Shares of banks and other financial institutions fell as rising Treasury yields put stress on risky areas of the credit markets.
JPMorgan Chase said it was establishing a new team of investment bankers focused on small-cap companies valued at between $100 million and $500 million, executives said. The move comes after a period when Wall Street investment bankers concentrated efforts on mega-deals such as the SpaceX, Anthropic and Cerebras initial-public offerings.
Italian lender UniCredit said it increased its stake in German rival Commerzbank to nearly half, taking it close to majority control of the bank following a takeover push.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
