Bank Watch roundup: Coal to again be an issue at Bank of America annual meeting
04/16/2014 7:00 AM
04/16/2014 7:00 AM
COAL WILL BE AN ISSUE AGAIN AT BOFA'S ANNUAL MEETING: For the past few years, climate change activists have questioned CEO Brian Moynihan about Bank of America's loans to coal companies. It looks like the issue will rear its head again this year. A shareholder proposal demanding a climate change report each year will again appear on the proxy ballot, and Interfaith Center on Corporate Responsibility sent a letter to shareholders this week warning of risks it feels such loans represent to the long-term health of the company.
BIG BANKS BORROWING HEAVILY FROM FHLB: Bank of America, Wells Fargo, JPMorgan and Citigroup have driven a major increase in borrowing from the Federal Home Loan Bank system, using the money to buy assets to meet liquidity standards, Bloomberg reports.
YELLEN TO BE MORE AGGRESSIVE TOWARD BANKS: The Federal Reserve chair told a conference in Atlanta that the nation's biggest banks may need to hold more capital, and nonbanks need more scrutiny.
GOLDMAN WANTS TO REVIVE TRADING: As customers grow unhappy and the Wall Street bank loses market share, Goldman Sachs has launched a campaign to protect its equities business, the Wall Street Journal reports.
REGULATOR TO PROPOSE BACKGROUND CHECKS ON BROKERS: The Financial Industry Regulatory Authority is set to reveal new rules geared at unveiling stockbrokers' records, including a requirement that firms do formal background checks on new hires, the Wall Street Journal reports.
FIFTH THIRD ELECTS NEW CHAIRMAN: Furniture maker executive James P. Hackett is taking the role over from former FDIC chairman William Isaac, who is retiring at age 70, Bloomberg reports.
BANK OF COMMERCE HIT BY PREFERRED STOCK REPRICING: The Charlotte bank's net income to shareholders fell despite improvement elsewhere because its bailout-era preferred stock became much more expensive. The change was a factor in Bank of Commerce's sale announced last month.
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