Financials Fall Alongside Bond Yields -- Financials Roundup
March 13 2018 - 8:37PM
Dow Jones News
Shares of banks, lenders and other financial companies fell
alongside a decline in bond yields. The 10-year yield fell after
the Labor Department said U.S. consumer prices rose moderately in
February, although at a slightly slower pace than the month before.
The consumer-price index, which measures what Americans pay for
everything from washing machines to hotel stays, rose 2.2% in the
year to February, below the 2.3% estimated by economists surveyed
by The Wall Street Journal. Inflation poses a threat to the value
of government bonds because it chips away at the purchasing power
of their fixed payments. In corporate news, foreign affiliates of
accounting firms KPMG, Deloitte Touche Tohmatsu and BDO agreed to
pay a total of about $390,000 to settle Securities and Exchange
Commission allegations that they improperly used other firms to
help them audit a South African company. Meanwhile, Bank of America
Corp. became the first big U.S. bank to unveil how much more its
CEO makes than its typical employee. The lender said in its annual
proxy filing that in 2017 Chief Executive Brian Moynihan earned 250
times as much as the median bank
employee.(Amy.Pessetto@wsj.com)
(END) Dow Jones Newswires
March 13, 2018 20:22 ET (00:22 GMT)
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