JP Morgan Investor Day Insights, Deutsche Bank Negotiates, Chevron’s Arbitration

J.P. Morgan (NYSE:JPM): JPMorgan sees 2012 Basel 1 Tier 1 common 11.1%. Sees 2013 stressed Basel I Tier 1 common 9.3%, 2013 Basel I Tier 1 common 12.2%. Assuming analyst estimated dividends, and share repurchases generally consistent with 2011, Basel I Tier 1 common remains at ~8% in 2012 and 2013. The company says it expects a CCAR response from the Fed by March 15. Says European net exposure $15B at February 16. As for capital deployment, after dividends, the company says priorities include organic growth, acquisitions, share repurchases. As for the DOJ, AG mortgage settlement, Chase says the settlement amount will be $5.3B and consist of $1.1B in cash payments, $0.5B toward a refinance program and up to $3.7B of additional relief for homeworkers. Given its current reserve position, the settlement is not expected to have a material impact on earnings. These comments are from slides that are being presented at the JPMorgan Chase 2012 Investor Day.

Deutsche Bank (NYSE:DB): Deutsche Bank is in exclusive negotiations with Guggenheim Partners on the sale of its Asset Management businesses that are subject to a previously-announced strategic review. The businesses include DWS Americas, the Americas mutual fund business; DB Advisors, the global institutional asset management business; Deutsche Insurance Asset Management, the global insurance asset management business; and RREEF, the global alternative asset management business.

Chevron (NYSE:CVX): Chevron announced that an international arbitration tribunal, convened under the authority of the U.S.-Ecuador Bilateral Investment Treaty and administered by the Permanent Court of Arbitration at The Hague, ruled that it has jurisdiction to hear Chevron’s claims against the Republic of Ecuador. Chevron filed its request for arbitration in 2009, claiming that the Republic violated its obligations under the BIT and international law.


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