(Updates stock price moves throughout)
Financial stocks finished lower Monday, with
among the decliners after the company announced it has launched a debt exchange.
E*Trade on Monday launched a
as part of its
announced last week.
E*Trade is offering to exchange more than $1 billion of convertible debentures due in 2019 for all of its 8% senior notes due in 2011. The company is also offering the exchange to holders of a portion of its 12.5% springing lien notes due in 2017, it said. Citadel Investment Group, E*Trade's largest stock and bondholder, has agreed to participate in the debt exchange offer.
Shares of E*Trade ended down 5.6% to $1.19. The stock is still higher by about 7% in 2009.
shares slid 4.2% to $16.63.
is reportedly on pace to pay out record bonuses after a strong first half of 2009.
reported that the firm's London staff they could look forward to the bonus hikes if the company registers its most profitable year ever. A drop in competition and a surge in revenue from trading foreign currency, bonds and fixed-income products have benefitted the company, the newspaper said.
Goldman shares finished down 4.3% to $137.01. Among related stocks,
was gave back 6.1%,
slid 5.8%, and
said late Friday that
, the chief executive of Citi Asia Pacific, will leave the firm to assume the number two spot at
Banga, who has been with Citi for the past 13 years, will join MasterCard in August to become president and chief operating officer , as well as heir apparent to CEO Robert Selander, according to
The Wall Street Journal
Citi shares fell 5.4% to $3. MasterCard shares declined 2.8% to $156.78.
Royal Bank of Scotland
shares were losing more than 2% after a report that the bank will unveil a 9.6 million pound pay package for CEO Stephen Hester, after securing support for a long-term incentive plan from shareholders last week.
The Financial Times
reported that the long-term incentive plan relies on a mix of targets, including relative total shareholder return and absolute share price performance.
report comes just days after the group's former CEO, Fred Goodwin, agreed to take a sharp reduction in his annual pension. RBS shares fell 4.7% to $11.67.
Among analyst moves, RBC Capital Markets upped its stock price target for
Discover Financial Services
to $10 from $8, although the stock still finished lower Monday. Discover dipped 0.1% to $9.31.