Shares of banks and other financial institutions fell after JPMorgan Chase Chief Executive Jamie Dimon hinted at retirement plans.
At the annual shareholder meeting for the largest U.S. bank by assets, Dimon said he was no longer looking at a window of five years as he planned retirement.
Investors were nervous ahead of a change in the standard settlement time for U.S. stock trades, to T+1, or a day after the trade date, from T+3.
"When structural changes occur, the markets take note," said J.D. Joyce, president of financial advisory Joyce Wealth Management.
Still, Joyce said, concerns about "potential hiccups" from the first shift in settlement protocols since 1993 may be overblown.
Investment firm Grayscale Investments Chief Executive Michael Sonnenshein has stepped down, after a decadelong career helping build the company into the world's largest crypto asset manager.
Ivan Boesky, who went to prison and paid a record $100 million for insider-trading offenses following a bonanza during the peak of the junk-bond era on Wall Street in the mid1980s, died at the age of 87.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-20-24 1728ET
