4 Financial Stock Stories Getting Traction on Thursday

Citigroup, Inc. (NYSE:C): Current price $50.09

So-called ‘Too Big To Fail” banks might want to be careful what they or their founders wish for: A small, bipartisan group of U.S. Senators on Thursday introduced legislation that if passed into law would break up Wall Street’s big banks by separating traditional banking activity from riskier financial services. The debate was revived in 2012 when Sanford Weill, the tycoon who built financial conglomerate Citigroup into a huge commercial and investment bank, said the time had come to split up the biggest banks so they could return to growing. The current bill, the 21st Century Glass-Steagall Act, faces an uncertain future — certainly in the House — but exhibits some lawmakers’ frustration that banks have only continued to get bigger and bigger since the  financial crisis. The legislation would retrieve elements of the 1933 Glass-Steagall Act that divided commercial and investment banking and was repealed in 1999.

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C

Wells Fargo & Co. (NYSE:WFC): Current price $42.02

Wells Fargo is set to report its second-quarter earnings before the open on Friday, followed by a conference call. Analysts anticipate earnings per share of 93 cents on revenue of $21.21 billion, says First Call. The consensus is earnings between 89 and 97 cents on revenue in a range of $20.8 billion to $21.9 billion. Wells Fargo posted higher-than-0expected earnings in the first quarter but had lower-than-predicted revenue.

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WFC

ING Groep (NYSE:ING): Current price $9.59

Dutch financial services firm ING has divested its local Korean investment management division to Australia’s Macquarie Group as the latter reaffirms its presence in South Korea. As of the end of March, the unit oversaw about $22 billion. The transaction still needs the approval of regulators, but it sets Macquarie up to become the largest foreign asset manager in Korea. Financials of the deal, which should close in the fourth quarter, were not disclosed. ING said it does not expect the sale of the business, which manages fixed income and equities for both institutional and retail investors, to have a material impact on its results.

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ING

U.S. Bancorp (NYSE:USB): Current price $37.20

U.S. Bancorp will commemorate its 150th anniversary this week by ringing the closing bell at the New York Stock Exchange on Friday. Company Chairman, President, and CEO Richard  Davis and Chief Financial Officer Andy Cecere will take the stage at the NYSE along with 10 employees from across the bank, including two of its longest-serving staffers, four employees who serve in the military and four other employees who were chosen as winners of bank contests for the occasion. U.S. Bank’s national charter was signed during Abraham Lincoln’s presidency 150 years ago, on July 13, 1863.

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USB

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