4 Financial Stock Stories to Begin Another Trading Week
BlackRock Inc. (NYSE:BLK): Current price $300.62
The provider of exchange-traded funds has recruited Rachel Lord from Citigroup Inc. to manage its iShares ETF unit in Europe, the Middle East, and Africa. Lord had served as the world chief of corporate equity derivatives at Citigroup, and will now be based in London and will report to global head of iShares Mark Wiedman, said a statement BlackRock. Lord will supplant Joe Linhares, who will come back to the United States and coordinate the company’s activities with its biggest retail distribution partners.
U.S. Bancorp (NYSE:USB): Current price $37.93
U.S. Bank announced Monday that it has surpassed its target of hiring 1,000 military veterans since January 1, 2012, just in time to honor the Veterans Day holiday. Thus far, the bank has added 1,114 veterans since Jan. 1, 2012, and now employs around 2,000 veterans nationwide. The firm met its hiring goals via an aggressive campaign backed by executive leadership and hiring managers across the company.
JPMorgan Chase & Co. (NYSE:JPM): Current price $54.08
The Securities Investor Protection Corp., an investor protection entity, has joined the legal battle requesting the United States Supreme Court to decide if JPMorgan Chase and other banks must pay for failing to take more aggressive action against Bernard Madoff’s multi-billion dollar fraud scheme. The corporation argued in a filing that the trustee chosen to recover money on behalf of victimized Madoff investors should be authorized to request funds from JPMorgan, UBS AG, HSBC, along with other financial institutions. Urging the Supreme Court to take the case, the SIPC brief contended that permitting the trustee Irving Picard’s lawsuits against the banks to move forward would afford Madoff’s former customers “the greatest and most equitable pro rata distribution of their lost investments as Congress intended.”
UBS AG (NYSE:UBS): Current price $18.45
Taking advantage of the improving economic environment for banks in Europe, UBS has announced its repurchase of the StabFund, created in October 2008 by the Swiss government and the Swiss National Bank to bail out UBS AG. The bank will pay $3.76 billion to SNB to buy back the residual value of distressed assets in the fund. During the financial crisis, UBS AG spun-off its toxic loans, securities, and derivatives that were worth $38.7 billion into the StabFund. Beyond that, the government supplied $6.5 billion of equity, and a loan to the fund to support the troubled assets while they attenuated.
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