Banking News: Bank of America Corp (BAC) CEO Brian Moynihan, JPMorgan Chase & Co (JPM) Hiring Practices, & Wells Fargo & Co (WFC)’s New Options

Editor’s Note: Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co (NYSE:JPM), Wells Fargo & Co (NYSE:WFC)

Warren Buffett Will Buy You Dinner If You Make Him $5 Billion (New York Magazine)
Having lunch with fabled billionaire Warren Buffett is usually a pretty expensive proposition, on the order of a million dollars or so. But Bank of America Corp (NYSE:BAC) CEO Brian Moynihan was recently able to convince Buffett to open his wallet and buy him dinner. All he had to do was make the Berkshire Hathaway baron $5 billion richer in two years.

Jamie DimonJPM China Probe Sends Chills Through Investment Banks (Fox Business)
A U.S. banking regulator’s probe into JPMorgan Chase & Co (NYSE:JPM) hiring practices in China will have rival banks scrambling to review their own records, lawyers say, in a market where ties to political and business leaders can be key to winning big deals. Banks around the world commonly hire people with government connections, but this is especially prevalent in China due to the role the ruling Communist Party plays in the country’s business.

WFC April 2014 Options Begin Trading (Forbes)
Investors in Wells Fargo & Co (NYSE:WFC) saw new options begin trading today, for the April 2014 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 243 days until expiration the newly trading contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the WFC options chain for the new April 2014 contracts and identified one put and one call contract of particular interest.

A Very Savvy Move by Bank of America (The Motley Fool)
It’s taken nearly five years, but it appears that Bank of America Corp (NYSE:BAC) is finally taking the bull by the horns. In its most recent 10-Q filing, Merrill Lynch revealed that it may be subsumed into B of A before the end of this year. This is a smart move by Bank of America, which agreed to acquire Merrill Lynch in 2008. Since that time, the venerable brokerage has functioned as a subsidiary of B of A, and the road to this full union has been rocky at times. Still, this merger should be beneficial to both parties — and here’s why.

Interesting JPM Put And Call For June 2014 (Forbes)
Investors in JPMorgan Chase & Co (NYSE:JPM) saw new options begin trading today, for the June 2014 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 306 days until expiration the newly trading contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the JPMorgan Chase & Co (NYSE:JPM) options chain for the new June 2014 contracts and identified one put and one call contract of particular interest.

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