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Stock Market & Financial Investment News

News Breaks
January 29, 2014
05:34 EDTMTB, WFC, JPM, BACBanks play it safe to avoid government scrutiny, WSJ reports
U.S. banks increasingly are turning down customers involved in activities that are legal but could attract scrutiny from government regulators, reports the Wall Street Journal. By playing it safe, they're sacrificing revenue from a wide group of customers, from marijuana merchants and payday lenders to virtual-currency companies, online gamblers and people who have been convicted of a crime.Reference Link
News For JPM;MTB;BAC;WFC From The Last 14 Days
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November 11, 2014
14:30 EDTJPMBanks to be hit with billions in fines for currency manipulation, Telegraph says
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11:56 EDTBACAmerican Commercial weighs sale with value of over $1B, Financial Times says
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10:00 EDTJPMOn The Fly: Analyst Downgrade Summary
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07:06 EDTWFCJinkoSolar subsidiary signs $20M credit agreement with Wells Fargo Bank
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06:59 EDTBACBank of America's head of FICC trading to retire by year-end, WSJ reports
Bank of America's head of global fixed income, currencies and commodities trading trading, David Sobotka, will retire by year-end, the Wall Street Journal reports, citing an internal memo sent to employees. Sobotka is planning to take some time off before deciding on his next steps. Sources say BofA will name Sobotka's replacement by the end of the year. Reference Link
06:39 EDTJPMJPMorgan downgraded on valuation at Keefe Bruyette
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05:47 EDTJPMJPMorgan downgraded to Market Perform from Outperform at Keefe Bruyette
Keefe Bruyette downgraded JPMorgan to Market Perform with a $64 price target.
November 10, 2014
15:17 EDTJPMCFPB may require added disclosures on prepaid cards, WSJ says
The Consumer Financial Protection Bureau is expected to propose new rules later this week that will require more disclosure for prepaid debit cards and cracking down on allowing consumers to spend more money on the cards than they have, according to The Wall Street Journal, citing people familiar with the matter. The rules come as traditional financial institutions, such as JPMorgan (JPM) and American Express (AXP) have moved into the business and the industryís biggest players donít allow overdrafts so it is unclear whether the new rules will dent industry profits, the report said. Green Dot (GDOT) also does not permit overdrafts and Visa (V) recently excluded overdraft abilities in guidelines for its prepaid cards, the report added. Reference Link
07:12 EDTWFCCA Technologies to hold a conference
CA World 2014 is being held in Las Vegas on November 9-12.
06:53 EDTBACBank of America, U.S. Bancorp settle bond trustee class action, Reuters says
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06:46 EDTBAC, JPM, WFCRegulators set new capital buffer rule for banks, Reuters reports
Global banks should have buffers of bonds or equity worth 16%-20% of their risk-weighted assets, beginning in January 2019, The Financial Stability Board decided, according to Reuters. The board said the buffer would prevent the need for government bailouts, the news service explained. Publicly traded global banks include Bank of America (BAC), Citigroup (C), Goldman Sachs (GS), JPMorgan (JPM), Morgan Stanley (MS), U.S. Bancorp (USB) Wells Fargo (WFC), Banco Santander (SAN), Barclays (BCS), Credit Suisse (CS), Deutsche Bank (DB), HSBC (HSBC), ING Groep (ING), Lloyds Banking (LYG), RBS (RBS) and UBS (UBS). Reference Link
06:18 EDTJPMUBS to settle misconduct allegations at precious metals trading unit, FT reports
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November 9, 2014
13:00 EDTBACBofA looks for additional SEC sanctions to be waved, Bloomberg says
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November 7, 2014
10:30 EDTJPMJPMorgan eliminates 3K additional retail bank division staff, Reuters says
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November 6, 2014
16:39 EDTBACBank of America to revise Q3 EPS to loss of (4c)
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15:14 EDTJPMBank of France to hold a symposium
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14:52 EDTBACBofA executives concerned over departure of senior brokers, Reuters says
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13:46 EDTBACBofA execs grow worried after senior Merrill brokers depart, Reuters says
Top executives at Bank of America have grown increasingly worried and approached Merrill's leader John Thiel after top executives within the investment group have announced their departure the past few weeks, according to Reuters, citing three sources familiar with the matter. Reference Link
11:24 EDTJPM, WFC, BACHSBC, JPMorgan highest on FSB list of global systemically important banks
The Financial Stability Board published its updated list of global systemically important banks, placing HSBC (HSBC) and JPMorgan (JPM) in its highest "bucket" corresponding to required level of additional loss absorbency. Both of those banks were placed in bucket 4, which is associated with 2.5% in additional loss absorbency required. Banks in the next category, or bucket 3, include Barclays (BCS), BNP Paribas (BNPQY), Citigroup (C) and Deutsche Bank (DB). Other banks included on the updated list include Bank of America (BAC), Credit Suisse (CS), Goldman Sachs (GS), Morgan Stanley (MS), RBS (RBS), BNY Mellon (BK), ING Groep (ING), Banco Santander (SAN), Societe Generale (SCGLY), Standard Chartered (SCBFF), State Street (STT), UBS (UBS), and Wells Fargo (WFC). Of note, UBS is now in the lowest bucket, associated with 1% additional loss absorbency required. Reference Link
07:53 EDTJPMPepsi, Amazon among many said to have secret Luxembourg tax deals, ICIJ reports
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