Shares of banks and other financial institutions fell amid fears that the Federal Reserve would not come to the rescue as Omicron fears rattle global markets.
The yield on the two-year Treasury rose despite increased worries about the implications of the Omicron variant for the economic outlook.
"The Fed has a much higher threshold now to turn dovish," said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund. "The fact that the threshold for easy monetary policy is higher now...that's a big change."
Swiss bank UBS Group named JPMorgan Chase executive Sarah Youngwood as its next chief financial officer, another high-profile hire of an American banking veteran as the Swiss bank takes on wealth-management rivals in the U.S.
Ajay Banga, former chief executive officer of Mastercard, is joining investment firm General Atlantic as vice chairman, officials at the private-equity firm said.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
12-01-21 1709ET
