Financial Sector Review: Volcker Rule Risks
Bank of America Corp (NYSE:BAC), JPMorgan Chase & Co. (NYSE:JPM), Morgan Stanley (NYSE:MS): Saying the Volcker rule would increase risk, raise costs for investors, hurt U.S. competitiveness and be open to legal challenge, major banks and their trade associations are pushing for changes to a proposed U.S. ban on proprietary trading, escalating their effort against the rule which takes effect in five months, reports Bloomberg.
BAC shares closed at $7.98, down $0.27, or 3.27%, on the day. Its market capitalization is $84.08 billion.
JPM shares closed at $37.92, down $0.38, or 0.99%, on the day. Its market capitalization is $143.06 billion.
MS shares closed at $19.05, down $0.49, or 2.51%, on the day. Its market capitalization is $36.71 billion.
Citigroup Inc. (NYSE:C): Mark Renton has joined Lazard (NYSE:LAZ) as a Managing Director, Financial Advisory, focused on international oil and gas. Renton is the former Vice Chairman, Global Energy at Citigroup (NYSE:C).
The shares closed at $32.08, down $0.8, or 2.43%, on the day. Its market capitalization is $93.80 billion.
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