Financial Sector Review: MF Global Funds Forever Missing, EU to the Rescue
Bank of America Corp (NYSE:BAC), Citigroup Inc. (NYSE:C), JPMorgan Chase & Co. (NYSE:JPM), Goldman Sachs Group, Inc. (NYSE:GS): Over half of the derivatives trading business of Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), JPMorgan Chase (NYSE:JPM), Citigroup (NYSE:C) and Bank of America (NYSE:BAC) could mostly fall outside the Dodd- Frank Act if they are successful in lobbying regulators to exempt their overseas operations, Bloomberg reports.
BAC shares closed at $7.07, down $0.22, or 3.02%, on the day. Its market capitalization is $74.49 billion.
C shares closed at $30.23, down $0.64, or 2.07%, on the day. Its market capitalization is $88.39 billion.
JPM shares closed at $37.01, down $0.2, or 0.54%, on the day. Its market capitalization is $139.63 billion.
GS shares closed at $109.73, down $2.04, or 1.83%, on the day. Its market capitalization is $54.02 billion.
Wells Fargo & Company (NYSE:WFC): Credit default swaps have theoretically helped enable five large U.S. banks, including JP Morgan (NYSE:JPM) and Goldman Sachs (NYSE:GS), to reduce their exposure to Europe’s “PIIGS” nations to a collective total of $30B-$50B, from more than $80B, The New York Times noted last night. However, some on the Street doubt whether the swaps would function properly during a major fiscal crisis, the newspaper added.
The shares closed at $29.25, down $0.35, or 1.18%, on the day. Its market capitalization is $153.93 billion.
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