JPMorgan & BofA’s Dividend Predictions, Goldman Exits Korea: Financial Business Review
Last week, the Federal Reserve released its instructions for the next round of stress tests for banks, igniting the perennial guessing games among analysts, observers and investors as to how much each company will be allowed to pay their shareholders. On Tuesday, analysts at Bernstein have calculated that JPMorgan Chase & Co (NYSE:JPM) and Bank of America Corporation (NYSE:BAC) should be able to provide more for their investors than first thought, although Citigroup (NYSE:C) might get less to spread around than it hoped. Specifically, predictions are for as much as 35 cents from JPMorgan and 2.5 cents from BofA, with Citi coming in with 12 cents a share.
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Goldman Sachs Group (NYSE:GS) was in the asset management business in South Korea for five years, but is now opting out off that fiercely competitive market, according to a statement by the firm’s representative in Hong Kong. Dealing with South Korea’s own institutions and tiny profit margins is known to be difficult, and if a firm is trying to compete by using only sub-scale operations, the task is far more difficult. Presently, Goldman’s division manages approximately $4 billion in assets while employing around 40 persons.
The Blackstone Group (NYSE:BX) has formed a joint partnership with the closely-held LLOG Exploration Company, one of the biggest closely held offshore oil producers in the United States. The project, initially expected to spend a combined 1.2 billion, will enlarge private equity’s footprint into the Gulf of Mexico, developing its offshore finds of late along with its list of deep-water ocean-bottom prospects. Blackstone Managing Director Angelo Acconcia said that, “This is a real vote of confidence in the Gulf.”
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