News For GS;JPM;USB;MS;BAC;WFC;C From The Last 14 Days
|November 17, 2014|
|06:18 EDT||JPM||JPMorgan reports October net credit losses 2.26% vs. 2.24% last month|
Reports October delinquency rate 1.34% vs. 1.30% last month.
|November 16, 2014|
|17:42 EDT||JPM||JPMorgan settles mineral rights suit in Texas, Bloomberg says |
JPMorgan settled a lawsuit by Texas mineral-rights owners that accused the bank of negotiating "sweetheart deals" with oil company clients to cheat them out of $681M in compensation, says Bloomberg. Beneficiaries of the South Texas Syndicate Trust alleged that JPMorgan entered into favorable deals for its commercial banking clients on the trust’s rights in the Eagle Ford, added Bloomberg. Reference Link
|November 13, 2014|
|17:35 EDT||WFC||Ocwen unit signs mutual termination agreement with Wells Fargo |
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|17:32 EDT||WFC||Wells Fargo, Ocwen agree to cancel sale of mortgage servicing rights|
Wells Fargo & Co. (WFC) announced that its subsidiary, Wells Fargo Bank, N.A., and Ocwen Loan Servicing have mutually decided to cancel a previously announced sale to Ocwen of certain Wells Fargo residential mortgage servicing rights. Cancelation of the transaction is not expected to be material to Wells Fargo’s consolidated financial results.
|12:53 EDT||WFC||Wells Fargo sees Q4 mortgage originations to decline from Q3|
Expects Q4 mortgage originations to decline from Q3, reflecting normal seasonality in purchase market, while gain on sale margin is expected to remain within range of last four quarters. Expects to operate within targeted efficiency ratio range of 55%-59% in Q4. Wells Fargo said that while there is potential for continued net interest margin pressure, focus remains on growing net interest income over time. The comapny said it expects future reserve releases absent signification deterioration in the economy, but expect a lower level of future releases as the rate of improvement in credit loans and loan portfolio grows. Expects share count to continue to decline in Q4 as result of anticipated net share repurchases. Says mortgage business profitable and very pleased with that segment. Comments taken from slides for presentation at Bank of America Merrill Lynch Banking and Financial Services Conference.
|08:47 EDT||GS||Goldman Sachs management to meet with JMP Securities|
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|08:33 EDT||WFC||Wells Fargo sells federal student loans to Navient|
Wells Fargo & Co. (WFC) Education Financial Services announced that Navient (NAVI) will purchase a principal balance of $8.5B of Federal Family Education Loan Program loans, which are included in Wells Fargo’s held-for-sale loan portfolio. Due to a change in federal law, Wells Fargo has not issued federal student loans since June 30, 2010. This sale supports Wells Fargo’s ongoing strategic focus on its private student lending business. “By selling these FFELP loans to Navient, Wells Fargo will be in a position to focus more on meeting the needs of our private student loan customers,” said John Rasmussen, head of Wells Fargo’s Education Financial Services. “We are deeply committed to the private student loan business because next to purchasing a home or saving for retirement, paying for an education is one of the most important financial events for our customers.” ). The sale is expected to close in a series of transactions, substantially all of which are expected to be completed in fourth quarter 2014, subject to customary closing conditions. Terms of the transaction were not disclosed and the sale is not material to Wells Fargo.
|07:38 EDT||JPM||Bloomberg Link to hold a conference|
The Year Ahead: 2015 is being held in Washington, D.C. with a pre-conference dinner on November 13 followed by company presentations on November 14,