Shares of Wells Fargo (WFC) were an exception, finishing the day up by 2%.
In banking news, Morgan Stanley (MS) said it has received regulatory clearance to purchase the remaining 35% stake in brokerage Morgan Stanley Smith Barney from Citigroup (C), a deal that has been in the making for four years.
Morgan Stanley has since the crisis pushed more deeply into wealth management, which offers a less volatile revenue stream than traditional investment banking and trading activities.
Meanwhile, Citigroup has shed businesses it considers non-core. Shares of Morgan Stanley fell 0.9% , while that of Citigroup was down by over 2%.-- Written by Shanthi Bharatwaj in New York. >Contact by Email. Follow @shavenk
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV