4 Financial Stock Stories to Start the Short Trading Week

Lloyds Banking Group (NYSE:LYG): Current price $3.71

The United Kingdom’s number-one mortgage lender is auctioning $8.7 billion of mortgage debt to fill a capital deficit, one month after Lone Star Funds and Credit Suisse Group shelled out $8.7 billion for assets taken over from the failed Belgian bank Fortis. Chief Executive Jan Hommen said in May that the Netherlands can sell debt from the bailout of ING Groep for a “decent profit.”

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LYG

The Royal Bank of Scotland Group (NYSE:RBS): Current price $10.02

Sky News is reporting that RBS directors of have conducted secret discussions in recent weeks concerning the selection of a successor to Stephen Hester, implying doubt in regards to his long-term future as chief of the state-backed lender. The news company says that RBS chairman Sir Philip Hampton called a meeting of RBS’s non-executive directors earlier in May, at which he advised them that he was composing a list of several prospective replacements for Hester.

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RBS

JPMorgan Chase & Co. (NYSE:JPM): Current price $54.56

JPMorgan has recruited the senior prime services banker David Leahy for a new Asia-Pacific position from Credit Suisse (NYSE:CS), as investment banks continue to build out their hedge funds divisions in the region. Leahy has been hired by the bank as managing director and chief of Asia-Pacific prime services sales, said an internal memo seen by The Wall Street Journal. A JPMorgan Chase spokesman in Hong Kong confirmed the hire, and said that Leahy will be based in Hong Kong.

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JPM

The Blackstone Group (NYSE:BX): Current price $23.05

A letter reviewed by Reuters indicates that the billionaire hedge fund manager Steven A. Cohen is losing the financial support of Blackstone Group, which is the biggest outside investor in his SAC Capital Advisors, which is pulling out much of its client money. The May 21 letter was from a pension consultant firm Russell Investments to clients, and said that Blackstone has advised Cohen that it intends to “fully redeem” a significant portion of the approximate $550 million the investment firm has invested with the hedge fund. The letter said that Blackstone submitted its redemption notice to SAC Capital sometime before May 15, because of ongoing fears regarding the insider trading investigation that continues to surround Cohen’s fund.

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BX

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