Financials Climb Alongside Bond Yields -- Financials Roundup

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07/09/2018 | 09:12 pm

Shares of financial firms rose alongside bond yields as higher yields tend to boost lending profitability.

Wells Fargo's chief economist is retiring from his post at the end of the month, the company said. John Silvia, who is based in Charlotte and leads Wells Fargo Securities' economics group, started at Wachovia in 2002 and has worked as chief economist since then.

Australian billionaire James Packer has stepped down from the board of his investment company, further reducing his involvement in his business empire after struggling with mental-health issues. A spokesperson for the investment company, Consolidated Press Holdings, confirmed that Mr. Packer had stepped down from the board "as he continues his recovery."

Citigroup Inc. moved to bolster its investment-banking operations in France, adding two senior bankers from UBS Group AG as it continues to tap its Switzerland-based rival for talent.

A former Goldman Sachs Group Inc. banker is in talks with U.S. prosecutors to potentially plead guilty to criminal charges stemming from an alleged scheme to steal billions of dollars from a Malaysian state investment fund, people familiar with the matter said. The one-time Goldman partner and Southeast Asia chairman, Tim Leissner, who hasn't been charged, is seeking an agreement with prosecutors that would involve his cooperation with the government's criminal fraud probe into 1MDB and Goldman, the people said. (

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