Financials Up As Deal Wave Bodes Well For Investment Banks -- Financials Roundup

Shares of banks and other lenders and money managers rose as a wave of deal-making activity boded well for Wall Street investment banking revenue.

Shares of banking giant Citigroup fell sharply after The Wall Street Journal reported that federal regulators are preparing to reprimand the firm failing to improve its risk-management systems.

The rebuke from the Office of the Comptroller of the Currency and the Federal Reserve was so severe and unusual that it likely accelerated planning for Chief Executive Michael Corbat's retirement, The Wall Street Journal reported.

A merger between Swiss banking giants UBS and Credit Suisse is "quite unlikely," said Andreas Venditti, an analyst at money manager Vontobel, responding to rumors on a financial blog, as reported earlier.

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