Financial stocks edged higher pre-bell Friday with the Financial Select Sector SPDR Fund (XLF) advancing by 0.1% recently.

The Direxion Daily Financial Bull 3X Shares (FAS) was up 0.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was slightly lower.

HSBC Holdings (HSBC) is forming a new Capital Markets and Advisory group by merging its global financing and investment banking operations. Shares of HSBC were down 0.5% premarket.

Citigroup (C) is cutting up to 200 IT contractors positions in China, Reuters reported, citing two people familiar with the matter. Citigroup shares were 0.5% lower pre-bell.