4 Financial Stock Stories to Close Out the Trading Week
Wells Fargo & Co. (NYSE:WFC): Current price $42.15
Wells Fargo has been recognized by the Carbon Disclosure Project for its endeavors to lower greenhouse gas emissions, thus achieving a position on the CDP Global 500 Climate Performance Leadership Index. The announcement comes from the CDP Global 500 Climate Change Report 2013, a yearly update for institutional investors as to greenhouse gas emissions data and climate change strategies at the world’s top public firms.
Executive Vice President, Technology Infrastructure Services Scott Dillon, commented that, “About 93 percent of our Scope 1 and Scope 2 greenhouse gas emissions come from ‘purchased electricity’ — or anything that runs on power. One of the many ways Wells Fargo is working to reduce that purchased electricity usage is through efficiencies in our data centers.”
JPMorgan Chase & Co. (NYSE:JPM): Current price $52.63
Aside from its multiple regulatory inquiries and legal troubles, executives at JPMorgan have advised FOX Business that the bank is boosting internal controls and oversight in hopes of winning a Federal Reserve signoff on its capital plans that it had to resubmit by the end of September, due to central bank worries over its stress test results last March. A JPMorgan Chase spokesman remarked that, “Clearly the Federal Reserve wants us to beef up controls, it’s something they’re looking for us to do with regards to resubmitting our capital plans later this month.”
In March, the Fed disapproved the capital plans submitted by both JPMorgan Chase and Goldman Sachs, it allowed the two banks to go forward with plans for dividends or share repurchases, but they were required to resubmit reinforced capital plans by the end of September.
General Growth Properties, Inc. (NYSE: GGP): Current price $19.59
On Friday, General Growth Properties announced the purchase of 28,345,108 of its common shares during the third quarter through September 12. The average share price was $20, amounting to total consideration of $567 million. The buyback activity included 25 million common shares bought from affiliates of Pershing Square Capital Management, L.P. on September 12 at $20 apiece. The firm used available cash resources for the acquisition, which lowered its total diluted common shares outstanding to around 964 million shares.
UBS AG (NYSE:UBS): Current price $20.88
Chief Executive Sergio Ermotti says that Switzerland’s number-one bank is around half way finished with its planned 10,000 job cuts in its major cost-cutting overhaul. Ermotti told CNBC Asia’s Squawk Box on Friday that, “We are almost half way through. The structural changes in the investment bank are done. The second chunk is about becoming more efficient and effective across the board in wealth management, investment bank, asset management, in the way we operate and support our businesses.”