US Bancorp Downgraded at Moody’s, Dimon Unruffled Over Fiscal Cliff: Financial Business Review
US Bancorp’s (NYSE:USB) senior debt rating has been downgraded at Moody’s Investors Service from Aa3 to A1 and the standalone bank financial strength rating/baseline credit assessment of U.S. Bank National Association, its lead operating bank, was lowered to from B+/aa2 to B/aa3. Additionally, US Bancorp’s long-term deposit rating was lowered to Aa3 from Aa2. These downgrades concludes the review for possible downgrade that began on September 20. The Prime-1 rating of US Bancorp was not on review and is unchanged with a stable outlook on the firm.
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Chief Executive Jamie Dimon of JPMorgan Chase & Co. (NYSE:JPM) believes that the dreaded fiscal cliff matter will be settled at the last moment, says Matt Burnell of Wells Fargo & Co. (NYSE:WFC), subsequent to a meeting he had with Dimon. The latter, consequently, is not getting upset over the feeding frenzy about the fiscal cliff or new capital requirements for J.P. Morgan. Of this, Burnell wrote that, “This is because both caucuses will probably not be able to reach agreement without extreme pressure, although Dimon expressed the view that there are enough sensible people in DC who recognize the foolishness of going over the fiscal cliff (and risking the consequences) unnecessarily.”
The brokerage Morgan Stanley (NYSE:MS) has the largest corps of financial advisers and has now modified its wealth- management compensation plan so as to encourage brokers to grow revenue and to permit them to purchase discounted stock. The program, to begin in 2013, pays a bonus of 2 to 5 percentage points of revenue for advisers who recruit new assets and are in the top 40 percent in revenue growth, according a summary obtained Thursday by Bloomberg News.