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Banking Updates: Bank of America Corp (BAC) Against Students, JPMorgan Chase & Co (JPM)’s Code for Good & Wells Fargo & Co (WFC)

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

Students protest Bank of America for funding coal mining (Student Life)
Coughing dramatically and falling to the ground in front of a business school information session, around 35 Washington University students joined a national protest against Bank of America Corp (NYSE:BAC) last week. The students were voicing opposition to Bank of America’s choice to fund mountaintop coal mining practices—in which coal companies blow the tops off mountains to create coal mines. The Wednesday and Thursday protests, held at the company’s career fair and informational presentations, were the first of a series of protests backed by Rainforest Action Network at different college campuses across the country.

Jamie Dimon

JPMorgan Chase Continues Code for Good Challenges in the U.S. (Herald Online)
Building off a successful U.S. launch in February, JPMorgan Chase & Co (NYSE:JPM) announced today three upcoming Code for Good Challenges. The Code for Good Challenges bring together college students studying technology to develop solutions to challenges faced by nonprofits during an intense two-day event.

Wells Fargo names new relationship manager (Journal Star)
Jenni Christiansen has been named relationship manager and vice president in Wells Fargo & Co (NYSE:WFC)’s Regional Commercial Banking Office in Nebraska. Christiansen has 18 years of experience in the financial services industry, most recently with Wells Fargo’s business banking group in Lincoln. She is a graduate of the University of Nebraska Lincoln, with degrees in finance and economics.

The Morning Risk Report: Evaluating J.P. Morgan’s Compliance Shuffle (The Wall Street Journal)
JPMorgan Chase & Co (NYSE:JPM), facing a host of regulatory and legal woes, has been taking major measures to improve its internal controls, including plans to spend an additional $4 billion and commit 5,000 extra employees this year to the effort, the Wall Street Journal reported last week. But it isn’t clear whether one of JPMorgan Chase & Co (NYSE:JPM)’s big changes, shifting the reporting lines so that the top compliance officer reports to the chief operating officer instead of the general counsel, is necessarily a good move.

Wells Fargo to Sell MSRs (Zacks)
Following the announcement of laying off 2,300 employees in its mortgage servicing segment in August, Wells Fargo & Co (NYSE:WFC) decided to proceed with the sell off of mortgage-servicing rights (MSRs) on $41 billion of government-backed home loans, according to Bloomberg. Wells Fargo is taking this step to scale down its non-core operations and further strengthen its balance sheet.

Recommended Reading:

Citigroup Inc. (C), Wells Fargo & Co (WFC), Bank of America Corp (BAC): Can the Big Banks Be Trusted?

Bank of America Corp (BAC), Morgan Stanley (MS): Big Banks Globally Will Be Constrained By Increasing Capital Requirements

Bank of America Corp (BAC), JPMorgan Chase & Co (JPM), Wells Fargo & Co (WFC): Will the Fed Send Stocks Soaring Next Week?

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