Morningstar's Jaime Peters checks in on the current health and outlook for Citi, J.P. Morgan, and BofA following release of their second-quarter results.
Investment banking and declining delinquencies helped power strong results for J.P. Morgan and B of A, but uncertainty in the housing market and broader economy still loom, says Morningstar's Jaime Peters.
Bank of America Corp. led decliners in the Dow Jones Industrial Average after reporting profit dropped 63 percent, hurt by shrinking revenue and more costs from cleaning up bad mortgages.
Bank of America Corp.'s brokerage arm and JPMorgan Chase & Co.'s asset-management division are among businesses ripe for divestiture if U.S. banks break up to improve stock prices, according to CLSA Ltd.'s Mike Mayo.
The National Committee for Responsive Philanthropy has issued a highly critical report on the performance of the corporate foundations of Bank of America, Goldman Sachs, Wells Fargo and JPMorgan Chase.