Financials Flat As Treasury Yields Continue To Climb -- Financials Roundup

Shares of banks and other lenders and money managers were more or less flat as Treasury yields continued to climb.

The yield on the 10-year Treasury note hit the highest level since March, boding well for banks' profit margins on loans.

An $850 million legal charge will push Credit Suisse Group into a net loss in the fourth quarter, denting what had been a strong performance by the Swiss banking giant last year.

German bank Commerzbank said it would write off goodwill of roughly 1.5 billion euros ($1.84 billion) and increase its risk provisions, in recognition of the hit facing European banks from long-term low interest rates and the coronavirus pandemic.

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(END) Dow Jones Newswires

01-08-21 1725ET