Broad Gains For Financial Stocks; Deutsche Bank Reportedly Suspends Currency Traders Amid Multi-National Probe


Top Financial Stocks

JPM +3.07%

BAC +2.39%

WFC +1.81%

C +1.83%

USB +1.49%

Financial stocks are mostly higher with the NYSE Financial Sector Index rising 0.9% and the S&P Financial 100 Index advancing about 1.2%.

In company news, Deutsche Bank ( DB ) reportedly has suspended several of the lender's New York-based currency traders as part of an internal probe into the alleged manipulation of global currency markets, according to Canada's Globe and Mail newspaper.

The probe is part of a broader international investigation into global currency manipulation. Last year, Britain's Financial Conduct Authority began a formal investigation into possible manipulation in the $5.3-trillion-a-day global FX market. The U.S. Justice Department is also engaged in an active investigation.

According to The Globe and Mail many banks, including Citigroup ( C ), UBS ( UBS ), Barclays ( BCS ), Royal Bank of Scotland ( RBS ) and JP Morgan (JPM) are co-operating with the investigation. Citigroup, RBS, JP Morgan and Standard Chartered have already fired, suspended, or put currency traders on leave.

DB shares were up 2.3% at $54.40 apiece this afternoon, earlier climbing to a new 52-week high of $54.46 a share.

In other sector news,

(+) BAC, Earns $0.29 per share in Q4, topping the Capital IQ Consensus by $0.03. Revenue climbs 14.9% over same quarter last year to $21.7 bln, also beating estimates by around $530 mln.

(-) KCG, Averaged $24.7 bln dollar volume traded, 5.1 billion shares traded, and 3.7 million trades per day in U.S. equities during December.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: BCS , C , DB , RBS , UBS

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