U.S. Stocks Down, Citigroup Inc. (NYSE:C) Among The S&P 500’s Top Losers


The U.S. financial sector is facing a decline on Friday, with many companies, including Citigroup Inc. (NYSE:C), First Horizon National Corporation (NYSE:FHN) and E TRADE Financial Corporation (NASDAQ:ETFC), among the S&P 500’s top losers.

Overall, stocks are down today endangering three straight days of gains driven by corporate earnings, on more fears about Europe as a region of Spain unveiled a plan to seek the central government’s help to pay off its loans.

Shares of First Horizon lost more than 5% today after the company said late Thursday that it faced a second-quarter loss, due to a hit from charges related to its mortgage buybacks and it its provision for bad debts that had grown. E-Trade shares retreated 4% today after saying its second-quarter profit dropped 16% as the company generated sharply weaker revenue amid weak trading volume.

[article_detail_ad_1]Citigroup shares dropped over 2% after the appointment of Willard McLane to lead its Asian Corporate and Investment Banking as well as head its Financial Institutions Group across the Asia Pacific region, according to a person close to the matter.

Before this, Mr. McLane was working as a managing director at Morgan Stanley (NYSE:MS) and was leading its Asia Pacific Financial Institutions Group. Mr. McLane has played a role in some of the biggest Asian investment banking deals in recent times, including the market debut of the Agricultural Bank of China and the initial public offering of pan-Asian insurer AIA Group Ltd. He was also a part in the plan by Singapore’s DBS Group Holdings Ltd. to takeover PT Bank Danamon.

The person said he will be based in Singapore. Southeast Asian firms are increasing their global objectives, with acquisition deals at record volumes and over twofold pace as compared to last year, however deal-making has slowed in greater part of the world.

 


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