Financial Business Recap: Bank of America PRESSURED, Morgan Stanley LOVES Qatar
Bank of America Corporation (NYSE:BAC) is leading in something in which it would rather not: Investors are pressuring banks to buy back soured mortgages during the past few months, due to recent earnings reports, and the firm is said to be facing outstanding claims jumping more than 40 percent to $22 billion in the second quarter, which is the highest of all banks. Other big names in the group include include Wells Fargo & Co. (NYSE:WFC), PNC Financial Services Group (NYSE:PNC) and Fifth Third Bancorp (NASDAQ:FITB).
Morgan Stanley (NYSE:MS) is in advanced discussions with Qatar’s sovereign wealth fund, concerning a possible stake in the bank’s commodities division and it’s said that an agreement might be imminent, according to CNBC. An investment such as that could provide the wealth fund a beachhead in the worldwide business of trading paper and physical stocks of commodities such as crude oil, natural gas and metals, while at the same time bringing an influx of capital for MS.
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