Editor’s Note: Related tickers: Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co (NYSE:WFC), Rockwell Collins, Inc. (NYSE:COL), Owens-Illinois Inc (NYSE:OI)
Bank of America sells China bank stake (Telegram)
Bank of America Corp (NYSE:BAC) sold a $1.47 billion stake in China Construction Bank on Wednesday, the latest foreign institution to shed its investment in a Chinese lender after initial optimism about the potentially lucrative market wore off. The U.S. bank sold 2 billion shares, or 1 percent, of China Construction Bank Corp., one of China’s four major state-owned commercial lenders, for 5.70 Hong Kong dollars (73.5 cents) each. The shares were the last of its stake in the Beijing-based lender.
Feds Launch Criminal Investigation Into JPMorgan Employees (HuffingtonPost)
U.S. authorities are conducting a criminal investigation into whether several employees of JPMorgan Chase & Co. (NYSE:JPM) tried to impede a regulatory investigation into alleged manipulation of power markets, according to multiple sources familiar with the matter. The probe, which is in its early stages, is being conducted by the Federal Bureau of Investigation and prosecutors in Manhattan U.S. Attorney Preet Bharara’s office. It comes after a JPMorgan Chase & Co. (NYSE:JPM) subsidiary agreed on July 30 to pay a $410 million penalty to settle a manipulation case brought by the Federal Energy Regulatory Commission.
Rockwell Collins Rating Lowered to Market Perform at Wells Fargo & Co. (COL) (DailyPolitical)
Rockwell Collins, Inc. (NYSE:COL) was downgraded by stock analysts at Wells Fargo & Co (NYSE:WFC) from an “outperform” rating to a “market perform” rating in a report issued on Tuesday, TheFlyOnTheWall.com reports. A number of other firms have also recently commented on COL. Analysts at Sterne Agee upgraded shares of Rockwell Collins (NYSE:COL) from a “neutral” rating to a “buy” rating in a research note to investors on Tuesday, August 13th.
Bank of America to Present at the Barclays Global Financial Services Conference (Pymnts)
Bank of America Corp (NYSE:BAC) Chief Financial Officer Bruce Thompson will present at the Barclays Global Financial Services Conference in New York on Wednesday, September 11, at 11:15 a.m. Eastern Time… Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
JPMorgan Chase & Co. Upgrades Owens-Illinois to “Overweight” (OI) (UtahPeoplesPost)
Owens-Illinois Inc (NYSE:OI) was upgraded by investment analysts at JPMorgan Chase & Co. (NYSE:JPM) from a “neutral” rating to an “overweight” rating in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports. Owens-Illinois (NYSE:OI) traded up 1.28% during mid-day trading on Tuesday, hitting $29.28. 184,388 shares of the company’s stock traded hands. Owens-Illinois has a 52-week low of $16.82 and a 52-week high of $30.94.
Central banks have moved into ‘verbal easing’ phase: Pro (CNBC)
Wells Fargo & Co : Investment Veteran Peter Barcia Joins Abbot Downing in New York (4-Traders)
Peter Barcia, a 27-year veteran in financial services who most recently served as director of portfolio solutions at Citi Private Bank, has joined the New York office of Abbot Downing as managing director and senior portfolio manager. Abbot Downing, with $34 billion in client assets and a 40-year history serving ultra-high-net-worth clients, is part of Wells Fargo & Co (NYSE:WFC)’s Wealth, Brokerage and Retirement group, a leading U.S. wealth manager, with $1.5 trillion in client assets.
Bank of America Suit Against Two Ex-Bear Stearns Executives Is Dismissed (NYTimes)
Ralph R. Cioffi and Matthew M. Tannin, two former Bear Stearns managers who were among the few executives to face a trial on criminal charges in the aftermath of the financial crisis, have won another legal victory. Late on Tuesday, a federal judge dismissed a lawsuit brought against Mr. Cioffi and Mr. Tannin by Bank of America Corp (NYSE:BAC). The bank accused the two men of lying about the health of their hedge funds, which had invested heavily in subprime mortgage-backed securities that plummeted in value when the housing market collapsed.
JPMorgan’s Bank of America lawsuit dismissed (HereIsTheCity)
JPMorgan Chase & Co. (NYSE:JPM)’s Bear Stearns Asset Management has won dismissal of a lawsuit by Bank of America Corp. over a collateralized debt obligation transaction that resulted in billions of dollars in losses. …Bank of America Corp (NYSE:BAC) sued Bear Stearns Asset Management and hedge-fund managers Ralph Cioffi and Matt Tannin in 2008, saying it suffered billions of dollars in losses after they sought capital to prop up failing funds in 2007.
Wells Fargo & Co (NYSE:WFC): U.S. job market not functioning for many residents (FinancialsTrend)
In spite of bettering rates of service, economic experts at Wells Fargo & Co (NYSE:WFC) said that the United States job market is not functioning in favor of lower-paid Americans. In actual fact, argues Wells’ worldwide economic expert Jay Bryson and his group, those in lower wage brackets are in shoddier shape currently than they were 3 years back when the nation was still at the bottom of a painful depression.
