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Financials Flat As Investors Digest Fed's Inflation Stance -- Financials Roundup

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09/01/2020 | 06:04pm EDT

Shares of banks and other lenders and money managers were flat, tracking Treasury yields as investors continue to digest the Federal Reserve's decision to let inflation run hot.

The decision is set to keep a lid on interest rates for the foreseeable future, weighing on bank profits.

German lawmakers said Tuesday they would launch a parliamentary probe into the government's failure to uncover the Wirecard scandal, a setback for Chancellor Angela Merkel's administration ahead of next year's general election.

South African financial-services firm Old Mutual swung to a loss for the first half of the year and suspended its dividend payout due to the coronavirus pandemic.

Wells Fargo, known for the stagecoach emblem that recalls its Gold Rush era history, said it will close 11 of its 12 museums about its corporate past, keeping open only the one in San Francisco, where the bank is headquartered.

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


Stocks mentioned in the article
ChangeLast1st jan.
OLD MUTUAL LIMITED -2.49% 9.79 End-of-day quote.-50.20%
STAGECOACH 0.49% 36.98 Delayed Quote.-76.89%
WELLS FARGO & COMPANY -0.19% 21.14 Delayed Quote.-60.71%
WIRECARD AG -1.41% 0.6014 Delayed Quote.-99.44%
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