4 Financial Stock Stories To Close the Trading Week

Deutsche Bank (NYSE:DB): Current price $39.39

Both the Bundesbank and financial watchdog Bafin are conducting an in-depth inquiry of Deutsche Bank’s accounts in regards to claims that it failed to correctly value a derivatives portfolio, said knowledgeable sources. On Thursday, two sources said that the central bank — Bundesbank — was reacting to allegations that Deutsche Bank had incorrectly valued credit derivatives from 2007 through 2010, allowing it to conceal up to $12 billion in losses. However, one source told Reuters that ”this is a routine investigation. There is no prejudgement,” saying that the regulators were beginning with the assumption that Deutsche Bank’s accounts were in order.

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Bank of America Corporation (NYSE:BAC): Current price $11.92

The Boston Globe says that Boston will be the first market to have a new generation of Bank of America automatic teller machines which will offer video chats with tellers, along with other new services. The new ATMs will debut later in March at the Back Bay banking center at 133 Massachusetts Avenue, according to a BofA spokeswoman. The new machines will be rolled out to other parts of Boston and the the United States throughout 2013.


UBS (NYSE:UBS): Current price $15.23

Last week, Brett Ersoff and John Herman took over the commercial-mortgage bond group at UBS following the exit of the group’s head for Bank of America Corporation, have also left the bank, according to two inside sources. Ersoff and Herman had been named co-heads of real-estate finance and mortgage-backed securities, subsequent to Kenneth Cohen going to become the world chief of commercial real estate at Bank of America in New York, as confirmed by UBS on March 28. Spokeswoman Megan Stinson said that she could not comment on the latest exits, reported earlier Thursday by Debtwire.

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The PNC Financial Services Group (NYSE: PNC): Current price $64.81

The board has declared a quarterly cash dividend on the common stock of 44 cents per share, marking an increase of .04 cents per share, or 10 percent, from the prior quarterly dividend of 40 cents per share.  The new dividend payment date is May 5, payable the next business day, to shareholders of record at the close on April 16.


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