Financial Biz Cheat Sheet: Morgan Stanley Gets a New Chief Economist, Bank of Montreal Partners with MasterCard
JPMorgan (NYSE:JPM) shares jumped today after Stifel Nicolaus rated the bank a Buy, saying it was undervalued after falling 25% since May. However, JPM has scaled back its own outlook, saying market revenue will be down from the second quarter and investment banking fees will come in below expectations at $1 billion for the current quarter.
Hot Feature: FDIC Approves New ‘Living Will’ Rules for U.S. Banks
Bank of Montreal (NYSE:BMO), in conjunction with MasterCard (NYSE:MA), is launching its Mobile PayPass Tag, which will allow customers to make payments using a sticker attached to their mobile phones. PayPass tags have already been embedded in millions of credit cards and account for 10% of all Canadian MasterCard transactions.
France’s BNP Paribas (PINK:BNPQY) is bouncing back after an unnamed official claimed the bank was having serious funding issues. Shares have climbed 15% off early morning lows, and are now trading up 1.2%.
H&R Block (NYSE:HRB) will not offer tax anticipation loans in 2012. Demand for the loans has declined as the IRS has been providing faster refunds. Furthermore, the loan fees translate to the equivalent of an APR of 169%.
Vince Reinhart of the American Enterprise Institute has joined Morgan Stanley (NYSE:MS) as its chief U.S. economist. Reinhart has held senior positions at the Fed, including secretary and economist of the FOMC.
Nomura (NYSE:NMR) plans to cut 5% of its European staff positions, trimming payrolls in order to increase its income.