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Shares of Banks and Lenders Rise on Economic Optimism -- Financials Roundup

08/24/2020 | 05:08pm EST

Shares of banks and lenders rose amid hopes for a strong economic rebound.

Many investment firms are waiving their charges on money funds to keep the yields that investors earn from dropping below zero.

Money-management giant BlackRock is waiving costs typically borne by customers for certain money-market funds to prop up investor yields, said people familiar with the matter.

Fidelity Investments, Federated Hermes Inc. and J.P. Morgan Asset Management are also ceding some fees to stave off negative yields. The moves are the latest sign of how a roughly $5 trillion piece of the financial system is bracing for new pressure as interest rates plummet.

Meanwhile, Ant Group, the Chinese financial-technology behemoth controlled by billionaire Jack Ma, is preparing for blockbuster share sales in Hong Kong and Shanghai and is planning to file its listing documents with exchanges in both cities this week, according to people familiar with the matter, kicking off a process that could have the company go public by October. The documents could shed light on what has been a closely guarded secret for years: how it actually makes money.

At beleaguered European banks, coronavirus is fast-tracking plans for fundamental restructuring after years of poor performance. Many of the region's most prominent lenders are tearing up old business models, cutting business lines or doubling down on domestic markets as they try to find a formula that works for them.


Write to Amy Pessetto at amy.pessetto@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
BLACKROCK, INC. -1.67% 703.47 Delayed Quote.39.94%
FEDERATED HERMES, INC. -0.07% 29.28 Delayed Quote.-10.16%
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