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The Zacks Analyst Blog Highlights: Citigroup, JPMorgan Chase, Bank of America and Bank of New York Mellon

For Immediate Release
Chicago, IL – August 31, 2015 – announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include the Citigroup Inc. (C), JPMorgan Chase & Co. (JPM), Bank of America Corporation (BAC) and Bank of New York Mellon Corporation (BK).           
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Here are highlights from Friday’s Analyst Blog:    

Bank Stock Roundup

The recent market turmoil across the globe and increased regulatory scrutiny led to a mixed performance of major bank stocks in the last five trading days. However, banks did not suffer much due to their limited exposure to China.

The Federal Reserve and other regulators intend to implement tougher rules for governing banks, which should go a long way in improving their risk profile. This would also alleviate risks to the U.S. financial system to some extent.

Steps taken to conclude litigation issues pertaining to banks’ past business conduct were also prominent in the last five trading days. The law-enforcement agencies are trying to resolve such issues in order to avoid lengthy litigations which would reduce legal burden of banks as well.

(Read the last Bank Stock Roundup for Aug 21, 2015)

Recap of the Week’s Most Important Developments:

1. The latest issues related to the payment system of banks are drawing regulators’ attention. The Federal Reserve is intensifying its scrutiny over how large banks monitor its huge amount of payments channeled through its systems day to day, particularly given the current scenario of increasing volatility in the stock market. Earlier this year, several banks including Citigroup Inc. (C), JPMorgan Chase & Co. (JPM), Bank of America Corporation (BAC) and The Bank of New York Mellon Corporation (BK) have received notices from the Fed regarding their capabilities to monitor payments on a real-time basis.

The financial crisis reflected major weakness in the banks’ liquidity risk management system, which raised regulators’ concerns about banks’ ability to meet payment obligations, particularly in a stressed market period (Read more: Banks Under Increased Fed Scrutiny over Payment Systems).

2. A recent technical glitch at BNY Mellon has rattled the U.S. funds industry. Assets under administration worth billions of dollars under the world’s largest custody bank were queued for pricing due to such fault which was managed partially and the system was restored. Further, BNY Mellon spokesperson Kevin Heine informed that the company is in the process of clearing the backlog and is working with SunGard Data Systems Inc. to resume normal processing as soon as possible (Read more: System Failure at BNY Mellon Rattles U.S Funds Industry).

3. BofA settled a class action lawsuit filed against its subsidiary Landsafe Appraisal Services, Inc. by 365 current and former employees working as residential real estate appraisers by agreeing to shell out $36 million in settlement. The bank will successfully dodge a scheduled Aug 31 trial, if it gets court approval for the settlement. A court case filed in April 2013 alleged that BofA and its subsidiary erroneously used the “administrative” and “professional” exemptions to residential staff appraisers.

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CITIGROUP INC (C): Free Stock Analysis Report
JPMORGAN CHASE (JPM): Free Stock Analysis Report
BANK OF AMER CP (BAC): Free Stock Analysis Report
BANK OF NY MELL (BK): Free Stock Analysis Report
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