Skip to Content
Global News Select

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 

(END) Dow Jones Newswires

June 16, 2021 17:15 ET (21:15 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.

We’d like to share more about how we work and what drives our day-to-day business.

We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

How we use your information depends on the product and service that you use and your relationship with us. We may use it to:

  • Verify your identity, personalize the content you receive, or create and administer your account.
  • Provide specific products and services to you, such as portfolio management or data aggregation.
  • Develop and improve features of our offerings.
  • Gear advertisements and other marketing efforts towards your interests.

To learn more about how we handle and protect your data, visit our privacy center.

Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.

To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.

Read our editorial policy to learn more about our process.