Banking Updates: Bank of America Corp (BAC)’s Lawsuit, JPMorgan Chase & Co. (JPM)’s Stiff Competition & Wells Fargo & Co (WFC)’s Headline Risks

New Wells Fargo Credit Cards to Help to Customers Cut Debt (LowCards)
Wells Fargo & Co (NYSE:WFC) is the fourth largest bank in the United States, but it has a relatively small credit card business under its umbrella. In an effort to change that, Wells Fargo has come up with an innovative credit card that appeals to consumers’ desires to cut their debts. Back in 2007, Wells Fargo launched the Home Rebate card, which offers a 1% rebate that goes toward the principal of a Wells Fargo & Co (NYSE:WFC) home loan. Now, the bank is talking about starting similar programs for both student and automobile loans.

Bank of America Chicago Marathon (Ethiosports)
The Bank of America Corp (NYSE:BAC) Chicago Marathon today announced that the 2013 elite competition will feature four of the world’s fastest marathon men and the top two finishers from last year’s women’s race. Kenya’s Moses Mosop, Dennis Kimetto and Emmanuel Mutai, and Ethiopia’s Ayele Abshero all rank among the top 11 marathon performers in history.

Mary Erdoes Proves JPMorgan Trillions No Fluke (Bloomberg)
JPMorgan Chase & Co. (NYSE:JPM)’s Mary Callahan Erdoes got her first assignment managing money when she was 6 years old. The eldest of four children, Erdoes showed an early aptitude for math that was fostered at her grandmother Kay’s suburban Chicago breakfast table, where she helped balance her grandparents’ checkbook on an adding machine. “It was my first foray into money management,” Erdoes, 46, says.

Nokia Rating Reiterated by Wells Fargo & Co. (NOK) (WatchlistNews)
Wells Fargo & Co (NYSE:WFC) reissued their positive rating on shares of Nokia Corporation (ADR) (NYSE:NOK) in a research note released on Tuesday morning, AnalystRatingsNetwork reports. “We view this positively for Nokia, as we believe the path for the Device & Services business was fraught with peril given competitive forces and its limited product acceptance. This sale and the buyout of the Nokia Siemens Network (NSN) joint venture all but completes the transformation of Nokia into a network infrastructure-focused business.