Wednesday, March 21, 2012

Wells, JPMorgan make 'bank honor roll'

Welcome to the morning roundup. Here's a look at what's news in banking and finance this morning.

Wells makes 'honor roll.' Wells Fargo was one of two major banks to make the Keefe, Bruyette and Woods "Bank Honor Roll," reports, along with JPMorgan Chase. The list is described as "beacons of growth in a growth-challenged industry" that have grown earnings even in a tough environment.

Bad loans. Big banks are doing a better job working out bad commercial real estate loans than their smaller counterparts, the Wall Street Journal says. Delinquency remains high, but banks with assets above $20 billion have gotten CRE rates down to 6.3 percent, from 10.3 percent in 2010.

Overseas growth. Will Bank of America be able to find growth overseas along with its S&P 500 brethren? The Motley Fool explores the question, noting that in 2006, 89 percent of the bank's revenue came from the U.S., compared with 79 percent in 2011.

Layoffs at BofA, Wells. Wells Fargo is laying off 315 in Santa Ana, Calif., as it closes a call center, according to the Orange County Register. Meanwhile, Bank of America is said to have laid off about a dozen capital markets workers in Canada as part of its cost-cutting initiative, Bloomberg reports. The bank still has about 500 in Toronto, Montreal, Vancouver and Calgary.


ketiebrown said...

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