4 Financial Stock Stories Making Midweek Moves
JPMorgan Chase & Co. (NYSE:JPM): Current price $52.59
An inside sources reports that JPMorgan has put Richard Usher, its chief currency dealer in London, on leave. This perhaps reflects developments at Standard Chartered, which has done the same with Matt Gardiner, who joined StanChart from UBS only in September. Usher, head of spot G10 currency trading, came to JPMorgan from Royal Bank of Scotland in May 2010. He is still a full-time employee and has not been suspended, but has been absent from his desk for around two weeks, said the source. Usher could not be reached for comment, and JPMorgan refused to respond.
Lloyds Banking Group Plc. (NYSE:LYG): Current price $5.06
Lloyds posted a third-quarter underlying pretax profit of £1.5 billion, which up from 831 million euros year-over-year, and is in-line with analysts’ expectations, while its chief executive touted an “important” nine months for the retail lender. The bank is 33-percent owned by the United Kingdom, and also announced an additional charge of 750 million euros in regards to the mis-selling of loan payment protection insurance. As with most of its U.K. peers, Lloyds has had to shell out billions of pounds over the mis-selling of PPI insurance and interest rate hedging products to consumers.
Barclays Plc. (NYSE:BCS): Current price $17.18
Although Barclays reported a decline in underlying third-quarter profit, Chief Executive Antony Jenkins said the company has made good progress on its restructuring program, and has moved more quickly than expected in ridding itself of loan portfolios marked for sale. Analyst Ian Gordon at Investec Securities maintains his Buy on the bank, and said in a note that Barclays remains the firm’s preferred United Kingdom domestic bank.
Credit Suisse Group AG (NYSE:CS): Current price $31.33
On Wednesday, Credit Suisse announced that clients can now gain faster, seamless access to liquidity via its United States Treasury algorithmic trading capabilities which are currently available on the Bloomberg Professional service. The integration of Credit Suisse Onyx’s liquidity directly into Bloomberg’s fixed income staging and trading blotter TSOX, supplies these solutions. Clients may access this functionality by typing ‘TSOX’ on the Bloomberg Professional service.
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