NEW YORK (TheStreet) -- It's tough to stay focused on finance on days when Apple (AAPL) is making an announcement, but the Cupertino, Calif.-based made it easier on Monday by touting innovations with its Apple Pay system. Meanwhile, General Electric (GE) is said to be close to closing the sale of its private equity lending unit, and Deutsche Bank (DB) faces more trouble.
Apple's Worldwide Developer Conference is under way in San Francisco. While the event focuses on giving developers a chance to learn more about Apple's iOS and OS X operating systems, the event is also a chance for Apple to announce new products, or enhanced features on existing products.
Monday's announcements did not disappoint: Apple announced that its Apple Pay mobile payments platform will soon accept credit cards from retailers such as Kohl's, J.C. Penney, and BJ's Wholesale Club. Apple Pay will also be available at 250,000 locations across the pond in the the U.K.
Also, Apple mentioned something exciting about music streaming...
Shares of Apple dropped 85 cents to $127.80.
General Electric was expected to sign a deal with the Canada Pension Plan Investment Board (CPPIB) on Monday, according to the Wall Street Journal.
General Electric is planning to sell its private equity lending unit in the company's continuing effort to shed most of its finance business. The lending unit's assets are estimated to be $10 billion, representing a sizeable portion of the $200 billion worth of GE Capital assets the company plans to sell. As the company pares down its financing arm, it will focus on manufacturing businesses and shed its designation as a systemically important financial institution (SIFI), which imposed stricter regulatory requirements.
Shares of General Electric closed down 5 cents at $27.24.
It's been an eventful few months for Frankfurt-based Deutsche Bank. On Sunday, the bank announced that its co-CEOs were resigning and that former UBS (UBS) CFO John Cyran would be taking their place.
The bank has been riddled with scandals and billions of dollars in fines in recent years. It agreed in April to pay $2.5 billion to U.S. and U.K. regulatory authorities for its role in rigging benchmark rates. Now the bank is also tasked with investigating potentially $6 billion in money laundering transactions originating from Russian clients, according to Bloomberg.
Though, according to a Bloomberg source: "The misconduct was on the part of the client. The bank got used. The internal probe will try to determine how the bank got used."
Perhaps there's some solace in that?
Meanwhile, Deutsche Bank shares closed up $1.52 at $32.15.