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Financials Down On Risk Aversion -- Financials Roundup

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07/07/2020 | 05:22pm EDT

Shares of banks and other lenders and money managers fell as another wave of risk aversion hit global market.

New York's financial-services regulator fined Deutsche Bank $150 million on Tuesday, in part for failing to properly monitor its dealings with late financier and convicted sex offender Jeffrey Epstein.

Separately, Chief Executive Christian Sewing said the German banking giant's restructuring, which includes a major round of layoffs, remains on track, speaking at a Bloomberg event, as reported earlier.

Shares of Swiss bank UBS were stronger than the broad market after analysts at Swiss brokerage Credit Suisse boosted their target price on the company, saying its business with wealthy individuals was among the safer bets in the banking world.

"We continue to see the Swiss asset gatherers as the best positioned amid the Covid crisis," said the Credit Suisse analysts, in a note to clients.

UBS is poised to earn more than previously anticipated, "driven by strong transaction revenues, limited credit risk and a regulator that allows dividend payments," the analysts added.

 

Write to Rob Curran at rob.curran@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG 1.76% 10.67 Delayed Quote.-19.99%
DEUTSCHE BANK AG 0.28% 8.26 Delayed Quote.19.08%
UBS GROUP AG 0.70% 11.455 Delayed Quote.-6.95%
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