4 Financial Stock Stories to Kick Off the New Quarter
Goldman Sachs Group Inc. (NYSE:GS): Current price $159.79
Three knowledgeable sources said that Goldman’s Chief Executive Lloyd Blankfein will be among the group of his peers meeting with President Obama in a visit organized by the Financial Services Forum, which is a trade group representing bank chiefs. The meeting was first set up as part of the Obama Administration’s ongoing endeavors to repair relations with the financial services sector and entice their support for White House policy. Obama met at the White House with the same group back in April. Financial Services Forum spokeswoman Laena Fallon would not comment. It may be assumed that the focus of the meeting is the government shutdown which began at midnight.
Wells Fargo & Co. (NYSE:WFC): Current price $41.37
On Tuesday, Wells Fargo announced a lawsuit resolution with Freddie Mac worth around $869 million. The accord includes the settlement of all outstanding and potential repurchase claims connected with the misrepresentation of loans originated and sold by Wells Fargo directly to Freddie Mac prior to 2009. The firm will pay $780 million in cash to Freddie Mac, inclusive of adjustments regarding credits, linked with previous repurchases. Freddie Mac and Fannie Mae both obtained government bailouts in 2008, and have pressured banks to buy back mortgages that defaulted during the United States housing crisis.
JPMorgan Chase & Co. (NYSE:JPM): Current price $51.85
Highlighting its commitment to small business, Chase on Tuesday debuted Mission Main Street Grants, a program that will bestow 12 grants of $250,000 to small businesses throughout America. All businesses that apply for a grant and meet the eligibility requirements will get access to a Social Media Toolkit and receive a special advertising offer from Premier Sponsor, Google. Besides that, the 12 grant recipients will become eligible to receive a trip to Google for an exclusive small business marketing workshop with Google experts and a Google Chromebook Pixel computer as well.
Citigroup Inc. (NYSE:C): Current price $48.76
Citigroup has announced the intro of e for Education, a three-month initiative to raise funds for education-related nonprofits spanning the globe. Starting Tuesday and through December 31, Citi will contribute funds to a number of charities based on a percentage of institutional client FX transaction volumes executed via its electronic trading platform, Velocity. Citi Velocity is an award-winning proprietary FX electronic trading platform meant for institutional clients, which provides real-time pricing with one-click trading for multiple foreign exchange products, including forwards, spot, swaps, and options.
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