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Financials Down With Treasury Yields -- Financials Roundup

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12/03/2019 | 05:22pm EST

Shares of banks and other financial institutions fell sharply as renewed doubt about a ceasefire in the trade war weighed on Treasury yields.

Bridgewater Associates said Eileen Murray plans to step down as co-chief executive in March, with her colleague and co-CEO David McCormick taking sole charge at the world's largest hedge fund. Mr. McCormick and Ms. Murray had shared the title since 2017, one of numerous changes at the top since founder Ray Dalio handed over the reins.

In another change at the top of a major money manager, Steve Neff, Fidelity Investments asset-management chief, will retire in February after a little more than a year in the role as a price war on fees rages in the fund-management business.

UniCredit intends to cut roughly 8,000 jobs, or around 9% of its workforce, and close about 500 branches through 2023.

Danske Bank boosted its profit projection after its plan to sell a stake in a mortgage business received Danish regulatory approval.

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

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