Citigroup Announces Exec Change, J.P. Morgan Selling Division, Wells Fargo Mortgages Strong
Citigroup (NYSE:C): Citigroup announced that Richard D. Parsons will not seek re-election to the board at the upcoming Annual Meeting of Stockholders in April. Parsons, who will remain chairman through the annual meeting, has been chairman since 2009 and a board member since 1996. The board, consistent with its pre-existing succession planning, intends to select Michael E. O’Neill to succeed Parsons as chairman following the stockholder meeting. In addition to Parsons, Alain J.P. Belda, a board member since 1997, and Timothy C. Collins, a board member since 2009, will not seek re-election to the board.
J.P. Morgan (NYSE:JPM): JPMorgan is trying to sell its metal concentrates business due to U.S. regulatory restrictions, reports Reuters, citing industry sources. At least one company had looked into the unit last year but walked away without pursuing it further.
Bank of America (NYSE:BAC): Bank of America (NYSE:BAC) will freeze its pension plan effective July 1 and will begin a 401(NYSE:K) plan in its place, reported The Charlotte Observer, citing a statement from the bank.
Wells Fargo (NYSE:WFC): Wells Fargo & Co. reported that, as of Jan. 31, the company had 733,180 active trial or completed mortgage modifications since January 2009. More than 92% of Wells Fargo’s home loan customers remained current on their mortgage payments as of 4Q11 and fewer than 2% of the loans on owner-occupied properties in its mortgage servicing portfolio have resulted in a foreclosure sale over the past 12 months.
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