RBS & Lloyds Privatizations Delayed, Annaly Upgraded: Financial Business Review

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According to the BBC, the privatization of The Royal Bank of Scotland (NYSE:RBS) will likely not begin until 2014 and as for Lloyds Banking Group (NYSE:LYG), the divestiture of the taxpayers’ stake probably will not start until 2015. It is likely, even with such a delay, that taxpayers should face large losses upon the disposal of their shares and the Board at RBS assumes that the soonest that taxpayers could begin divesting a portion of their 82 percent interest in the company would be in 2014. Meanwhile, Lloyds thinks that none of the 40 percent of its shares held by the Treasury will be sold until 2015.

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On Friday, Annaly Capital Management (NYSE: NLY) was upgraded at Wells Fargo to Outperform from Market Perform as the analyst issued a broader call on the mortgage real estate investment trust sector.

In order to resolve claims by United States regulators, JPMorgan Chase & Co. (NYSE:JPM) and Credit Suisse Group (NYSE:CS) will together pay nearly $417 million. The allegations state that the companies misled investors while at the same time selling billions of dollars of investments in conjunction with home loans. JPMorgan will shell out $296.9 million to settle claims and Credit Suisse, who was also faulted for disclosures on reimbursements, is paying $120 million.

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