SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Jul 6, 2012) - Shares of the major banks fell Thursday as concerns regarding the London interbank offered rate (LIBOR) scandal spread. "The two-year investigation into banks rigging Libor, which has taken a toll on Barclays, has the potential to hurt Citigroup, JPMorgan and Bank of America," Mike Mayo, an analyst at CLSA Ltd., wrote in a recent research note. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on Barclays PLC (NYSE: BCS) and JPMorgan Chase & Co. (NYSE: JPM).
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Shares of Barclays plunged a day after the bank was ordered to pay a $451.4 million regulatory fine for attempting to rig benchmark interest rates. Bank of America, Citigroup and JPMorgan are among the banks currently being investigated by regulators from the U.S. and the U.K.
"They're facing the possibility of large civil suits, and there's a great debate right now over whether these banks have reserves for litigation," said Nancy Bush, bank analyst and contributing editor to SNL Financial. "This is just one more issue they really didn't need."
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Barclays recently announced the resignation of Bob Diamond as Chief Executive and a Director of Barclays with immediate effect. Marcus Agius will become full-time Chairman and will lead the search for a new Chief Executive. Shares of the Barclays have fallen over 17 percent in the last week.
JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.3 trillion and operations worldwide. The company will present a review of second quarter 2012 financial results and an update on CIO on July 13, 2012 at 7:30am (Eastern). Shares of JPMorgan had dropped 4.18 percent at close Thursday.
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