Investing.com - Financial stocks struggled to stay afloat Wednesday as a downgrade of Charles Schwab hampered the sector.
UBS lowered its rating of Schwab (NYSE:SCHW) to sell from neutral due to growth barriers, Briefing.com reported. The financial services company lost 2.3% in midday trading.
Meanwhile, UBS Group (NYSE:UBS) slipped 3% after the company was ordered to pay more than 4.5 billion euros ($5.1 billion) by a Paris court in a French tax fraud case. The company was found to be guilty of helping French clients store undeclared assets in Swiss accounts. UBS said it will appeal the decision.
Elsewhere in the sector, Goldman Sachs (NYSE:GS) fell 0.13%, while CME Group (NASDAQ:CME) slipped 0.7%. JPMorgan Chase (NYSE:JPM) rose 0.10%, while Bank of America (NYSE:BAC) increased 0.17%.