Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Banking News: Bank of America Corp (BAC)’s Thundering Herd, JPMorgan Chase & Co. (JPM) & Wells Fargo & Co (WFC)’s Accord

Page 1 of 2

Editor’s Note: Related tickers: Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co (NYSE:WFC), Global Payments Inc (NYSE:GPN)

Bank of America Corp (NYSE:BAC)B of A Will Dissolve Merrill Lynch Unit While Keeping Name (AmericanBanker)
Merrill Lynch & Co., the 99-year-old firm known for its “thundering herd” of brokers pitching stocks to Main Street, may cease to exist as a legal entity more than four years after being acquired by Bank of America Corp (NYSE:BAC). While Bank of America Corp (NYSE:BAC) will keep the Merrill Lynch brand for its retail brokerage and investment bank, the Charlotte, North Carolina-based company plans to dissolve the subsidiary as early as the fourth quarter, according to an Aug. 2 filing. The firm will assume all of Merrill Lynch’s obligations and debt. Bank of America Corp (NYSE:BAC), the second-biggest U.S. lender by assets, is simplifying its structure after Chief Executive Officer Brian T. Moynihan’s predecessor bought Merrill Lynch in 2009.

Global Payments Downgraded to “Neutral” at JPMorgan Chase & Co. (GPN) (Zolmax)
JPMorgan Chase & Co. (NYSE:JPM) downgraded shares of Global Payments Inc (NYSE:GPN) from an overweight rating to a neutral rating in a research note released on Wednesday morning, TheFlyOnTheWall.com reports. They currently have $55.00 target price on the stock, up from their previous target price of $48.00. “Global Payments Inc (NYSE:GPN) is the cheapest merchant processor in our coverage, trading at a forward price-to-earnings ratio in the low teens versus peers in the mid-teens or higher. Given uneven results fueled by a challenging business mix (Canada regulation risk, high U.S. ISO channel exposure at a low contribution margin, and low growth prospects in Asia absent new distribution), we see little room for EPS growth acceleration absent a new deal or acquisition.

Wells Fargo Buys $1.6B of ING CRE Loans (Globest)
ING Real Estate Finance (USA) LLC said Friday that it has reached an agreement to sell 29 US CRE loans with a total outstanding balance of $1.6 billion to Wells Fargo & Co (NYSE:WFC). Terms were not disclosed. …At Wells Fargo & Co (NYSE:WFC), Mark Myers, head of commercial real estate with the San Francisco-based bank, says that adding the loans to the portfolio is “consistent with our business strategy and risk management practices. Many of our existing customers have loans in this portfolio as well, and we look forward to meeting the needs of those customers while strengthening our commercial real estate business through this acquisition.”

Investors Add $1.5 Billion to Leveraged-Loan Funds, BofA Says (MoneyNews)
Investors added $1.5 billion this week into funds that purchase leveraged loans in the U.S., according to Bank of America Corp (NYSE:BAC) The deposits have added 60 percent in terms of assets this year, according to a research report published yesterday by the Charlotte, North Carolina-based bank. “Loans continue to be in investor favor,” credit strategist Neha Khoda wrote in the document. U.S. speculative-grade bond funds declined about 3 percent in assets, recording an outflow of about $420 million this week that was mostly caused by flows out of high-yield exchange-traded funds, according to the report.

2 ex-JPMorgan traders charged (CNBC)

Page 1 of 2

Biotech Insider Alert - $5 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!