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Latest on Banking: Bank of America Corp (BAC) & USHCC, JPMorgan Chase & Co (JPM) vs. Government, Wells Fargo & Co (WFC)’s Athletics Partnership

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

Bank of America Named Corporate Chair for the United States Hispanic Chamber of Commerce 2013 National Convention in Chicago (Virtual-Strategy Magazine)
The United States Hispanic Chamber of Commerce (USHCC) today announced Bank of America as the corporate chair of its upcoming 34th National Convention, set to take place September 15-17, 2013, at the historic Downtown Hilton in Chicago, IL. The annual convention is a premier event for the Hispanic business community, convening thousands of Hispanic business owners, corporate executives, elected officials, and over 200 local Hispanic Chambers of Commerce from across the country. “Bank of America Corp (NYSE:BAC), with its excellent record for launching initiatives designed to help our nation’s diverse-owned businesses and underserved communities, is the natural choice to serve as this year’s corporate chair,” said USHCC President and CEO Javier Palomarez.

Government vs. JPMorgan (CNBC)

Tar Heels, Wells Fargo extend exclusive athletics partnership (Triangle Business Journal)
UNC-Chapel Hill athletics extended its sponsorship agreement with Wells Fargo & Co (NYSE:WFC), keeping the bank as the exclusive financial-services partner of Carolina athletics. Financial details were not immediately released. Through the sponsorship, Wells Fargo will annually provide two post-graduate scholarships to support UNC student-athletes who are pursuing an advanced degree, starting this year and continuing for the next five years. The scholarship recognizes a student-athlete who has shown leadership and excelled on the field, in the classroom and in the community. Pete Mangum, a member of UNC’s football team, received the first scholarship. He is pursuing a Ph.D. in biomedical engineering.

JPMorgan Chase & Co. (NYSE:JPM)

JPMorgan Chase Not Akin to Nazis, Report Finds (New York Times)
An outside review of Bloomberg L.P.’s practices found that a controversial report that compared the damage in an Italian town after a bad deal with JPMorgan Chase & Co (NYSE:JPM) to the fallout from the Nazis’ occupation in World War II went “too far.” The 2011 article, which JPMorgan complained about at the time and Bloomberg declined to change, has long been a sore spot between the bank and Bloomberg and was recently mentioned in a New York Times article that focused on the friction between Wall Street and Bloomberg.

Protesters Call On Fannie Mae, Bank Of America To Change Lending, Foreclosure Policies (VIDEO) (Progress Illinois)
Protesters took to a downtown Bank of America Corp (NYSE:BAC) branch and Fannie Mae’s corporate offices in Chicago Tuesday to urge one of the nation’s largest home mortgage servicers and the largest home mortgage investor to change their lending and foreclosure policies. The financial institutions, protesters allege, are servicing predatory mortgage loans and pushing homeowners into foreclosure in order to make a profit. “These banks that are too big to fail are causing havoc in our communities,” said Toussaint Losier, vice chairman of the Chicago Anti-Eviction Campaign (CAEC), who helped organize the event.

Wells Fargo Boost Valuation for Incyte (INCY); Sees Jakafi as Near-$1B Opportunity (StreetInsider.com)
Wells Fargo & Co (NYSE:WFC) issued comments on Incyte Corporation (NASDAQ:INCY) following the biotech’s announcement of top-line results from its Phase II, randomized, double-blind, placebo-controlled RECAP trial of ruxolitinib. Analyst Brian Abrahams, M.D., said, We believe there is a real signal here, which, in our view, opens the door for INCY to considerably broaden Jakafi’s use. Full detailed data would be critical for understanding the magnitude of benefit, mechanism and how applicable it may be to other tumors, and exactly which patients respond best–all of which would help more concretely determine the potential for Jakafi and INCY’s Jak portfolio in both pancreatic cancer and other solid tumors.

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