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May 30, 2011 07:00 ET

Bank of America Settles Lawsuit; UBS, Citigroup and Goldman Predict a Nervous Market

Wall Street Banks, Citigroup (C), Goldman Sachs (GS), and UBS See Greater Expectation From Weary Investors in Future.

LAS VEGAS, NEVADA--(Marketwire - May 30, 2011) -Bank of America Corp. (BAC) has reached a deal to pay $20 million to end a lawsuit by the U.S. Department of Justice revolving around the bank's failure to constantly check the military status of borrowers on whom it foreclosed through May 31, 2009. The Justice Department suspected Countrywide foreclosed on 160 servicemen. Among the victims were individuals who have served in Iraq and Afghanistan. BAC stock closed at $11.57 on May 27. The stock price was up 2.01%.

UBS (UBS), Citigroup(C) and Goldman Sachs (GS) are predicting investors will be looking for greater returns in the near future amid domestic and global market turmoil. In the coming week, when manufacturing and jobs data is released, the risk factors may increase on top of uncertainty related to Arab uprisings and debt defaults in Europe.

UBS, Citigroup and Goldman Sachs have all dropped their expectations of what investors will be pay for dividends this year. "Earnings are going to continue to surprise to the upside, but investors will continue to be reluctant to believe in the sustainability of earnings and, therefore, not give full credit to that," Jonathan Golub, chief U.S. equity strategist at UBS in New York, told Reuters.

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