The Zacks Analyst Blog Highlights: JPMorgan Chase, Deutsche Bank And Wells Fargo
Zacks Investment Research | Aug 28, 2016 09:30PM ET
For Immediate Release
Chicago, IL – August 29, 2016 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include JPMorgan Chase & Co (NYSE:JPM). (WFC ).
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Here are highlights from Friday’s Analyst Blog:
Bank Stock Roundup: JPMorgan, Wells Fargo Settle Lawsuits
Over the last five trading days, performance of major bank stocks has been relatively stable. Whispers of another rate hike happening soon dominated the headlines as the key economic data points toward steady domestic growth. All eyes will now be on Fed Chairwoman, Janet Yellen’s speech in Jackson Hole, WY.
(Read: Bank Stock Roundup for the week ending Aug 12, 2016 )
Coming to the bank specific headlines, resolution of litigations and probes related to legacy matters and business misconducts dominated the banking space. While the settlement amounts were not significant, the stringent actions by the regulators are commendable.
BANKS-MAJOR REGIONAL Industry Price Index
Major Developments of the Week
1. Closing the doors on yet another matter pertaining to its acquisition of Washington Mutual Inc.’s (“WaMu”) banking business during the 2008 financial crisis, JPMorgan Chase & Co. ( JPMorgan Ends WaMu Disputes with FDIC and Deutsche Bank ).
2. Wells Fargo & Co. ( Wells Fargo Ordered to Pay $4 Million for Illegal Student Loan Practices ).
3. In yet other news related to Wells Fargo, its mortgage unit – Wells Fargo Bank NA – has been ordered to pay $3.45 million to some clients as a result of a processing failure that delayed the mailing of letters to approximately 8,000 homeowners in bankruptcy. This shortened their notice period about changes to monthly mortgage payment amounts.
As per the letter from Wells Fargo filed in U.S. Bankruptcy Court in Greenbelt, Maryland, the mortgage unit agreed to pay the amount in a settlement deal with the Department of Justice's U.S. Trustee Program. Additionally, the company consented to resolve the mailing error and provide credits and refunds to affected homeowners.
This problem was discovered last year, driven by enquires by an independent compliance monitor, who was hired by the bank as part of an $81.6 million settlement with the Justice Department.
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