Big Bank Stock Movers Jan 31st: BofA, JP Morgan, Wells Fargo, Citi

Bank of America Corporation (NYSE:BAC): Bank of America has decided to shuffle the leadership of its investment bank, Reuters reports. Christian Meissner will become head of global corporate investment banking and will report to co-COO Tom Montag, while Paul Donofrio and Michael Rubinoff, the former co-heads of the unit, will take on new roles. Shares of Bank of America Corporation are trading 0.14% higher today.

JP Morgan Chase (NYSE:JPM): Old Mutual and Sanlam, two insurers, are in talks to set up a joint venture to purchase JPMorgan’s (NYSE:JPM) South African fund administration unit, according to a Sanlam executive, reports Reuters.

Goldman Sachs (NYSE:GS): The Fed’s quarterly survey of U.S. banks and foreign banks with U.S. operations showed that credit standards on commercial and industrial loans were little changed even though banks reported an increase in loan demand, especially from small companies, reports the Wall Street Journal.

Wells Fargo (NYSE:WFC): Backed by the Labor Department, rules governing 401(NYSE:K) retirement plans are about to change, and potentially result in savings for millions of American, reports the Wall Street Journal. Plan administrators and investment companies are to disclose the costs, as companies look to lower fees and offer new investment choices.

Citigroup (NYSE:C): Citigroup announced that its Global Transaction Services business, acting through Citibank N.A., has been appointed by AB Electrolux, a global leader in household appliances and appliances for professional use, as the successor depositary bank for its sponsored Level 1 American Depositary Receipt, or ADR, program. Electrolux’s ADR program trades in the OTC marketplace under the symbol “ELUXY”, with 2 ordinary shares represented by 1 ADR. AB Electrolux’s ordinary shares are listed on the NASDAQ OMX Stockholm.

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

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