Tuesday, May 15, 2012

JPMorgan dominates news ahead of shareholder meeting

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

More JPM. JPMorgan Chase continues to dominate financial news ahead of its shareholder meeting today. Reuters says the $2 billion trading loss could cause more ratings downgrades. TheStreet.com says that "Bank of America is no JPMorgan" and says investors should not sell the Charlotte bank's stock based on JPM's losses. Bloomberg says JPM will try to claw back bonuses from traders who have left. And hedge funds are trying to make even more money as JPMorgan unwinds its derivative positions, Reuters reports.

NYC reports. The New York City Council will vote today on a proposal to require the 31 banks the city banks with -- including Bank of America and Wells Fargo -- to report on their efforts to provide services in poor areas, The New York Times reports. Cleveland and Philadelphia have long had similar laws.

Travel cards. Three new travel-focused credit cards -- two from Bank of America and the third from JPMorgan -- reflect consumer dissatisfaction with the current travel rewards offered, the Chicago Tribune says. They generally offer more points, but they don't yet have technology to work effectively overseas.

Bank stocks. Stocks, particularly in the banking sector, are pointed higher today as investors look for deals in beaten-down areas, Reuters reports.


blogger said...

Jamie Dimon is Simply Too Big to Fail.