Euro Zone Crisis Weighing Down Bank Stocks
The Paragon Report Provides Stock Research on Bank of America and Citigroup
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 05/23/12 -- After an impressive start to the year bank stocks have faltered recently. The SPDR KBW Bank ETF (KBE) has fallen nearly 7 percent in the last month on growing concerns of Greece leaving the European Union, and the likelihood of tougher U.S. banking regulations after the JPMorgan trading losses. The Paragon Report examines investing opportunities in Banking Industry and provides equity research on Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C).
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"Washington's policy response to the losses of '07 (through) '09 was already tough, but now the (JPMorgan) episode has caused a new flare-up of emotions, thus final Volcker rules are likely to be painful," JMP Securities analyst David Trone wrote. The Volcker rule, which is still being written, prohibits banks from trading for their own profit. The Federal Reserve has stated it will begin enforcement of the rule in 2014.
Recent general election results earlier this month have shown that Greek anti-bailout parties have been gaining ground. The recent ballot proved to be inconclusive and a new vote is set for June 17, without the rescue package it is likely that Greece will leave the European Union.
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Bank of America Corporation last month reported net income of $653 million, or $0.03 per diluted share, for the first quarter of 2012. "By focusing on building strong customer and client relationships, we're doing more business and winning in the marketplace," said Chief Executive Officer Brian Moynihan. "Our strategy is paying off: With the economy steadily improving and because of the work we have done to strengthen and simplify our company, we saw improved profitability in all of our businesses this quarter compared to the fourth quarter of last year."
Jumio, the fast-growing payment and online ID verification company, recently announced an additional strategic Series B investment led by Citi Ventures, a unit of global financial services company Citi. "We are proud to have the trust and confidence of a major global bank," said Daniel Mattes, founder and CEO of Jumio. "Citi saw a lot of potential for Jumio to innovate in the payment space. We look forward to further collaboration with Citi from a business development perspective."
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Datum: 23.05.2012 - 12:20 Uhr
Sprache: Deutsch
News-ID 149285
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