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Prudential Financial Inc., the No. 2 U.S. life insurer, posted net income of $1.09 billion in the first quarter driven by results at the U.S. unit.

The GAO study found that the largest banks receive more of a market advantage during financial turmoil than during economic boom times.

Democratic and Republican lawmakers are cooperating on legislation that would lift some of the secrecy around the U.S. council that decides which companies pose the biggest risks to the financial system.

Robert Reynolds, who built the industrys biggest 401(k) business while at Fidelity Investments, is seeking a reprise.

SEC Chair Mary Jo White suggested the U.S. Financial Stability Oversight Council seek industry expertise before designating a financial institution as systemically important.

New York Life Insurance Co., which built the Marketfield Fund into the largest U.S. alternative mutual fund, is seeking additional offerings that allow clients to bet on more than gains in stocks and bonds.

Profit at its U.S.-based Jackson National Life unit surged 67 percent as sales of variable annuities jumped 41 percent.

JPMorgan Chase & Co., the largest U.S. lender, to sell its large-market 401(k) recordkeeping business to a division of Canadian life insurer Great-West Lifeco Inc.