Bank of America Corp. Chief Executive Officer Brian T. Moynihan has summoned more than 100 of his regional leaders to a private meeting today where they’ll be pushed to boost the lender’s flagging revenue, said two people with direct knowledge of the project.
The biggest U.S. banks including JPMorgan Chase & Co. and Citigroup Inc. are lending the smallest portion of their deposits in five years as cash floods in from savers and a slow economy damps demand from borrowers.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon personally stands to miss out on about $1.39 million a year if the Federal Reserve decides last week’s stress-test results don’t justify a dividend increase.
Moore Capital Management LLC, the hedge fund that had boosted its JPMorgan Chase & Co. investment earlier this year, joined other firms in selling the bank’s shares following a multibillion-dollar trading loss.
Jamie Dimon will seek to restore investor confidence this week after a trading loss wiped out $39 billion of JPMorgan Chase & Co.’s market value and marred his reputation as one of the industry’s best risk managers.
Bank of America Corp. , hit by last month’s disclosure of a potential $10 billion charge tied to new regulations, may add $13 billion to its book value when it posts gains from a Chinese bank stake for the first time in October.
Wall Street, the global financial community reeling from public outrage and increased regulation, is proving incapable of finding a champion to replace sidelined JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon.