Shares of banks and other financial institutions fell as turmoil continued in the sector.
Deloitte is considering a plan to split its global audit and advisory practices, following an effort by fellow Big Four accounting firm Ernst & Young to potentially split its advisory arm, according to people familiar with the matter. The moves would mark the biggest upheaval in the accounting industry in decades, delivering windfalls to tens of thousands of the firms’ partners and creating two new consulting giants and two stripped-down auditing firms.
Meanwhile, Securities and Exchange Commission Chairman Gary Gensler said he has asked agency staff to consider requiring brokerages to route orders from individual investors to buy. or sell shares at auction, as part of an effort to increase competition in the marketplace. The potential change would represent a major overhaul of the lucrative trade execution business on the stock market. The goal would be “to ensure full competition among all market players to provide the best prices for retail investors,” Gensler said in prepared remarks for a keynote at the Piper Sandler Global Exchange & FinTech conference. At New York.
Treasury Secretary Janet Yellen said the Biden administration is considering ways to reconfigure tariffs on imports from China to help ease decades-high inflation. Ms Yellen, speaking at a House Ways and Means Committee hearing, said she expected the administration to have more information about its plans in the coming weeks, although that there is no specific timetable.
Credit Suisse Group has warned that its capital position is eroding and that it expects another quarterly loss due to weak market conditions and lower profits at its investment bank.
KPMG said it left Russia and Belarus altogether amid the invasion of Ukraine, about three months after announcing its intention to do so.
A measure of mortgage applications fell to its lowest level in 22 years last week, another sign that the US housing market is coming back to earth after a two-year period. Applications fell 6.5% in the week ended June 3, the fourth straight week of declines, according to the Mortgage Bankers Association. Refinance and purchase activity fell 6% and 7%, respectively.
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(END) Dow Jones Newswire