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Financial Sector Update for 12/28/2016: APO, LYG, JPM, BAC, WFC, C, USB

Top Financial Shares:

JPM: +0.3%

BAC: +0.3%

WFC: +0.1%

C: +0.1%

USB: flat

Financial shares were mainly higher in pre-market trade Wednesday, continuing gains from Tuesday's session, which in turn were spurred by upbeat consumer confidence data. Trading volumes, however, are expected to be light again.

In financial stocks news, Lloyds Banking Group ( LYG ) was down 0.6% after the Financial Times reported that the bank is planning to establish a subsidiary in Germany or the Netherlands if the U.K. loses access to the single market upon leaving the European Union. The report cited two unnamed people with knowledge of the matter. The report noted that the bank is the only U.K. so-called high street lender that doesn't have a subsidiary in another E.U. country.

And, Apollo Global Management ( APO ), Cerberus and Christofferson Robb & Co. are on Intesa Sanpaolo's short list of bidders for a EUR2.5 billion ($2.61 billion) bad-loan portfolio that the Italian lender plans to sell, according to a report from Reuters that cited two sources close to the matter as saying. The sale is expected to close in Q1, the sources were cited as saying in the news report Wednesday. The firms involved could not be immediately reached for a comment, according to the report.

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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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