(JPMorgan and other stock prices brought current in this update.)
NEW YORK (
was among the losers of the financial sector Thursday after U.K. regulators imposed a $49 million fine on the U.S. bank.
shares slipped 1% to $39.16 after the U.K. Financial Services Authority fined the bank 33.3 million pounds ($49 million) for failing to protect clients' funds. The fine is the largest the U.K. regulator has ever issued.
The FSA said JPMorgan between November 2002 and July 2009 failed to segregate client money of between $1.9 billion and $23 billion held by its futures and options business. Under the FSA's client money rules, firms are required to keep client money separate from the firm's money in segregated accounts with trust status to protect the client funds if the firm goes bankrupt, according to
The Associated Press
Other U.S. bank stocks were trading mixed following Wednesday's strong performance. On the upside,
rose 1.5% to $3.98.
On the other hand,
was down 1.2% to $26.85,
lost 1.1% to $28.85,
slid 0.7% to $143.79, and
Bank of America
slipped 0.4% to $15.83.
More on Citi Top 10 Buy-Rated Stocks Under $5
American International Group's
were also trading lower after U.K. insurer
said Thursday the agreement to acquire
has been terminated.
said it was in negotiations to end the deal to buy AIA for $35.5 billion. Prudential had faced strong resistance from shareholders who believed it was paying too much for AIA, and was uncertain whether it could win the required 75% backing from shareholders.
AIG shares were down 0.3% to $34.96, and Prudential PLC shares trading in New York were off 3.1% to $16.07.
were up 1.5% to $16.69 after FBR Capital Markets upgraded the stock to outperform from market perform, citing "modestly higher short-term interest rates and sharply higher client activity levels."
Among other ratings changes, Credit Suisse upgraded
to outperform from neutral. Meanwhile, Stifel Nicolaus cut its rating on
to sell from hold, arguing that the probability of bankruptcy has risen significantly on disappointing results of a bondholder vote on debt restructuring.
Despite the upgrade, KeyCorp shares were down 0.4% to $8.21. American Capital shares dropped 8.1% to $4.80.
-- Written by Robert Holmes in Boston
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