Updated closing market conditions and stock prices throughout.
Financial stocks finished Monday mostly higher, clawing their way back with the wider market after an earlier selloff, but a few big names closed in the red.
Concerns about the economy sent stocks lower ahead of the long holiday weekend on Thursday and as second-quarter earnings season approaches, investors remained negative for much of Monday morning. But the NYSE Financial Sector Index, like the
Dow Jones Industrial Average
, fought back and closed up 26 points to 3804.
Bank of America
bucked the trend, falling 3.9% to $12.15 after a Credit Suisse analyst expressed concern about it's loan book. Analyst Moshe Orenbuche wrote that he expected charge-offs of $7.6 billion for the second quarter, up from $6.9 billion in the previous quarter. Orenbuch said another $1.9 billion is expected in home equity losses., despite claiming the top position among global asset managers in a
new survey by a U.K. market research firm.
also closed to the downside, shedding nine cents to $2.79 after it appointed three executives to new leadership roles overseeing the Asia Pacific region. The appointments come after the departure last month of
Ajay Banga for
. Stephen Bird and Shirish Apte were named as co-CEOs of the region and Shengman Zhang, who had served as the region's president, took the title of Asia Pacific chairman.
Many other big financial stocks, however, eked out gains.
added two cents to $23.10, after it announced plans to expand its investment banking business, as reported by
last week. The bank will combine investment banking and capital markets businesses formerly operating under the
Securities and certain Wells Fargo brands under the brand
Wells Fargo Securities.
BofA and Citi fell despite their appearance in a survey as among the biggest asset management companies in the world. BofA, with $1.5 trillion under management, took over the top spot from
, according to Scorpio Partnership's Global Private Banking KPI Benchmark 2009. UBS, with $1.39 trillion under management, took second place, followed by Citi in third with $1.32 trillion and Wells Fargo in fourth with $1 trillion.
UBS shares closed up seven cents to $12.08.
was up 1% to $32.60.
jumped 5.6% to $23.52 after the New York credit card issuer was upgraded to hold from sell by Stifel Nicholaus.
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