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Financial Sector Update for 05/06/2019: AMG,WFC,BBD

Top Financial Stocks

JPM -0.99%

BAC -0.81%

WFC -0.58%

C -0.58%

USB -0.13%

Financial stocks were mostly lower, including a more than 0.9% decline for the NYSE Financial Index while shares of financial companies in the S&P 500 also were falling over 0.9%. The Philadelphia Housing Index was dropping almost 0.6%.

Among financial stocks moving on news:

(-) Affiliated Managers Group (AMG) dropped 11% on Monday. The asset manager said it has promoted company president Jay Horgen to CEO, replacing Nathaniel Dalton, who is becoming a senior advisor to the company in addition to keeping his board seat. It also reported a decline in Q1 revenue compared with year-ago levels but still topped the $541.4 million analyst consensus.

In other sector news:

(-) Wells Fargo & Co (WFC) was fractionally lower after the bank company Friday disclosed in its Form 10-Q for the three months ended March 31 it may pay up to $3.1 billion to resolve all of its legal matters, up nearly 15% from its year-end estimate expecting around $2.7 billion.

(-) Banco Bradesco (BBD) declined almost 3% on Monday after announcing a $500 million deal to acquire privately held BAC Florida Bank, expanding its offerings for high net worth clients. The transaction is subject to regulatory approvals in the United States and Brazil.

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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