Citigroup Inc (NYSE:C) reduced its 2013 earnings by $235 million on Friday, saying it was a victim of fraud committed by a Mexican oil services company to secure hundreds of millions of dollars in short-term loans. The U.S. bank is seeking to recover the missing funds with the help of Mexican authorities. Citigroup Inc (NYSE:C) stock opened at $48.27 in last trading session, and closed at $48.63, trading in the range of $48.11 – $49.29. The stock showed a positive weekly performance of 0.77%.
Bank of America Corp (NYSE:BAC) said the government’s “headline-seeking” request to more than double the penalty it is seeking to $2.1B in a case known as “the hustle,” where the bank was found liable for fraud over mortgages sold to Fannie Mae (FNMA) and Freddie Mac (FMCC), “contradicts every pertinent legal principle,” reported Financial Times, citing a filing. Bank of America Corp (NYSE:BAC) shares closed at $16.53 on last trade day, by gaining 0.24%. Stock 52 week range is $11.02 – $17.42. Company’s market capitalization is $174.69 billion.
A federal judge approved a settlement Friday of a class-action lawsuit against JPMorgan Chase for its force-placed insurance practices, an agreement that could pay more than $300 million to about 750,000 mortgage borrowers. The national settlement prohibits the bank for six years from getting commissions, kickbacks or reinsurance from the insurance, which it obtains when a homeowner’s policy lapses. JPMorgan Chase & Co. (NYSE:JPM) stock advanced 0.23% and finished the last session at $56.82. The EPS of the stock remained 4.37. Company’s market capitalization is $215.17 billion.
Wells Fargo & Co (NYSE:WFC) announced 700 job cuts in its home lending business. It has issued a 60-day notice to the concerned employees. The recent layoffs come on the heels of the company’s retrenchment of 250 jobs last month, bringing the total tally to around 6,900 since July. Wells Fargo, the largest mortgage originator in the U.S., had recruited 11,406 mortgage loan officers earlier in 2013. The prevalent low interest rates then were favorable for homebuyers and the company had intended to improve its top line by augmenting home loans. Wells Fargo & Co (NYSE:WFC) stock opened at $46.10 in last trading session and closed at $46.42. The 52 week range of the stock is $34.85 – $46.84 and the day range was $46.01 – $46.65.
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