4 Financial Stock Stories Getting Tuesday Traction

Barclays PLC (NYSE:BCS): Current price $17.69

A couple of inside sources say that Barclays is conducting a strategic examination of its retail banking operations in the United Arab Emirates, which might lead to a divestiture of the unit. The United Kingdom’s number-four bank by market value confirmed Tuesday it is holding the review, but did not supply any further details. Under the aegis of Chief Executive Anthony Jenkins, Barclays is slashing a minimum of 3,700 jobs, pulling back compensation of senior bankers and shutting businesses across the group as it faces new regulatory constraints on risk.

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Citigroup Inc. (NYSE:C): Current price $51.80

Citi has hired David H. Tenney as its managing director and regional chief of sales for the Americas at its prime brokerage division, which supplies services to hedge funds. The bank said Tuesday in a statement that Tenney was previously employed at Forester Capital LLC, Russell Investments, and Goldman Sachs Group Inc., and will manage unified hedge-fund sales spanning prime brokerage, securities lending, and Delta One. Typically, Delta One products are derivatives linked with a group of securities.

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Wells Fargo & Co. (NYSE:WFC): Current price $43.30

In order to further built out its position as the top middle market commercial lender in the United States, Wells Fargo announced Tuesday the creation of an executive advisory board for its commercial banking operations in New England. The banking veterans Bob Smyth, Frederick Ferbert, and David Splaine will supply their expertise to assist in analyzing, enhancing and support of the growth strategy of Wells Fargo’s Boston Regional Commercial Banking Office.

The advisory board is a first for the Wells Fargo Commercial Banking team in Boston as it adds resources to address increasing demand for commercial banking services in New England, which reside over 3,000 Wells Fargo team members in all lines of business.

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The Blackstone Group (NYSE:BX): Current price $22.92

The Blackston Group announced on Monday that Fidelity Investments is its strategic partner in providing retail investors an example of the typically exclusive world of hedge fund investing. Fidelity’s Portfolio Advisory Service, which is a managed account offering, has commenced investing in the Blackstone Alternative Multi-Manager Fund.

PAS clients are comprised of Fidelity retail investors having a minimum account of $50,000 who get access to a portion of the outside money managers hired by Fidelity’s Strategic Advisers division. Launched in July, the alternative mutual fund is managed by Blackstone’s hedge fund unit and advised by close to one dozen hedge funds, including Wellington Management.

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