Shares of Banks and Lenders Move Higher -- Financials Roundup

Shares of banks and other lenders and money managers edged higher in the last hour of trading.

The Federal Reserve announced Friday its latest round of changes to boost participation in its $600 billion lending effort targeting small and midsize businesses amid difficulty by Congress and the White House in reaching agreement on a new round of relief measures.

Friday's changes reduced, for the third time, the minimum loan amount under the program-to $100,000, from $250,000. The changes also revamped the fees banks can charge borrowers to encourage greater production of smaller loans.

Credit Karma is in talks to sell its tax-preparation business to Square Inc., according to people familiar with the matter, a move meant to head off potential antitrust objections to the personal-finance portal's pending $7.1 billion sale to TurboTax maker Intuit.

KKR posted a big jump in third-quarter profit as the value of its private-equity portfolio surged.

More than five million individual investors lined up for the Shanghai segment of financial-technology giant Ant's IPO, placing orders that exceeded the shares reserved for small investors more than 870 times.

Write to Amy Pessetto at amy.pessetto@dowjones.com

(END) Dow Jones Newswires

10-30-20 1736ET