SEC charges Merrill Lynch with gatekeeping failures

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Banks stocks in broad decline ahead of the open

Large-capitalization bank stocks were broadly lower in premarket trade Wednesday, as the resignation of Gary Cohn, who was the head of President Donald Trump’s National Economic Council, spooked investors. In premarket trade, shares of Goldman Sachs Group Inc. fell 1.4%; Cohn is a former Goldman executive. Elsewhere, shares of J.P. Morgan Chase & Co. lost 0.8%, Bankd of America Copr. dropped 0.8%, Citigroup Inc. slid 0.8%, Wells Fargo & Co. gave up 1.0% and the SPDR Financial Select Sector ETF declined 0.8%. The broad-market selloff, with Dow industrials futures down 214 points, or 0.9%, has led to a decline in Treasury yields as investors moved into safe-haven Treasurys; lower Treasury yields can undercut banks’ profits as the spread the banks earn from the spread between longer-term assets, like loans, and short-term liabilities narrows.

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