Wells Fargo, UBS, JP Morgan and Goldman Sachs Lead Active Bank Stocks Feb. 7th

Wells Fargo (NYSE:WFC): Wells Fargo reported that as of Dec. 31, 2011 the company had 728,024 active trial or completed mortgage modifications started since January 2009. Approximately 84% of those, or 614,117 modifications, were done through the company’s own programs and 113,907 were done through the federal government’s Home Affordable Modification Program, or HAMP.

UBS (NYSE:UBS): The company’s Basel 2.5 tier 1 ratio rose to 16.0% from 13.2% and Basel II tier 1 ratio rose to 19.7% from 18.4%. The company said, “Traditional improvements in first quarter activity levels and trading volumes may fail to materialize fully, which would weigh on overall results for the coming quarter, most notably in the Investment Bank.”

JP Morgan (NYSE:JPM): JP Morgan’s buyout arm, One Equity Partners, is said to be in talks to sell its remaining 34.5% stake in AMAG Austria Metall, Bloomberg reported. A sale could take place in a few weeks, the report suggests. Also, JPMorgan Chase (NYSE:JPM) agreed to pay $110M to settle consumer suits over excessive overdraft fees, reported Reuters, citing a filing with the U.S. district court in Miami. The settlement requires approval by the judge who oversees national litigation over the fees, the report noted.

Goldman Sachs (NYSE:GS): Goldman Sachs has approached rival banks recently to gauge their interest in taking a stake in its soon-to-be spun off REDI Technologies electronic trading software group, according to people familiar with the matter, reported The Wall Street Journal. Goldman plans to keep a significant stake in the firm, the report added

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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