Skip to main content



) -- Despite Friday's strong gains after hedge fund manager David Tepper made positive market comments, the

financial sector

still ended the week flat.


Financial Select Sector SPDR

(XLF) - Get Financial Select Sector SPDR Fund Report

remained relatively flat for the week at $14.60.

A few financial firms seemed to dominate the headlines during the week.

First up,


(HSBC) - Get HSBC Holdings Plc Report

is apparently going through an executive shake-up, spurred by Chairman Stephen Green's decision to leave the firm at the end of the year in order to become the U.K.'s Trade Minister. Earlier this week, HSBC's CEO Michael Geoghegan threatened to quit if he was not promoted to chairman, media reports said.

More recently, the

Financial Times

TheStreet Recommends

reported that Geoghegan would step aside to be replaced by global markets boss Stuart Gulliver. HSBC's finance director Douglas Flint will take over the chairmanship position vacated by Green.

> > Bull or Bear? Vote in Our Poll

Bank of America (BAC) - Get Bank of America Corp Report

said early in the week that its capital markets group could see layoffs at certain profit-challenged businesses.

The investment banks found themselves in hot water this week, after

Jefferies Group

(JEF) - Get Jefferies Financial Group Inc. Report

Thursday reported disappointing third-quarter numbers from weak trading. Shares of

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report


JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. Report



(EVR) - Get Evercore Inc Class A Report

and others fell on the news.

Moody's Investor Services on Friday placed

GMAC Mortgage

on review for a possible downgrade to its loan-servicing grades. Media reports had said that

GMAC Mortgage

, a division of the renamed financial services firm

Ally Financial

, was halting all foreclosures in 23 states in order to sort out certain legal processes that were apparently challenged.

However GMAC denied the claim that all foreclosures were being halted. Rather, GMAC Mortgage temporarily suspended evictions and real-estate owned (REO) closings related to certain foreclosures that have been challenged in court, it said.

--Written by Laurie Kulikowski in New York.

To contact the writer of this article, click here:

Laurie Kulikowski


To submit a news tip, send an email to:


Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.