Shares of banks and other financial institutions were more or less flat, as private-credit fears overshadowed otherwise strong earnings.
Asia-focused London bank HSBC set aside $400 million relating to an alleged fraud in private markets in the U.K., marring its quarterly results.
HSBC gave few details about the incident in its results Tuesday, beyond saying the provision reflected a "fraud-related, secondary, securitization exposure with a financial sponsor in the U.K."
Shares of New York investment firm KKR ticked down even after it swung to a quarterly profit, saying revenue at its insurance unit more than doubled.
Cryptocurrency exchange Coinbase said it was laying off 700 employees as part of a cost-cutting overhaul.
Artificial-intelligence firm Anthropic is releasing new AI agents tailored to banks and other financial services businesses-part of the artificial intelligence company's plan to expand its reach among enterprise customers as it charts a path to an anticipated initial public offering as early as this year.
The Securities and Exchange Commission proposed amendments that would give public companies the option to file reports semiannually, rather than on a quarterly basis as required by federal securities laws.
Paypal shares fell after the financial technology firm said it was speeding up its adoption of artificial intelligence and cutting costs.
Fiserv shares tumbled after the financial technology firm's sales of tech services to banks slowed.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
05-05-26 1718ET
