JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
5 Years : From Aug 2011 to Aug 2016
Despite the global economy experiencing a major slowdown financial stocks have shown investors some pretty admirable gains. The Financial Select Sector SPDR ETF (XLF) has gained 17.5 percent year-to-date, nearly 6 times the Dow Jones Industrial Average gain of 3 percent over the same period. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on JPMorgan Chase & Co. (NYSE: JPM) and Morgan Stanley (NYSE: MS).
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Last week the Federal Reserve announced guidelines for the latest round of "stress tests," which they expect to release results for by late by 2013. The latest tests will focus on how the nation's 19 largest banks would handle major recessions in Europe, China and Japan. The passing of the "stress tests" are considered key as it enables large banks to increase dividends and share buybacks.
"For the majority of banks, we view the scenarios laid out for [the capital analysis and review for] 2013 as modestly more optimistic as the one used in 2012," Barclays analyst Jason Goldberg said. There will be a number of banks that "will return the majority of their 2013 net income to shareholders in dividends and buyback next year," he said.
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The company has recently announced finance executive Marianne Lake will replace Doug Braunstein as Chief Financial Officer. Lake was formerly head of the bank's consumer unit. "There's been a lot of change recently, somewhat driven by the Whale, but that's life, and we tried to do the right thing there and we're doing fine," CEO Jamie Dimon said in an interview. He now believes that the management overhaul is "basically done."
Bloomberg has recently reported that Morgan Stanley is close to completing a $1 billion deal for a Moscow shopping mall, which would become the second retail property purchased in Russia this year. "The whole Russian story is about growing incomes," said Cushman & Wakefield Inc. Maxim Karbasnikoff, who is in charge of retail services in Russia. "There's been very little supply in a consumer market that's booming."
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