Goldman Sachs shares were up more than 2% after the company said its fourth-quarter profit nearly tripled from the year-ago period. Meanwhile, JP Morgan shares slipped about 1%. The bank topped quarterly expectations but further detailed the fallout from more than $6 billion in trading losses last year, The Wall Street Journal reported.
“The outsized, complex trades on credit default swaps tied to corporate bonds became known as the ‘London Whale.’ On Wednesday, the bank made public an internal report outlining mistakes and oversights by executives who played a role in the matter,” WSJ said.
XLF, the financial ETF, was flat in early trading Wednesday. JP Morgan is the fund’s largest holding at 8.4% of the portfolio. Goldman Sachs represents 2.9% of the ETF.
Financial Select Sector SPDR
