Financials Rise as GOP Proposes Corporate Tax Cuts -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies gained, with some analysts saying the Republican proposal to cut the corporate tax rate to 20% from 35% would be a boon for those businesses.

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Credit Suisse reported a sharp rise in third-quarter profit on strong growth at its wealth-management division, indicating the Swiss banking giant's strategic shift toward managing wealthy clients' money is paying off.

Robert Mercer, co-chief executive of hedge-fund firm Renaissance Technologies LLC, is resigning, according to a letter sent by Mr. Mercer to the firm's investors.

-By Amy Pessetto, amy.pessetto@wsj.com

(END) Dow Jones Newswires

November 02, 2017 17:26 ET (21:26 GMT)