Tuesday, October 23, 2012

Moynihan touts bank's 'top capital' at Charlotte meeting

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

Moynihan touts capital. In a staff meeting in Charlotte, Bank of America CEO Brian Moynihan touted the bank's "top capital in the industry," after spending much of the past few years working to build it, Bloomberg reports. "We’re going to officially declare victory on one of those operating principles,” he reportedly said at the town-hall meeting.

Wells tops $1B in SBA loans. Wells Fargo announced Monday that it topped $1 billion in Small Business Administration-backed loans in the last fiscal year, the only bank to do so. Wells is the top SBA lender in dollars in North Carolina and 14 other states.

Frank defends JPMorgan. U.S. Rep. Barney Frank has come to JPMorgan Chase's defense as the country's largest bank faces a government lawsuit over alleged wrongdoing at Bear Stearns, which JPMorgan bought during the financial crisis, Reuters reports. Frank said the bank did the country a "favor" by taking over the investment bank.

Ally sells Canadian business. Ally Financial announced Tuesday that it is selling its Canadian operations to RBC in a $4 billion deal, The New York Times reports. Ally is still trying to repay its government bailout.


Garth Vader said...

JP Morgan Chase is Barney Frank's #4 campaign contributor over the course of his career.