Monday, April 9, 2012

Banks hope first quarter results will boost stocks

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

Earnings season coming. First-quarter earnings season kicks off Friday with Wells Fargo and JPMorgan Chase, and bank stock are looking to add more fuel to their growth so far this year, the Wall Street Journal says. Profit looks to finally begin increasing, though some of that will be due to reserve releases. Bank of America and Citigroup, in particular, will be in the spotlight, The New York Times reports, as the Charlotte bank hopes to continue its stock surge and Citigroup tries to turn things around after a negative stress test result.

Banking without branches. Bank of America doesn't have any branches in Ohio or Kentucky, but that's not stopping the bank from trying to expand its middle-market lending in the Cincinnati area. The Cincinnati Enquirer has a Q&A with the man charged with growing that category.

Voldemort trades. A JPMorgan trader's activity has renewed questions about whether banks are taking too many risks with federally insured or subsidized money, Bloomberg reports. His transactions have been large enough to move indices, and resemble so-called "prop trading" the Volcker Rule seeks to ban. The trader has earned the nickname Voldemort, of Harry Potter fame.

Credit reactivation rewards. Bank of America is apparently offering some customers $25 to start using their credit card after a period of inactivity, banking and finance blog NetBanker says.


Dolley said...

Wells Fargo Blatantly making a farce of OCC "review"