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Financial Shares Move Higher Ahead of Fed Statement — Financials Roundup

Shares of banks and other lenders and money managers were higher as investors watch a two-day Federal Reserve policy meeting for any signs that the central bank is thinking about altering its monetary policy as the economy recovers from the pandemic-induced recession.

"In the end, can the Fed keep the party going long enough for the rest of us to get to the party?" Société Générale strategist Kit Juckes asked about the low rates. "What else matters?"

The European Union excluded some of the world's largest banks from working on a huge new debt-issuance program, citing recent cases in which regulators punished them for forming cartels in the bond and currency markets. The banks include Barclays, JPMorgan Chase, Nomura Holdings, UniCredit, Bank of America, Citigroup and Credit Agricole, according to an EU official.

PricewaterhouseCoopers plans to spend $12 billion and hire 100,000 new people in areas such as artificial intelligence and cybersecurity by 2026, the latest move by a Big Four accounting firm to bet big on technology.

Three investment firms are launching a joint initiative aimed at attracting more Black talent to their industry, which has struggled to do so despite numerous attempts over the years. Apollo Global Management, Ares Management and Oaktree Capital Management are committing a total of $90 million over 10 years toward the effort, which involves partnering with historically Black colleges and universities, or HBCUs, executives from the firms said.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

June 15, 2021 17:20 ET (21:20 GMT)

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