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Sector Update: Shares Mixed Pre-Market Ahead of Minutes From Federal Open Market Committee

Top Financial Shares:

JPM: +0.25%

BAC: +0.26%

WFC: flat

C: +0.44%

USB: flat

Financial shares were mixed in pre-market trading Wednesday, as the Federal Open Market Committee prepares to release the minutes from its recent meeting.

Citigroup ( C ) shares were up 0.5% pre-market as the banking giant nears a deal with the Justice Department to pay about $7 billion to settle allegations related to mortgage sales that took place in the time leading up to the financial crisis, according to reports from multiple news organizations including The Wall Street Journal and Reuters that cited unnamed sources familiar with the matter.

A settlement could be announced as early as next week. An agreement would avert a federal lawsuit over the mortgages and represents a significant turnaround from mid-June, when the Justice Department had warned that it planned to file a lawsuit unless Citigroup significantly raised its settlement offer.

RCS Capital ( RCAP ) will officially acquire Investors Capital ( ICH ), the two banking companies said late Tuesday.

Investors Capital will be a subsidiary of RCAP under the name "Investors Capital Holdings, LLC." The merger is expected to be effective on July 11, 2014. RCAP trades in a 52-week range of $14.86 to $39.98. ICH trades in a 52-week range of $4.05 to $8.90; both stocks were inactive in recent pre-market trading.

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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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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