Regulators probe BlackRock, Vanguard, StateStreet over bank stakes, WSJ says

Banking regulators are scrutinizing whether BlackRock (BLK), Vanguard, and State Street (STT) are taking passive roles when it comes to their investments in U.S. banks, Andrew Ackerman of The Wall Street Journal reports. The three firms manage more than $23T, with a lot of it in funds that mimic indexes such as the S&P 500. Regulators have an interest in policing who owns and controls bank stocks due to their role in the economy. BlackRock and Vanguard currently each hold more than 10% of shares at many banks and State Street also holds a number of sizable stakes.