Banks, lenders and other financial companies fell after warnings of a slowdown on trading desks in the latest quarter.
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Bank of America Chief Executive Brian Moynihan said at a banking conference in New York on Tuesday that trading revenue is likely to fall around 15% in the fourth quarter compared with the year-earlier period. Similarly, JPMorgan Chase Chief Financial Officer Marianne Lake also said trading revenue is expected to fall 15% in the quarter, addressing the same conference.
Deutsche Bank received a subpoena earlier in the fall from U.S. special counsel Robert Mueller's office related to the lender's business with President Donald Trump, The Wall Street Journal reported.
--Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
December 05, 2017 16:31 ET (21:31 GMT)