Financials Lower on Rate Caution -- Financials Roundup

Features Dow Jones Newswires

Banks, lenders and other financial companies ticked down as traders displayed caution on the outlook for interest rates.

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Federal Reserve Bank of Dallas President Robert Kaplan, a voting member of the rate-setting committee, appeared to express openness to raising rates when the U.S. central bank meets in December.

President Donald Trump's interim pick to run the Consumer Financial Protection Bureau -- Mick Mulvaney, the White House budget chief who is a harsh critic of the agency -- arrived on Monday and started work in the director's office, according to the White House's Office of Management and Budget.

But Leandra English, appointed Friday to lead the CFPB, was also in touch with employees asserting herself as acting director, reflecting a dispute between the incumbent leadership of the agency and the White House over succession protocol.

UBS Group is pulling out of a recruitment accord brokerage firms adopted more than a decade ago, the latest indication of how Wall Street is adjusting to increased competition from independent advisers.

Shares of Swiss bank Julius Baer fell after Chief Executive Boris Collardi said he was leaving to join Swiss rival Pictet.

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The price of bitcoin surged above $9,500 Monday for the first time, continuing a rally that has seen the digital currency gain 900% this year and more than $1,000 in the last few days.

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

November 27, 2017 17:46 ET (22:46 GMT)