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Sector Update: Financial
By: MT Newswires
Financial shares are lower in today's pre-market session as investors brace for more speeches from Federal Reserve officials this week.
In financial stocks news this morning, Citigroup ( C ) shares have sunk about 2% in pre-market trade after the bank said over the weekend that its trading revenue fell sharply after a slowdown during the summer, the Financial Times reports. C is down 1.9% at $50.23, trading toward the top of a 52-week range of $31.88 to $53.56.
And BB&T ( BBT ) cannot recover at least $688 million in taxes and penalties, according to a ruling by a federal judge, Bloomberg reported over the weekend. The judge ruled the series of transactions that were aimed at generating tax credit lacked economic substance. BBT is steady pre-market at $35.05.