Financial Services: No Ordinary Downturn
What started as a modest decline in the Nasdaq prior to the third quarter's earnings season has greatly accelerated in recent weeks. And the downturn has cast an especially powerful hex on the financial services industry. Fees from technology and telecommunications initial public offerings and high-yield bonds that propelled brokerages to astronomic heights have begun to tank. And if the market remains weak, depressed trading volumes and more limited equity gains on in-house portfolios could eat further into earnings. Shares of the financial giants are now off by as much as 30% since their highs in September.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Smartphones Are Killing Americans, But Nobody’s Counting
- Why a Pub in the Middle of Nowhere Was Named the World’s Best Restaurant
- Ford to Take $267 Million Hit From Recall of F-Series Trucks
- Facebook and Google Helped Anti-Refugee Campaign in Swing States
- Turns Out It Will Be Congress's Fault When Stocks Crash