Updates on Banking: Bank of America Corp (BAC)’s Investment, JPMorgan Chase & Co. (JPM)’s Probe & Wells Fargo & Co (WFC)’s Wealth

Wells Fargo & Co : Investment Veteran Peter Barcia Joins Abbot Downing in New York (4-Traders)
Peter Barcia, a 27-year veteran in financial services who most recently served as director of portfolio solutions at Citi Private Bank, has joined the New York office of Abbot Downing as managing director and senior portfolio manager. Abbot Downing, with $34 billion in client assets and a 40-year history serving ultra-high-net-worth clients, is part of Wells Fargo & Co (NYSE:WFC)’s Wealth, Brokerage and Retirement group, a leading U.S. wealth manager, with $1.5 trillion in client assets.

Bank of America Suit Against Two Ex-Bear Stearns Executives Is Dismissed (NYTimes)
Ralph R. Cioffi and Matthew M. Tannin, two former Bear Stearns managers who were among the few executives to face a trial on criminal charges in the aftermath of the financial crisis, have won another legal victory. Late on Tuesday, a federal judge dismissed a lawsuit brought against Mr. Cioffi and Mr. Tannin by Bank of America Corp (NYSE:BAC). The bank accused the two men of lying about the health of their hedge funds, which had invested heavily in subprime mortgage-backed securities that plummeted in value when the housing market collapsed.

JPMorgan’s Bank of America lawsuit dismissed (HereIsTheCity)
JPMorgan Chase & Co. (NYSE:JPM)’s Bear Stearns Asset Management has won dismissal of a lawsuit by Bank of America Corp. over a collateralized debt obligation transaction that resulted in billions of dollars in losses. …Bank of America Corp (NYSE:BAC) sued Bear Stearns Asset Management and hedge-fund managers Ralph Cioffi and Matt Tannin in 2008, saying it suffered billions of dollars in losses after they sought capital to prop up failing funds in 2007.

Wells Fargo & Co (NYSE:WFC): U.S. job market not functioning for many residents (FinancialsTrend)
In spite of bettering rates of service, economic experts at Wells Fargo & Co (NYSE:WFC) said that the United States job market is not functioning in favor of lower-paid Americans. In actual fact, argues Wells’ worldwide economic expert Jay Bryson and his group, those in lower wage brackets are in shoddier shape currently than they were 3 years back when the nation was still at the bottom of a painful depression.