09:21 AM EDT, 10/10/2024 (MT Newswires) -- Financial stocks were declining premarket Thursday, with The Financial Select Sector SPDR Fund ( XLF ) down 0.2%.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was 0.5% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 0.8% higher.

Franklin Resources ( BEN ) shares were down more than 1% after the company reported lower month-over-month preliminary month-end assets under management of $1.679 trillion as of Sept. 30.

HSBC Holdings ( HSBC ) Chief Executive Georges Elhedery plans to lay off senior bankers to reduce as much as $300 million, Financial Times reported, citing unnamed people familiar with the matter. HSBC Holdings ( HSBC ) shares were 0.3% higher premarket.

UBS (UBS) Chief Operations and Technology Officer Mike Dargan is confident that the integration of Credit Suisse is "bang on target" after a successful test migration of hundreds of Credit Suisse clients from Hong Kong and Singapore to the UBS platform, Reuters reported. UBS shares were down 0.1% pre-bell.