Shares of banks and other lenders and money managers fell sharply alongside Treasury yields as markets switched back to "risk-off" mode due to increasingly sharp increases of Covid-19 infections in much of the U.S.
Goldman Sachs Group promoted 60 bankers into its partnership on Thursday, the fewest in two decades as Chief Executive David Solomon tries to restore the somewhat faded luster of Wall Street's most elite club.
Online deposit-account banks including Ally Financial and Goldman Sachs Group's Marcus used high rates to attract customers over the past few years, but have begun slashing them due to record low benchmarket interest rates, The Wall Street Journal reported.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
11-12-20 1708ET
