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Stock Market & Financial Investment News

News Breaks
February 4, 2013
07:39 EDTBAC, JPM, WFC, USBBank of America takes new mortgage course, WSJ reports
Bank of America (BAC) has cut back its mortgage business, but is still making a lot of money from it, reports the Wall Street Journal's. In the fourth quarter of 2012, BofA originated about $22B, about a third of what it produced in Q1 of 2011. The bank's gain-on-sale margin, or the revenue it books divided by the value of mortgages originated, was 4.33%, compared with about 2.85% at J.P. Morgan Chase (JPM), 2.56% at Wells Fargo (WFC) and about 2.13% at U.S. Bancorp (USB). The trouble is, BofA may be hard-pressed to sustain this performance, especially if interest rates on government bonds continue to rise. That will put more pressure on the bank to boost its share of the mortgage market so that it can maintain this revenue source, the Journal says. Reference Link
News For BAC;JPM;WFC;USB From The Last 14 Days
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September 9, 2014
09:36 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL KNDI NFLX YHOO TWTR TSLA C BAC FB MCD
07:29 EDTWFCUBM Canon to hold a summit
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07:13 EDTUSBU.S. Bancorp long-term goals include ROE 16%-19%
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07:11 EDTWFCUBM Tech to hold a conference
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06:33 EDTWFC, USB, BAC, JPMFed looks set to pressure large banks to shrink, NY Times says
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06:32 EDTJPM, BAC, WFCFed to require large US banks to have extra financial padding, WSJ reports
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September 8, 2014
16:00 EDTBACOptions Update; September 8, 2014
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10:48 EDTBACBank of America upgraded as legal issues recede
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10:06 EDTBACOn The Fly: Analyst Upgrade Summary
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09:40 EDTBACActive equity options trading on open
Active equity options trading on open according to Track Data: AAPL TWTR TSLA YHOO BAC FB MSFT NFLX GILD MCD
07:24 EDTJPM, WFCBarclays to hold a conference
Global Financial Services Conference to be held in New York on September 8-10.
05:40 EDTBACBank of America upgraded to Buy from Neutral at Goldman
Goldman Sachs upgraded its rating on Bank of America (BAC) shares to Buy citing the resolution of a lot of the bank's legal issues and the shift of its earnings mix towards higher growth businesses. Goldman raised its price target for shares to $19 from $17. Bank of America closed Friday down 9c to $16.02.
September 5, 2014
16:01 EDTBACOptions Update; September 5, 2014
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09:06 EDTBAC, JPMCFTC concerned about banks shifting trading operations overseas, WSJ says
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07:26 EDTBAC, JPMApple strikes transaction fee discount deals, Bank Innovation says
Apple (AAPL) has reached deals with American Express (AXP), JPMorgan (JPM), Citigroup (C), Capital One (COF), and Bank of America (BAC) to lower card transaction fees for its soon to be launched payments venture, said Bank Innovations, citing an earlier report from Tom Noyes and confirmation by its own sources. Apple has both convinced them to consider its transactions as “card present,” which carries a lower discount rate, and has also managed to bump down the actual “card present” rate by 15 to 25 basis points, according to people with knowledge of the matter, the report noted. Reference Link
06:27 EDTJPMHealthCare.gov insurance site breached by hacker in July, WSJ reports
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September 4, 2014
16:00 EDTBACOptions Update; September 4, 2014
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06:40 EDTJPM, BAC, WFC, USBAgencies finalize liquidity rule for large banks
The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized a rule yesterday that they said would strengthen the liquidity positions of large financial institutions. The rule will for the first time create a standardized minimum liquidity requirement for large and internationally active banking organizations., according to the agencies. Each institution will be required to hold high quality, liquid assets, or HQLA, such as central bank reserves and government and corporate debt that can be converted easily and quickly into cash in an amount equal to or greater than its projected cash outflows minus its projected cash inflows during a 30-day stress period, the agencies explained. The ratio of the firm’s liquid assets to its projected net cash outflow is its “liquidity coverage ratio,” or LCR, they said. The LCR will apply to all banking organizations with $250B or more in total consolidated assets or $10B or more in on-balance sheet foreign exposure and to these banking organizations’ subsidiary depository institutions that have assets of $10B or more, the agencies reported. The rule also will apply a less stringent, modified LCR to bank holding companies and savings and loan holding companies that do not meet these thresholds, but have $50B or more in total assets. Bank holding companies and savings and loan holding companies with substantial insurance or commercial operations are not covered by the final rule. The final rule is largely identical to the proposed rule, with a few key adjustments in response to comments from the public, the agencies stated. Those adjustments include changes to the range of corporate debt and equity securities included in HQLA, a phasing-in of daily calculation requirements, a revised approach to address maturity mismatch during a 30-day period, and changes in the stress period, calculation frequency, and implementation timeline for the bank holding companies and savings and loan companies subject to the modified LCR. Publicly traded companies in the space include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).
06:30 EDTJPMJPMorgan probe reveals computers rerouted data to Russia, Bloomberg says
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06:13 EDTWFCWells Fargo implied volatility of 12 at lower end of index mean range
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