Bank Watch roundup: Wells preps for investor day
05/16/2014 7:00 AM
05/15/2014 9:40 PM
GETTING READY FOR WELLS FARGO INVESTOR DAY: Next week, investors and analysts converge on San Francisco for the bank's not-quite-annual investor day. Analysts with Barclays expect cross-selling to dominate the conversation, especially as it pertains to further penetrating wealthy households and the bank's recent moves to boost credit card offerings. And, of course, they'll get asked about mortgages and expenses (meaning employee headcount).
ECONOMIST PREDICTS IMPENDING GLOBAL RECESSION: Speaking to the Charlotte Economics Club, Jerome Levy Forecasting Center chairman David Levy said a global recession will hit in the next two years, sending U.S. unemployment back up. But this country's banks would fare better than counterparts in other countries, Levy said.
BOFA CREATES LOAN PORTAL FOR WHEELCHAIR-ACCESSIBLE VEHICLES: Bank of America has set up a website where people looking for wheelchair-accessible vans through Vantage Mobility International to easily apply for financing on it.
TIAA-CREF LEASES NEW OFFICE BUILDING: The retirement giant has gotten some more space in a building near its existing campus in the University City area.
HOUSING FINANCE BILL WINS COMMITTEE APPROVAL: But the bill that would phase out Fannie Mae and Freddie Mac faces an uncertain future and won't even be guaranteed a vote in the full Senate.
INVESTORS BET ON BIG BANKS' REVIVAL: Investors are snapping up subordinated debt and other riskier securities issued by banks, the Wall Street Journal reports, an asset class that got hammered after the financial crisis.
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