Editor’s Note: Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Wells Fargo & Co (NYSE:WFC)
Bank of America closing nine Baltimore-area drive-up teller windows (Business Journal)
Bank of America Corp (NYSE:BAC) is shutting drive-up teller windows at nine of its Baltimore-area branches. In addition to the local branches, Bank of America, is also closing drive-up teller windows at banks in the Charlotte, N.C., and Boston areas, according to reports. Bank of America Corp (NYSE:BAC) closed drive-up teller windows at three locations in Baltimore, Middle River and Jessup on Aug. 5, according to the bank’s website. Six others are slated to have their drive-up teller windows closed starting Sept. 9.
Bove: JP Morgan Likely ‘Dead Money’ as U.S. Pursues ‘Vendetta’ (Fox Business)
Citing a “government vendetta” against JPMorgan Chase & Co. (NYSE:JPM), banking analyst Dick Bove removed his “buy” rating on the largest U.S. bank on Monday amid fears that increased regulatory obstacles will squeeze its bottom line. “I do not believe that investors will flock to the stock as the company continues to be pummeled weekly. The issue is likely to be dead money near term,” Bove wrote in a note to clients.
Bove cuts JPMorgan, citing regulatory ‘McCarthyism’ (CNBC)
Closely watched financial analyst Dick Bove cut his rating on JPMorgan Chase & Co. (NYSE:JPM) on Monday, citing an atmosphere of regulatory “McCarthyism” surrounding the company. Over the weekend, various media outlets reported that the bank was pulling back from its international banking commitments until its legal issues were resolved, just as Bove has been suggesting would happen, he said in a research note.
Wells Offers Commercial Banking On Old, But Hidden, Infrastructure (Business2Community)
A modern, customer-friendly commercial banking product doesn’t necessarily have to run on the latest and greatest hardware – Wells Fargo & Co (NYSE:WFC) has operated its Commercial Electronic Office (CEO) portal on an aging Hogan core banking platform for 13 years. Key to delivering a good customer service is focusing first on the customer experience and not the product, said Steve Ellis, head of Wells Fargo & Co (NYSE:WFC) Wholesale Services on the 10th anniversary. CEO has been a work in progress since it was first developed in 1999 with quarterly updates ever since its launch.
Bank of America will review work conditions after death of intern (Business Journal)
After a 21-year-old intern died recently after reportedly working for 72 straight hours for Bank of America Merrill Lynch in London, Bank of America Corp (NYSE:BAC) said Friday that it is reviewing the working conditions of its junior employees, The New York Times reported. Moritz Erhardt, a German business administration student, died at his student housing in East London on Aug. 15.
Monday’s market game plan (CNBC)
