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Financials Down With Treasury Yields On Risk Aversion -- Financials Roundup

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02/21/2020 | 06:15pm EDT

Shares of banks and other financial institutions fell as a wave of risk aversion swept through markets, pushing down Treasury yields.

The yield on the 10-year Treasury note fell to a five-month low of 1.47%. Many bank-loan rates are benchmarked to Treasury rates.

German insurer Allianz said fourth-quarter net profit rose to about $2.01 billion, and increased its dividend.

Royal Bank of Canada plans to roll out a direct-to-consumer bank in the U.S. as it seeks to boost its deposit base and wealth-management franchise.

HSBC Holdings has narrowed the field in its search for a new chief executive to interim Chief Executive Noel Quinn and Jean Pierre Mustier, head of Italian bank UniCredit.

Wells Fargo is nearing settlements with the Justice Department and the Securities and Exchange Commission over its long-running fake-account scandal, The Wall Street Journal reported.

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

 

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -2.62% 153.82 Delayed Quote.-29.57%
HSBC HOLDINGS PLC -6.30% 466.55 Delayed Quote.-21.18%
ROYAL BANK OF CANADA -4.48% 82.54 Delayed Quote.-19.67%
WELLS FARGO & COMPANY -2.01% 30.28 Delayed Quote.-43.72%
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