NEW YORK (MarketWatch) — Financial stocks traded near monthly highs on Friday as leading money-center banks advanced.
The Financial Select Sector SPDR Fund XLF -0.03% , which tracks financial stocks in the S&P 500, was up 0.02% after spending most of the morning in the red.
Goldman Sachs Group Inc. GS +0.08% and Bank of America Corp. BAC -0.07% rose 0.4%. Goldman may be lead underwriter on the Twitter IPO, The Wall Street Journal reported. Morgan Stanley MS +0.39% was up more than 0.2% and is up nearly 7% in the last three months.
J.P. Morgan Chase & Co. JPM +0.17% rose more than 0.6% and Citigroup Inc. C +0.46% rose 0.45%.
Here’s the roundup of news on Wall Street:
J.P. Morgan will plan to spend an additional $4 billion on regulatory and legal issues facing the firm, according to a report in The Wall Street Journal.
The firm plans to spend $1.5 billion on managing risk and regulatory compliance and will add $2.5 billion to its litigation reserves in the second of this year, said the report, as well as committing 5,000 employees to fix the firms problems.
“Fixing our controls issues is job No. 1,” said CEO James Dimon said in an interview. “This is a huge investment of people, time and money…but it will make us stronger in the long run.”
The report comes as the firm faces increased scrutiny from at least seven separate government investigations in its practices, including hiring practices overseas and mortgage bonds sales.
The Securities and Exchange Commission asked the major equity exchanges to work together to improve the stability of the U.S. trading systems after a meeting in Washington on Thursday.
The regulator laid out a comprehensive action plan for the exchanges to work on in the next 60 days.
Private equity firm BlackRock Group Inc.BX +0.31% and bond asset manager Pimco bought more than a quarter the debt sold in Verizon’s VZ +0.01% record $49 billion bond offering, according to media reports.
Between them, the firms purchased $13 billion of the largest corporate bond deal on record, said reports. Two major consulting firms used by Wall Street have become under scrutiny in the latest government investigation.
Promontory Financial Group and PricewaterhouseCoopers are two of the big names that have received subpoenas over perceived coziness with Wall Street, according to a report in the New York Times.
The subpoenas are from the New York Department of Financial Services. Neither firm has been accused of wrongdoing and have not received indictments, said the report.
marketwatch.com
The Financial Select Sector SPDR Fund XLF -0.03% , which tracks financial stocks in the S&P 500, was up 0.02% after spending most of the morning in the red.
Goldman Sachs Group Inc. GS +0.08% and Bank of America Corp. BAC -0.07% rose 0.4%. Goldman may be lead underwriter on the Twitter IPO, The Wall Street Journal reported. Morgan Stanley MS +0.39% was up more than 0.2% and is up nearly 7% in the last three months.
J.P. Morgan Chase & Co. JPM +0.17% rose more than 0.6% and Citigroup Inc. C +0.46% rose 0.45%.
Here’s the roundup of news on Wall Street:
J.P. Morgan will plan to spend an additional $4 billion on regulatory and legal issues facing the firm, according to a report in The Wall Street Journal.
The firm plans to spend $1.5 billion on managing risk and regulatory compliance and will add $2.5 billion to its litigation reserves in the second of this year, said the report, as well as committing 5,000 employees to fix the firms problems.
“Fixing our controls issues is job No. 1,” said CEO James Dimon said in an interview. “This is a huge investment of people, time and money…but it will make us stronger in the long run.”
The report comes as the firm faces increased scrutiny from at least seven separate government investigations in its practices, including hiring practices overseas and mortgage bonds sales.
The Securities and Exchange Commission asked the major equity exchanges to work together to improve the stability of the U.S. trading systems after a meeting in Washington on Thursday.
The regulator laid out a comprehensive action plan for the exchanges to work on in the next 60 days.
Private equity firm BlackRock Group Inc.BX +0.31% and bond asset manager Pimco bought more than a quarter the debt sold in Verizon’s VZ +0.01% record $49 billion bond offering, according to media reports.
Between them, the firms purchased $13 billion of the largest corporate bond deal on record, said reports. Two major consulting firms used by Wall Street have become under scrutiny in the latest government investigation.
Promontory Financial Group and PricewaterhouseCoopers are two of the big names that have received subpoenas over perceived coziness with Wall Street, according to a report in the New York Times.
The subpoenas are from the New York Department of Financial Services. Neither firm has been accused of wrongdoing and have not received indictments, said the report.
marketwatch.com
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