Goldman Sachs Group Inc. and Morgan Stanley have invested almost $20 billion of their own money in private-equity, private-debt, real estate and hedge funds, meaning they may each have to cut those stakes by more than 60% to comply with the so-called Volcker Rule.

According to advisers who have recalibrated their thinking, the benefits of working at the big companies are too important to give up, and many advisers simply do not want to be their own boss.

American International Group Inc., the insurer that turned over a majority stake to the U.S. as part of its bailout, is in talks with regulators to become independent, its chief executive, Robert Benmosche, said.

Hopes that tax reform might soften a weakening of the mortgage interest deduction were quickly dashed as the GOP plan landed a double punch on the incentive cherished by the mortgage and housing industries.

Fannie Mae servicers are facing pressure from the recent hurricanes, but so far are bearing up under the strain.

Mark Calabria, the chief economic adviser to Vice President Mike Pence, said the administration is focused for now on more pressing issues than GSE reform, including addressing housing damage from recent hurricanes.

Many employees, particularly women, are likely to become unexpected caregivers at some point. Companies should do more to ease their burden, says a top retirement and wealth specialist at Bank of America Merrill Lynch.

The pandemic has highlighted massive inequalities in American life but the financial services industry can play a role in reducing these divisions.

The algorithms banks use to assess the financial well-being of minorities would be more effective if Black analysts crunched the numbers, says Troynica Green, a data analyst at Regions Bank.