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

Dividend Stock Alert - Billionaire Robbins' Top Dividend Idea With 70% Upside Potential

Get Paid 3.5% Per Year While Waiting For The Stock Appreciate 70%

Larry Robbins' Glenview Capital Opportunity Fund returned 101.7% in 2013 and Robbins personally made $750 million. The same fund returned 25.3% in 2014. In this FREE REPORT we will share Robbins' top dividend idea that yields 3.5% and has been increasing its dividends for 39 consecutive years. Robbins thinks the stock has the potential to appreciate 70%.

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Click here to Read Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 74 percentage points in 2.5 years. Our beta is only 1.2 (download a FREE newsletter and see the details inside)

Lists

Best Selling Magazines in the World

Shortest People in History

The Most Celebrated Holidays in the World

Most Expensive Handbag Brands in the World

Top Selling Comic Book Issues of this Century

The Most Powerful Women in Politics

Best Paid DJs

Most Rebellious Female Artists

Best Paid TV Actresses of 2014

Best Paid Actors of 2014

Most Expensive Horses in the World

Tallest People Ever

Most Encouraging Feminist Celebrities

Best Paid Supermodels of 2014

Top 10 Suburbs for Retirement in 2015

10 Wealthiest Cities in America

Top 10 TED Talks for Entrepreneurs

Best TED Talks on Education

25 Most Dangerous Places to Live in America

Top 10 Ski Resorts in the United States – 2014 List

Top 10 Most Remote Places in the World

Most Visited Museums in the United States

Wealthiest Photographers in the World

Most Famous Gay Athletes

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Subscribe

Enter your email:

Delivered by FeedBurner

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 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!