Financials Flat As Treasury Yields Fall -- Financials Roundup

Shares of banks and other financial institutions were flat, lagging the broad market, as Treasury yields slipped from recent highs.

Morgan Stanley set up a four-way race to succeed Chief Executive James Gorman, elevating a number of senior executives into new roles as part of a broader management reshuffle. Ted Pick, 52 years old, who leads the firm's investment-banking and trading businesses, and Andy Saperstein, 54, head of wealth management, were named co-presidents of the bank, while Chief Financial Officer Jonathan Pruzan, 52, was named operations chief, and Dan Simkowitz, 56, was given responsibility to help set Morgan Stanley's strategy and execution alongside his job as head of investment management.

JPMorgan Chase, which initiated its own audition for the chief executive job with executive appointments earlier this week, launched its own health-care initiative, just months after ending a joint venture with Amazon.com and Berkshire Hathaway.

The European Union fined UBS Group, Nomura Holdings and UniCredit nearly $450 million for illegally colluding on trades in European government bonds.

 Write to Rob Curran at [e-mail] 

(END) Dow Jones Newswires

05-20-21 1757ET