Banking Stocks Updates: Bank of America Corp (BAC), JPMorgan Chase & Co. (JPM)’s Media Banking & Wells Fargo & Co (WFC)’s Mortgage Servicing

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Editor’s Note: Related tickers: Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co (NYSE:WFC), Fortress Investment Group LLC (NYSE:FIG), Nationstar Mortgage Holdings Inc (NYSE:NSM), Citigroup Inc (NYSE:C)

Fortress Said to Hire BofA’s Mortgage Chief Nierenberg (Bloomberg)
Fortress Investment Group LLC (NYSE:FIG) hired Michael Nierenberg, Bank of America Corp (NYSE:BAC)’s head of global mortgages and securitized products, as a senior executive in its private-equity business, according to a person with direct knowledge of the matter. Nierenberg is joining New York-based Fortress to focus on residential mortgages, real estate investment trusts and property-related holdings such as Springleaf Finance Corp. and Nationstar Mortgage Holdings Inc (NYSE:NSM), said the person, who asked not to be identified because the hire wasn’t publicly announced. Nierenberg knows Fortress co-founder Wes Edens, who runs the company’s private-equity unit, from when they worked at Lehman Brothers Holdings Inc., the person said.

Jamie Dimon

JPMorgan Chase (JPM) Shares Cross Below Book Value (Forbes)
In trading on Thursday, shares of JPMorgan Chase & Co. (NYSE:JPM) crossed below their last reported book value — defined as common shareholder equity per share — of $52.48, changing hands as low as $52.45 per share. JPMorgan Chase & Co. shares are currently trading off about 1.5% on the day. The chart below shows the one year performance of JPM shares, versus its 50 and 200 day moving averages: …Looking at the chart above, JPM’s low point in its 52 week range is $38.73 per share, with $56.93 as the 52 week high point — that compares with a last trade of $52.46.

Wells Fargo Insurance Expands in Midwest; Announces New Regional Leadership Team (InsuranceJournal)
Wells Fargo Insurance, part of Wells Fargo & Co (NYSE:WFC) announced three new leaders to its Midwest team. Barton Bates, Tony Evans and Stephen Zimmer will join the Midwest insurance team as the company continues to grow its property and casualty, employee benefits and private risk management services in one of the fastest growing regions for Wells Fargo Insurance. Bates will lead the commercial lines service teams in Chicago and provide insurance placement assistance to the Midwest region as the regional placement leader.

BofA’s Roberts Said to Be Named Global Head of Rates Trading (Businessweek)
Bank of America Corp (NYSE:BAC) named Will Roberts as global head of rates and structured-credit trading, according to two people briefed on the matter. Roberts, who joined Bank of America in 2011, reports to David Sobotka, according to the people, who asked not to be identified because the change hasn’t been announced publicly.

J.P. Morgan’s plan to help startups stay private longer (CNN)
That was the message that J.P. Morgan Chase’s (JPM) head of Internet and digital media banking, Noah Wintroub, kept sending James Lee, the bank’s vice chairman who hadn’t visited since before the 2008 financial crisis. He wanted Lee to see that Facebook Inc (NASDAQ:FB) was just the tip of the opportunity iceberg, with dozens of maturing tech startups that could benefit from the bank’s creativity and balance sheet.

Banks hit breaks on mortgage business (CNBC)

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