Financial Sector Review: Goldman Sachs Loses More Leaders
Assurant, Inc. (NYSE:AIZ): The WSJ reports that New York’s Department of Financial Services has launched an investigation into financial firms in the state for charging excessive fees on lapsed insurance policies, causing shares of Assurant to dip. The shares closed at $38.05, down $2.48, or 6.12%, on the day. Its market capitalization is $3.50 billion.
Franklin Resources, Inc. (NYSE:BEN): December data shows assets under management deteriorated amid an estimated $8B of net outflows, causing Franklin Resources to take a hit. Keefe Bruyette cuts the stock to Market Perform on the news and Citigroup lowers it to Neutral. The shares closed at $96.67, down $5.13, or 5.04%, on the day. Its market capitalization is $21.02 billion.
Goldman Sachs Group, Inc. (NYSE:GS): 2 of the 4 co-heads of Goldman’s global securities division announce their retirement, continuing the exodus on Wall Street. Goldman has seen a number of its 450 partners leave in recent months and has had to lay off more than 1K employees. The shares closed at $99.76, up $1.43, or 1.45%, on the day. Its market capitalization is $49.11 billion.