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BAM

Financial Sector Update for 10/07/2015: AXS, BAM

Top Financial Shares:

JPM: flat

BAC: +0.45%

WFC: flat

C: -0.22%

USB: flat

Financial shares were mixed in pre-market trade Wednesday as global stocks advanced.

AXIS Capital Holdings ( AXS ), a hybrid specialty insurer, said it is winding down its retail insurance operations in Australia and implementing other operational changes to improve efficiency, with the loss of 100 jobs.

The actions will result in a pre-tax reorganization charge of approximately $51 million, or $0.51 per share during the third quarter of 2015, with anticipated annual run-rate pre-tax cost savings of approximately $30 million to be substantially realized in 2016.

And, Brookfield Asset Management ( BAM ), an alternative asset manager, said it plans to spin off approximately 35% of its Brookfield Business Partners unit by distributing to special dividend to shareholders. Brookfield said the special dividend is estimated to be worth US$0.50 per share, or approximately US$500 million, in the form of units of Brookfield Business Partners, or BBP.

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

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