4 Financial Stock Stories Not to be Missed
Wells Fargo & Co. (NYSE:WFC): Current price $35.08
Wells Fargo has been charged in a lawsuit brought by the German state-owned bank WestLB. Allegations include the mishandling the investments of a collateralized-debt obligations vehicle that was created by the plaintiff which was bailed out and dissolved subsequent to the 2008 financial crisis. A public agency in Germany, Erste Abwicklungsanstalt, formed to take over and wind up WestLB’s assets. House of Europe Funding I, a CDO issuer based in the Cayman Islands, filed a complaint Wednesday in a Manhattan federal court that accuses Wells Fargo, as trustee and collateral administrator, and Collineo Asset Management of “rampant mismanagement” and “flagrant disregard” by investing more of the funds raised by House of Europe Funding I in other CDOs than were permitted.
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Nationstar Mortgage Holdings (NYSE:NSM): Current price $34.65
The firm has priced a securitization from its special purpose vehicle Nationstar Agency Advance Funding Trust at approximately $900 million in mortgage servicer advance receivable-backed notes. The Trust’s note issuance is an asset-backed securitization of servicer advance receivables made on-backed residential loans backed by Freddie Mac, and the series notes are backed servicing fee advance receivables.
JPMorgan Chase & Co. (NYSE:JPM): Current price $46.22
JPMorgan’s Co-Chief Control Officer Cindy Armine will supplant Martha Gallo as its global head of compliance, says The Financial Times. Gallo has been the firm’s compliance chief for more than two years, and will remain with the bank.
Morgan Stanley (NYSE:MS): Current price $22.55
As a result of an impressive fourth quarter from its wealth-management division, Morgan Stanley will spend in excess of $500 million during the next 18 months in improving computer systems for the 16,780 financial advisers and support staff who work in its brokerage joint venture with Citigroup. President Gregory Fleming commented in a memo to all Morgan Stanley Wealth Management employees on Wednesday, seen by Dow Jones Newswires, that his company plans to make tech investments “above and beyond basic running costs” in order to “ensure and accelerate the improvement of our platform’s stability and functionality.”
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