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Financials Down, But Not By Much, As Investors Rotate Out Of Tech -- Financials Roundup

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07/24/2020 | 06:46pm EDT

Shares of banks and other lenders and money managers fell, but not by as much as the broad market, as investors rotated out of sectors such as technology considered richly valued and into sectors seen as relatively less expensive.

Goldman Sachs Group will pay $2.5 billion to the government of Malaysia for its role in the alleged theft of billions of dollars from a government investment fund, bringing the Wall Street bank close to ending one of the worst scandals in its history.

Bridgewater Associates has laid off several dozen employees across the company this month, an unusually large cut at the world's largest hedge-fund firm. The layoffs affected Bridgewater's research department and client-services team as well as among its recruiters.

Credit-card provider American Express a large drop in second-quarter profit from a year earlier as the credit-card company logged provisions of $1.6 billion to cover potential credit losses.

 

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


Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EXPRESS COMPANY -1.19% 90.12 Delayed Quote.-26.85%
THE GOLDMAN SACHS GROUP, INC. -1.32% 187.71 Delayed Quote.-17.39%
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