Financial down on hazy Treasury yield, views of legislation – Financials Roundup

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Shares of banks and other financial institutions fell as traders hedged their bets on the outlook for legislation and Treasury yields.

The financial sector has been among the major sectors since mid-summer, as Treasury yields rebound from record lows.

The yield on the 10-year Treasury bill fell on Thursday. According to the company, the chief asset management executive of German insurance and investment giant Allianz is stepping down from her day-to-day role, as part of a broader management reshuffle following the launch of an investigation by the Department of Justice into the losses suffered by a series of funds managed by the company.

Activist investors, including Starboard Value and Elliott Management, have taken stakes in insurance broker Willis Towers Watson following the collapse of a merger with rival Aon.

A federal judge ruled that turnaround official Lynn Tilton owed $ 38.2 million for defrauding creditors of TransCare, a New York ambulance company that collapsed after seizing its best assets for a allegedly low price.

Federal authorities are scrutinizing Morgan Stanley, Interactive Brokers and financial advisers who handled the accounts of a businessman under investigation for allegedly helping a former Venezuelan oil minister launder billions of dollars, reported the Wall Street Journal.

Write to Rob Curran at [email protected]

(END) Dow Jones Newswires

09-30-21 1737ET


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