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Financial Sector Weekly Updates – (BAC, COF, CME, DFS, JPM)
7/12/2011 9:44:00 AM
Below are some recent articles or stories that caught our attention relating to financials in the past week. These include Bank of America ( BAC ), Capital One ( COF ), CME Group ( CME ) Discover Financial Services ( DFS ) and JPMorgan Chase ( JPM ).
Bank of America
JPMorgan could overtake Bank of America as the biggest bank in the United States as the latter continues to shed its assets.
Bank of America's $8.5 billion settlement plan with investors who lost money on mortgage backed securities is challenged by a group of investors.
Capital One plans to establish its first its first Massachusetts branches in Boston and Brookline. Currently, Capital One has branches in Delaware, Louisiana, New York, Connecticut, New Jersey, Texas, Maryland, Virginia, and Washington, D.C.
Trading volume at the Chicago Mercantile Exchange rose 22% in June 2011 to about 326.8 million contracts, from about 267.9 million in June 2010.
Discover Financial Services
Americans grew more concerned about the economy as the applications for jobless benefits increased and purchase of new homes declined last week.
Discover is bullish on NFC as the company has issued more than 500,000 cards with its contact-less chip.
Proposed Dodd-Frank swaps regulations imposing margin requirements to reduce trading risks will "damage the competitiveness" of foreign-based businesses of U.S. banks compared with their overseas rivals.