Financial stocks fell premarket Friday, with the Financial Select Sector SPDR Fund (XLF) 1.5% lower recently.
The Direxion Daily Financial Bull 3X Shares (FAS) was down 4.3% and its bearish counterpart Direxion Daily Financial Bear 3X Shares (FAZ) was 4.2% higher.
Bank of America (BAC) said it will fully redeem on June 12 the 375 million Swiss francs ($454.6 million) principal amount outstanding of its 0.2525% senior notes due 2026. Shares of Bank of America fell by over 2% premarket.
Deutsche Bank (DB) is selling a significant risk transfer, or SRT, tied to $3 billion in corporate loans through transactions involving the sale of notes in exchange for yields that can frequently top 10%, Bloomberg News reported, citing unnamed sources familiar with the matter. Deutsche Bank shares were over 2% lower pre-bell.
The Swiss Federal Department of Finance, or FDF, said Friday it is contesting a ruling by the Federal Administrative Court that the reduction or cancellation of variable remuneration for former members of Credit Suisse's management during the company's takeover by UBS Group (UBS) was illegal. Shares of UBS Group declined by more than 2% premarket.
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