4 Financial Stock Stories to Take to the Bank
JPMorgan Chase & Co. (NYSE:JPM): Current price $46.04
On Monday, the Federal Reserve Board issued two consent Cease and Desist Orders against JPMorgan, a registered bank holding company. The first order mandates that the firm take corrective action to continue ongoing enhancements to its risk-management program and also its finance and internal audit functions, especially in regard to its Chief Investment Office. This order is subsequent to the disclosure of significant losses in a large synthetic credit portfolio that was overseen by the CIO. The second order says that JPMC must take corrective action to modify its program to be in compliance with the Bank Secrecy Act as well as other anti-money laundering requirements at the bank’s various subsidiaries.
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Apollo Global Management (NASDAQ:APO): Current price $19.66
Affiliates of Apollo, including NRI Management Group, have formed a partnership through which to invest in mining properties worldwide with a primary concentration upon coal. The strategic partnership, which is backed by an equity commitment of $300 million from funds affiliated with Apollo, will focus on mining and related opportunities in established regions across the globe.
Golub Capital BDC (NASDAQ:GBDC) Current price $15.84
The business development firm intends to make a public offering of 4.5 million shares of its common stock and also plans to allow the underwriters an option to buy up to an additional 675,000 shares so as to cover any over-allotments. Joint book-running managers for the offering are Wells Fargo Securities, Morgan Stanley and UBS Investment Bank.
Virginia Commerce Bancorp (NASDAQ:VCBI): Current price $11.50
The firm said that its board has begun a formal evaluation of strategic alternatives to improve shareholder value, which includes a possible merger, divestiture or other form of business combination. Virginia Commerce has retained Sandler O’Neill + Partners to advise the board in its review. A definitive timetable for the finalization of its evaluation has not been set, and there is no assurance that this process will lead to the pursuit, approval or completion of any transaction or other strategic initiative.
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