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Sector Update: Financial Shares Mixed Pre-Market; JPMorgan Plans More Job Cuts

By: MT Newswires
Posted: 2/25/2014 8:06:00 AM
Referenced Stocks: JPM;RLGY

Top Financial Shares:

JPM: -0.91%

BAC: -0.06%

WFC: flat

C: -0.39%

USB: flat

Financial shares were flat to lower in the pre-market session Tuesday.

In financial stocks news, JPMorgan Chase ( JPM ) will reportedly cut thousands of jobs related to its mortgage business, the Financial Times reported late Monday, citing "people familiar with the matter."

JPMorgan employs about 250,000 people.

And, Bank of Montreal (BMO, BMO.TO) reports Q1 2014 adjusted EPS of C$1.61 versus the Capital IQ consensus of C$1.52. Revenues totaled C$4.1 billion versus the C$4 billion analyst forecast. Year-ago adjusted EPS was C$1.50 on revenues of C$4 billion.

Additionally, the bank's board of directors declared a cash dividend of $0.76 per common share for Q2 2014, unchanged from the previous quarter. The dividend is payable on May 27, 2014, to shareholders of record on May 1, 2014.

Finally, Realogy Holdings ( RLGY ) reported Q4 revenue of $1.24 billion, just ahead of the analyst consensus of $1.22 billion on Capital IQ. Net income was $320 million, up from a year ago loss of $292 million.