09:22 AM EDT, 05/22/2024 (MT Newswires) -- Financial stocks were declining premarket Wednesday with the Financial Select Sector SPDR Fund ( XLF ) recently down 0.2%.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was 0.6% lower and its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was up 0.8%.

Citigroup ( C ) Global Markets has been fined 27.8 million pounds ($35.3 million) for failures in its trading systems and controls, the UK Financial Conduct Authority said. Citigroup ( C ) shares were 0.4% lower pre-bell.

Blackstone (BX) plans to grant equity to most employees at its large US buyouts, The Wall Street Journal reported, citing the company's executives. Blackstone stock was down 0.2% premarket.

Banco Bilbao Vizcaya Argentaria ( BBVA ) has hired Kreab, a public relations firm, to help it address the Spanish government's resistance to its hostile takeover bid for rival Banco de Sabadell, Bloomberg reported, citing people familiar with the matter. Banco Bilbao Vizcaya Argentaria ( BBVA ) shares were 0.1% higher pre-bell.