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Banking Updates: Bank of America Corp (BAC)’s Federal Enticement, JPMorgan Chase & Co (JPM)’s Investigation & Wells Fargo & Co (WFC)

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

JPMorgan Bribe Probe Said to Expand in Asia as Spreadsheet Is Found (Bloomberg)
A probe of JPMorgan Chase & Co (NYSE:JPM) hiring practices in China has uncovered red flags across Asia, including an internal spreadsheet that linked appointments to specific deals pursued by the bank, people with knowledge of the matter said. The Justice Department has joined the Securities and Exchange Commission in examining whether JPMorgan hired people so that their family members in government and elsewhere would steer business to the firm, possibly violating bribery laws, said one of the people, all of whom asked to not be named because the inquiry isn’t public. The bank has opened an internal investigation that has flagged more than 200 hires for review, said two people with knowledge of the examination, results of which JPMorgan Chase & Co (NYSE:JPM) is sharing with regulators.

Jamie Dimon

JPMorgan woes deepen as US demands $6bn penalty (FT)
US authorities are demanding JPMorgan Chase & Co (NYSE:JPM) pay more than $6bn to settle allegations it mis-sold securities to government-backed mortgage companies in the run-up to the financial crisis, according to people familiar with the discussions. The bank is resisting the payment, which would be its single biggest penalty in a catalogue of expensive run-ins with US authorities and one of the largest post-crisis settlements by any bank, these people said.

Police search for man who robbed Wells Fargo bank in Mission Valley (ABC 10 News)
Authorities are searching Thursday for a man who may have been armed with a gun used a demand note to rob a bank branch in Mission Valley. The robber passed the note to a teller at the Wells Fargo & Co (NYSE:WFC) branch at 5624 Mission Center Road about 5:20 p.m. Wednesday, police said. The teller saw what appeared to be the butt of a gun, police said.

Bank of America VP fired after arrest on sex charges (USA TODAY)
A former Bank of America Corp (NYSE:BAC) vice president arrested last month by the Delaware Child Predator Task Force now faces federal charges of attempted online enticement of a minor. Kirk A. Simmons, 59, of Newark, Del., was taken into federal custody Wednesday pending a detention hearing set for Sept. 3. He faces a minimum mandatory 10 years in prison and up to life behind bars if convicted on the federal enticement charge.

Bank of America Veteran Banker Tan Moves to Credit Suisse (Money Beat)
Longtime Bank of America Corp (NYSE:BAC) Merrill Lynch financial institutions banker Michael Tan has left the bank, but will remain in Hong Kong to take up a similar role at Credit Suisse Group AG (NYSE:CS), according to people familiar with the matter. Mr. Tan joined Merrill Lynch in 2004, and was most recently managing director and head of Asia Pacific financial institutions in Bank of America Corp (NYSE:BAC) Merrill Lynch’s investment banking division.

Going after JPMorgan (CNBC)

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