Shares of banks and other lenders and money managers fell amid concerns about the British pound sterling.
The pound fell to a six-week low against the dollar after the European Union delivered an ultimatum to Britain on Thursday, demanding it withdraw a proposal before British lawmakers that would breach the Brexit divorce agreement.
Sharp moves in major trading pairs -- sterling has lost about 5% against the dollar in a little over a week -- can have ripple effects across global markets.
Citigroup said Jane Fraser, president and head of its global consumer bank, will succeed Michael Corbat and become the first woman to run a major Wall Street bank, when the current head retires in February. Activist investment firm Arjuna Capital applauded the promotion plans as a long-delayed follow-through on pledges to diversify leadership on Wall Street, as reported earlier.
JPMorgan Chase & Co. executives told senior employees of the bank's giant sales and trading operation that they and their teams must return to the office by Sept. 21, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
