Morning roundup: Bank of America to rethink advertising

Here's a look at what's news in banking and finance this morning:

• Bank of America says it wants to rethink its advertising strategy, and has put its account in review, according to The New York Times. The last time this was done was in 2005.
• JPMorgan Chase is likely to keep its distinction of being the country's most profitable bank when it reports earnings this week, but Wells Fargo is closing in, Bloomberg says. Profits at the San Francisco bank are at an all-time high.
• As banks prepare for proxy season, experts expect investors to increasingly push for measures to cut executive pay, the Wall Street Journal reports.
• Both U.S. and European banks are slicing their spending in Asia, mostly to control costs, Reuters says.
• Republican presidential candidate Jon Huntsman could align himself with Democrats on bank regulation, The New York Times' Economix blog posits. The former Utah governor has made the strongest statements about limiting big banks.