Banking Stocks To Watch Today: Bank of America Corp (NYSE:BAC), Citigroup Inc. (NYSE:C) and JPMorgan Chase & Co. (NYSE:JPM)
Dallas, Texas, 09/22/2014 (ustrademedia) – Bank of America Corp (NYSE:BAC) on Thursday filed before the courts, via its Department of Justice that, “evidence at trial showed the bank’s Countrywide unit lied to the government-controlled mortgage companies about the quality of loans being sold, as Countrywide emphasized speed and volume at the expense of quality.” BAC has been on plea at courts to evict a jury verdict which had found the bank guilty of selling ‘questionable loans,’ to Fannie Mae and Freddie Mac. The risky sales were made in the period of the financial crisis in the country. The jury had fined BAC $1.27 billion as penalty. The filing on Thursday reported that BAC’s plea,” defies common sense and should be rejected.”
Since last month Citigroup Inc. (NYSE:C) has been hoping to sell its 33-branch retail banking segment in China, with net deposits of $36billion. On September 19, C announced its short-list of local banking players, it is interested in selling. The list includes one of the largest lenders, Sumitomo Mitsui Financial Group Inc. Other banks that have placed a bid include, Mitsubishi UFJ Financial Group Inc. and Shinsei Bank Ltd. Citibank’s reasons for the sale of the Japanese arm follows recent regulatory concerns on “the bank was becoming too big to manage,” a WSJ report mentioned.
On September 18, JPMorgan Chase & Co. (NYSE:JPM) was announced as the lead manager of “$5 million 10-year callable step-up green bond,” to be offered by the World Bank (International Bank for Reconstruction and Development, IBRD). JPM has underwritten over “$565 million in IBRD green bonds to date.” The offer is World Bank’s Green Bonds, which cater to such investors who have an interest in supporting environmental solutions. These bonds are secure, by way of a high-grade fixed income investment. Some of the projects these world Bank Green Bonds have helped fund are: “renewable energy installations, energy efficiency projects, and new technologies in waste management.”