Banking Updates: Bank of America Corp (BAC) & JPMorgan Chase & Co (JPM) on Lending Barriers, Wells Fargo & Co (WFC)’s Career Advice

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

JPMorgan Removes Lending Barriers in Booming U.S. Markets (Bloomberg)
JPMorgan Chase & Co (NYSE:JPM), the nation’s largest bank by assets, is easing mortgage lending standards in housing markets hard hit by the crash where prices are surging. The bank lowered some down payment requirements in Florida, Nevada, Arizona and Michigan because they will “no longer be considered distressed states,” it informed smaller lenders it buys loans from in July. The second-largest U.S. mortgage lender also loosened underwriting requirements for a refinancing program for Federal Housing Administration borrowers.

Jamie Dimon

Wells Fargo executive gives leadership, career advice (
Laura Schulte said one of the biggest leadership mistakes she made in her career with Wells Fargo & Co (NYSE:WFC) resulted from asking too few questions. Working for the bank in Las Vegas at the time, Schulte said she faced a challenge: determining how much attention to give the various businesses she oversaw. One of those was a commercial real estate lending division.

Dow Index Drops Bank of America, Alcoa and H.P. (Deal Book)
The Dow Jones industrial average is shaking up its roster. Alcoa, Bank of America Corp (NYSE:BAC) and Hewlett-Packard — three stalwarts of corporate America that have fallen out of favor lately with investors — will be removed from the Dow, to be replaced by Goldman Sachs, Visa and Nike, the parent company of the index said on Tuesday.

JPMorgan shopping commodity unit, and key exec (HITC Business)
JPMorgan Chase & Co (NYSE:JPM)’s initial round of conversations over the sale of its physical commodities unit has involved at least 50 potential suitors, according to someone familiar with the matter, as the bank attempts to ink a deal by the end of the year. In addition to energy supply contracts and metal-storage facilities, people close to the deal say the transaction could include a significant human asset: JPMorgan Chase & Co (NYSE:JPM)’s long time commodities head, Blythe Masters.

James Newson Appointed Area President of Wells Fargo’s South Jersey Market (
James Newson has been named Wells Fargo & Co (NYSE:WFC)’s new community bank area president for the South Jersey market in the company’s Southern New Jersey region. Based in Princeton, Newson assumes the role September 23 and will lead a team of 600 bankers, including five district managers covering 50 banking stores in four counties (Mercer, Burlington, Camden and Gloucester). This market holds more than $3.2 billion deposits, a significant affluent segment and a large business presence.