucrative fees if Wells Fargo can pick up business left behind by rivals in the wake of the financial crisis of 2008, but trading brings extra risks and volatility.

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Wells Fargo plans quiet assault on Wall Street from glass tower

SandRidge eyes bankruptcy, restructuring in U.S. shale bust

The company, battered by a 60 percent slide in oil prices since mid-2014, said in a regulatory filing there was substantial doubt about its financial viability. SandRidge is one of dozens of oil and gas companies with piles of debt that look increasingly difficult to pay as revenues, oil and gas output, and reserves tumble on low prices. A pullback in expensive new drilling means SandRidge's oil and gas output fell 18 percent in the fourth quarter of 2015 compared with the same period a year ago.

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SandRidge eyes bankruptcy, restructuring in U.S. shale bust

Twenty-First Century interested in Paramount deal: source

(Reuters) – Twenty-First Century Fox Inc is interested in acquiring a minority stake in Viacom Inc's Paramount Pictures, a source close to the situation said on Wednesday. The New York Post first reported on Wednesday that Twenty-First Century was interested in buying a stake in Viacom's Paramount Pictures. Viacom has so far given Fox the cold shoulder, the newspaper said.

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Twenty-First Century interested in Paramount deal: source

Yahoo sets April 11 deadline for preliminary bids: WSJ

(Reuters) – Yahoo Inc has set an April 11 deadline to submit preliminary bids for its web business and Asian assets, The Wall Street Journal reported on Monday, citing sources. Yahoo asked bidders details regarding financing, conditions or approvals that would have to be met on their end, and what key assumptions they would be making by deciding to move forward with a deal, the Journal said, citing a letter sent to possible bidders. Yahoo could not be immediately reached for a comment outside regular business hours.

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Yahoo sets April 11 deadline for preliminary bids: WSJ

Europe shares, dollar gain as investors look to Yellen

By Nigel Stephenson LONDON (Reuters) – European shares rose on Tuesday, shrugging off losses in Asia, while the dollar regained its footing as investors looked to a speech by Federal Reserve Chair Janet Yellen for clues to the interest rate outlook following weak U.S. data. As European markets reopened after a four-day Easter break, oil dipped below $40 a barrel with U.S. crude stockpiles forecast to hit record levels. Weaker-than-expected U.S. consumer spending data on Monday prompted analysts to suggest the U.S. central bank would be cautious about raising rates this year

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Europe shares, dollar gain as investors look to Yellen