Financials Slip Ahead of Earnings -- Financials Roundup

Financials were the only sector in the red Tuesday, with shares slipping ahead of earnings from three of the biggest U.S. banks Friday. Morgan Stanley offered more clues into its slow-burning succession race, elevating a top trading executive seen as a favorite to eventually replace Chief Executive James Gorman. Ted Pick, Morgan Stanley's trading chief, will add oversight of investment banking, a move that puts him in charge of half of the firm's revenue and cements his frontrunner status. Morgan Stanley is also promoting Franck Petitgas, a longtime investment banker, to run all of the firm's international business. TP ICAP, the world's biggest interdealer broker, lost more than one-third of its market value after the company revealed it faces higher costs and that it parted ways with its chief executive. Deutsche Bank hired one of its top shareholders, New York private-equity firm Cerberus Capital, as a paid adviser to help the troubled lender tackle runaway costs and boost lagging profits.

Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

July 10, 2018 17:17 ET (21:17 GMT)

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