Dow Jones Stock Market Today – Financial Shares End Flat After Gains on Fed Statement — Financials Roundup
Shares of banks and other lenders and money managers ended nearly flat, paring gains made after Fed officials signaled rates could go up by late 2023, sooner than they anticipated in March.
The Fed’s outlook reflects both economic recovery and inflation stronger than the central bank anticipated just a few months ago. “Progress on vaccinations has reduced the spread of Covid-19 in the United States,” the Fed said, adding that bond purchases will continue for the time being.
Meanwhile, the biggest U.S. banks, which have posted blockbuster results through the pandemic, are warning that their market revenue is falling, at least compared with the past year. JPMorgan Chase & Co. Chief Executive Jamie Dimon said at a financial conference this week that his firm’s trading revenue, both fixed-income and equities, would be north of $6 billion in the second quarter. That would be down some 38% from the year-ago period, when the bank made a record $9.7 billion.
Morgan Stanley has hired longtime investment banker Greg Weinberger away from Credit Suisse Group, according to people familiar with the matter, the Swiss bank’s highest-profile departure yet as it deals with losses tied to the meltdown of Archegos Capital Management. Mr. Weinberger, a Credit Suisse veteran, was most recently its global head of mergers and acquisitions.
Big Four accounting firm KPMG has put its weight behind an organization that’s seeking to create a common language for the exchange of data between private-capital fund managers and their investors. The London firm has joined the Private Capital Data Standards Alliance, formerly known as ADS Initiative, a not-for-profit group that’s developing standards for the digital reporting of private-capital fund fees, expenses and performance data.
Write to Amy Pessetto at [email protected]
(END) Dow Jones Newswires
June 16, 2021 17:15 ET (21:15 GMT)
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