NEW YORK (
) -- Despite Friday's strong gains after hedge fund manager David Tepper made positive market comments, the
still ended the week flat.
Financial Select Sector SPDR
remained relatively flat for the week at $14.60.
A few financial firms seemed to dominate the headlines during the week.
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
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.
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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
Thursday reported disappointing third-quarter numbers from weak trading. Shares of
and others fell on the news.
Moody's Investor Services on Friday placed
on review for a possible downgrade to its loan-servicing grades. Media reports had said that
, a division of the renamed financial services firm
, 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.
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