Financial Sector Update for 06/17/2019: DB, GS, PB, LTXB, JPM, BAC, WFC, C, USB

Top Financial Stocks:

JPM: +0.04%

BAC: +0.04%

WFC: Flat

C: +0.19%

USB: Flat

Financial majors were flat to higher pre-bell Monday.

In other sector news:

(+) Deutsche Bank (DB) was up more than 1% as the the Financial Times reported that the company plans to overhaul its trading operations by creating a "bad bank" to hold tens of billions of euros of assets and shrinking or shutting its US equity and trading businesses.

(-) Goldman Sachs Group (GS) plans to combine four separate units that invest in private companies, real estate and other hard-to-access deals, create a new unit and plan a fundraising blitz, according to people familiar with the matter, cited by the Wall Street Journal. Goldman Sachs was slightly higher after the news.

(=) Prosperity Bancshares (PB) and LegacyTexas Financial Group (LTXB) agreed to a deal in which Prosperity will buy LegacyTexas for $2.1 billion in cash and shares. Both companies were unchanged after the announcement.

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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