Financials Down As Traders Hedge On Rates - Financials Roundup
Banks, lenders and other financial companies declined as traders hedged their bets on the outlook for interest rates. The Federal Reserve's cautious tone in the Wednesday policy statement persuaded many traders that the central bank would move gradually on rate hikes. Shares of AmTrust Financial Services fell more than 18% after the property-and-casualty insurer said its financial statements dating back to 2014 should be disregarded because of miscalculations of revenue and bonuses. Leveraged-buyout firm KKR is close to a deal to acquire insurance broker USI Insurance Services for about $2 billion, according to people familiar with the matter. Former Barclays Chief Executive Bob Diamond is planning a return to the City of London by joining forces with a Qatari investment group to buy 140-year-old stockbroker Panmure Gordon.
-Rob Curran, [email protected]