Financial Shares Sink Amid Inflation Data -- Financials Roundup

09/14/2021 | 05:26pm

Shares of banks and lenders tumbled as fresh data showed inflation climbed at a slower pace than economists expected in August.

Investors have been closely following inflation data for signs of whether the Federal Reserve might begin to scale back its easy-money policies. Tuesday's inflation reading appeared unlikely to change the Fed's plans. Many Fed officials have said in recent public statements that the central bank could begin reducing, or tapering, its monthly purchases of bonds by the end of this year if the economy performs as they anticipate.

In personnel news, Goldman Sachs Group Chief Financial Officer Stephen Scherr is retiring from the Wall Street powerhouse. Mr. Scherr, 57 years old, led the firm's years long push into Main Street banking before being named CFO in 2018. He will be succeeded at the end of the year by Denis Coleman, a leveraged-finance banker who has spent 25 years at the firm.

JPMorgan Chase is hiring two executives to revamp its online investing product, which has lagged behind rival internet brokerages during a boom in individual investing. The bank is bringing aboard executives who helped build investing platforms at rivals Bank of America and Goldman Sachs to take over its online wealth management and brokerage services, according to a memo reviewed by The Wall Street Journal.

China Evergrande Group moved closer to a potential restructuring of its $89 billion debt burden by hiring outside advisers, while the property developer's financial problems spilled over into angry protests at several of its offices.

 Write to Amy Pessetto at 

(END) Dow Jones Newswires

09-14-21 1725ET

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