Your Dow 30 Financial Stock Buzz This Week
JPMorgan Chase & Co. (NYSE:JPM): Current price $48.91
Jim Woolery at J.P. Morgan will become deputy chairman of the New York law firm Cadwalader, Wickersham & Taft, says the Wall Street Journal. Woolery became the bank’s co-chief of North American mergers and acquisitions in 2011.
JPMorgan and Morgan Stanley (NYSE:MS) have tied for first place in the annual Bloomberg Markets ranking of underwriters, as both Wall Street giants garnered an estimated $1.16 billion in fees. Both firms worked on Facebook’s (NASDAQ:FB) initial public offering and the United States government’s sell-down of American International Group (NYSE:AIG) stock. However, the total amount of IPO fees plunged by 32 percent to $4.3 billion in 2012.
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During the fourth quarter, the number of short (“underwater”) sales of American homes was greater than the number of foreclosure deals as lenders upped their efforts to dispose of troubled properties, according to RealtyTrac, which estimated that the amount of short sales reached 337,000. This was up by 14 percent year-over-year, and comprised roughly 33 of all residential transactions in the quarter.