4 Financial Stock Stories Attracting Notice Thursday

JPMorgan Chase & Co. (NYSE:JPM): Current price $53.03

Speaking in a Thursday panel discussion at the Fortune Global Forum in Chengdu, China, Chief Executive Jamie Dimon said that he thinks world markets will see increased volatility while central banks raise interest rates back to normal levels. Dimon commented, “We should all hope for a normalization of interest rates — that’s a good thing. As we go back to normal, it’s going to be scary, and it’s going to be kind of volatile.” Daily fluctuations have widened during the past month perhaps due to speculation that the Fed might be thinking of easing off its monetary stimulation program, along with reports on Chinese and American manufacturing trailing estimates. Dimon remarked that “I am going to be looking at every word the Fed says.”

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JPM

Wells Fargo & Co. (NYSE:WFC): Current price $40.43

The bank will shell out $42 million so as to settle allegations that it did not maintain foreclosed homes in low-income, minority neighborhoods, while placing more effort into the upkeep of homes in more upscale areas. Wells denied the allegations made in 2012 by the National Fair Housing Alliance in a complaint with the Department of Housing and Urban Development, but it agreed to resolve the case to diffuse the dispute quickly, according to company spokesman Tom Goyda in an e-mail on Thursday. Goyda commented that “Cooperation with organizations who share our commitment to helping communities with distressed real estate markets is a much better outcome than a long and contentious dispute.” Wells Fargo will pay $39 million to housing programs in 45 communities, and a further $3 million towards legal fees, fees, education, and outreach.

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WFC

Genworth Financial (NYSE:GNW): Current price $10.48

On Thursday, Genworth announced an expense reduction plan whiles it continues to endeavor to improve the operating performance of its businesses. This plan will cut around 400 positions, including 150 open positions that will not be filled, and will shrink related information tech and program spending. When the move is fully implemented, the firm expects to realize roughly $80 to $90 million in yearly pre-tax expense savings primarily related to these actions. A pre-tax non-operating charge of between $15 to $20 million will be posted in the second quarter  reflecting severance, outplacement and other associated costs.

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GNW

Credit Suisse Group (NYSE:CS): Current price $28.32

Knowledgeable sources report that Credit Suisse is expected to have a leading role in the anticipated IPO of Alibaba Group, which would be a coveted role that could bring massive fees for the bank. The Alibaba offering may occur as soon as the end this year, and is likely to compete with last year’s $16 billion IPO by Facebook in magnitude. Thus far, Alibaba Group Holding has not officially announced that it will hold an IPO, but the sources say that it has during the past few weeks accelerated its meetings with investment banks.

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CS

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