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Stock Market & Financial Investment News

News For BAC;JPM;WFC;USB From The Last 14 Days
Check below for free stories on BAC;JPM;WFC;USB the last two weeks.
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May 14, 2013
18:02 EDTJPMJPMorgan vote to split CEO and Chairman role just above 40%, WSJ reports
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10:53 EDTBACBank of America breakout continues, levels to watch
The breakout back above what was persistent resistance at the $12.50 area has now taken on a firmer bullish footing. Shares are trading at multi-year highs, last at $13.25. At that price, resistance is now at $13.56 and then at $13.84. Support is at $13.01.
08:44 EDTBACBank of America management to meet with Deutsche Bank
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08:33 EDTWFC, USB, BAC, JPMCFTC investigates swap contracts, FT reports
The Commodity Futures Trading Commission issued a “special call” asking Wall Street banks and other traders to provide documents that would prove recent derivatives transactions known as “exchanges of futures for swaps” were legal. Lawyers at the CFTC enforcement division are also scrutinizing the trades for possible violations. The probe is into the legitimacy of more than 1M energy and metals transactions by the biggest traders in commodities markets over the past two years.Reference Link
08:24 EDTJPMDavid Tepper says has 'small position' in JPMorgan
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07:28 EDTJPMUBS to host a conference
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06:19 EDTBAC, WFCBrokerage firms see market share drop, competition increase, Bloomberg reports
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05:58 EDTJPMJP Morgan volatility at low end of six-year range
JP Morgan May call option implied volatility is at 22, June is at 20, August and September at 19; compared to its 26-week average of 22 according to Track Data, suggesting non-directional price movement.
05:44 EDTJPMBanks work deals from both sides of the field, WSJ reports
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May 13, 2013
15:04 EDTBAC, WFC, USB, JPMFed says large banks must submit midyear stress tests on July 5
Eighteen large U.S. bank holding companies are required to submit the results of their company-run, midyear stress tests to the Federal Reserve on July 5, the Federal Reserve said. The Dodd-Frank Wall Street Reform and Consumer Protection Act required that large bank holding companies and non-bank financial institutions that are designated for Federal Reserve supervision by the Financial Stability Oversight Council conduct two stress tests each year. In the midyear test, which is being conducted for the first time in 2013, each firm develops its own baseline, adverse, and severely adverse scenarios to best reflect its individual operations and risks. Each firm in the midyear test is required to release the results produced under its severely adverse scenario, helping promote market discipline and understanding of the financial conditions and risks of individual firms, between September 15 and September 30, the Fed added.
07:41 EDTJPMDimon role may be decided by board director Raymond's view, NY Times reports
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07:07 EDTJPMJPMorgan shares offer good value, says Bernstein
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06:22 EDTJPMJPMorgan's Dimon has considered leaving the bank, WSJ reports
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May 10, 2013
14:21 EDTJPMJPMorgan directors recommend against splitting Chairman, CEO roles
Two of JPMorgan's directors, Lee Raymond and William Weldon, sent a letter to shareholders of the bank urging for re-election of all its existing directors and supporting Jamie Dimon continuing as both Chairman and CEO. The directors, who identified themselves as the Presiding Director and the Chairman of the Corporate Governance & Nominating Committee, stated: "We believe that a vote against our current Directors or a vote to permanently separate the Chairman and CEO positions could be disruptive to the Company and is not in shareholders’ best interests," according to a copy of the letter posted online by Financial Times. Reference Link
10:01 EDTUSBU.S. Bancorp awardeed $65M of new markets tax credit allocation
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08:40 EDTUSBU.S. Bancorp management to meet with Deutsche Bank
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07:33 EDTBACNew York's case against BofA, Merrill may be dropped, Reuters reports
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05:30 EDTBACKeyBank to acquire Bank of America CMBS servicing portfolio, Berkadia CMBS business
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May 9, 2013
17:12 EDTJPMJPMorgan sued by California for "fraudulent, unlawful debt-collection practices"
Attorney General Kamala D. Harris filed an enforcement action against JPMorgan Chase alleging that the bank engaged in fraudulent and unlawful debt-collection practices against tens of thousands of Californians. The suit alleges that Chase engaged in widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California credit card borrowers over at least a three-year period. Chase used California’s judicial system as a mill to obtain default judgments, the suit alleges, using illegal tactics to flood the state’s court system in order to secure default judgments and garnish wages from Californians. Reference Link
14:30 EDTBACOptions Update; May 9, 2013
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