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Financial Shares Move Higher -- Financials Roundup

08/02/2021 | 05:19pm EDT

Shares of banks and other financial institutions moved higher.

Shares of German insurance giant Allianz sank after disclosing that the U.S. Justice Department is investigating its hedge funds that caused investors significant losses during the pandemic-related market downturn early last year.

U.K. banking giant HSBC Holdings shares advanced after it said net profit rose to $3.4 billion in the second quarter, ahead of analysts' targets, helped by lower provisions for bad loans and its focus on lucrative Asian markets.

Signs of bullish complacency among Wall Street analysts levelled off slightly in June, according to brokerage Bank of America Securities. "The pause in sentiment comes amid mixed economic data, Covid Delta variant, anticipation of tapering, and risk of bad inflation," said the Bank of America strategists, in a note to clients.

Goldman Sachs is increasing base pay for its entry-level employees - first-year analysts - to $110,000, a nearly 30% increase from the previous starting salary of $85,000, according to a person familiar with the matter.

Ernst & Young will pay $10 million to settle a regulatory investigation into allegations that it improperly obtained confidential information in pursuit of a bid to audit a public company's books.

 Write to Amy Pessetto at amy.pessetto@dowjones.com 

(END) Dow Jones Newswires

08-02-21 1718ET

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE 0.14% 192.42 Delayed Quote.-4.21%
BANK OF AMERICA CORPORATION 0.75% 40.41 Delayed Quote.33.42%
DJ INDUSTRIAL -0.49% 34636.98 Delayed Quote.12.97%
HSBC HOLDINGS PLC -0.72% 369.55 Delayed Quote.-1.69%
S&P 500 -0.56% 4453.54 Delayed Quote.18.29%
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