09:18 AM EDT, 06/02/2025 (MT Newswires) -- Financial stocks were leaning lower pre-bell Monday, with The Financial Select Sector SPDR Fund (XLF) down 0.5%.

The Direxion Daily Financial Bull 3X Shares ( FAS ) was down 1.2% and its bearish counterpart Direxion Daily Financial Bear 3X Shares ( FAZ ) was 1.4% higher.

HSBC ( HSBC ) will allocate $4 billion to its private credit funds, Reuters reported, citing an interview with Nicolas Moreau, chief executive of the company's asset management business. HSBC Holdings ( HSBC ) shares were up 0.5% premarket.

Citigroup ( C ) has appointed Wenjie Zhang as its country head and banking head for China, as well as the president and executive director of Citibank China, multiple media outlets reported, citing a statement from the bank. The company's stock was down 0.5% pre-bell.