Friday, April 13, 2012

Bank earnings season begins with solid results from Wells, JPMorgan

Welcome to the morning roundup. Here's a look at today's banking and finance headlines.

Bank earnings. First-quarter results are out for Wells Fargo & Co. and JPMorgan Chase & Co. today, two lenders widely expected to be among the industry's top performers. Wells delivered another round of record-setting results. JPMorgan's earnings slipped, but the bank beat analysts' expectations and saw a surprise increase in revenue, the Wall Street Journal reports.

Wall Street and wine. Two investment bankers have ditched more conventional investment opportunities for wine, Bloomberg writes. They are looking to raise as much as $50 million for The Wine Trust, the only private-equity structured wine investment fund in the U.S., which buys both physical wine and futures.

Moynihan to testify. A New York judge ruled that Bank of America Corp. CEO Brian Moynihan must testify in a lawsuit brought by MBIA Inc., Reuters reports. The bond insurer claims the bank fraudulently induced it to insure risky mortgage-backed securities.

Markets down. Stock futures fell this morning on concerns over Spain's borrowing costs, China's growth and banks' earnings, CNBC reports.