CHICAGO, Sept. 8, 2011 /PRNewswire/ -- Zacks.com 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: JPMorgan Chase & Co.'s
(NYSE: JPM), UBS AG (NYSE: UBS), Royal Bank of Scotland
Group plc (NYSE: RBS), Bank of America Corporation
(NYSE: BAC) and Bank of New York Mellon Corp (NYSE: BK).
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Here are highlights from Wednesday's Analyst Blog:
No Job Cuts at JPMorgan
On Tuesday, Reuters reported quoting Mr. Jes Stanley, JPMorgan Chase & Co.'s
(NYSE: JPM) investment banking Chief Executive, that the company
has no plans to retrench employees in the near future.
During the first half of 2011, JPMorgan recorded compensation
expenses of $15.8 million, up 6% from
the corresponding prior-year period. However, Mr. Stanley stated
that the company has been trying to manage expenditures by lowering
other operating expenses rather than cutting jobs.
This move is, however, in stark contrast to what the other peers
of JPMorgan have been announcing recently. Several banks announced
layoffs in July and August to tide over the ever increasing
expenses.
In order to improve operating efficiency, last month, UBS
AG (NYSE: UBS) declared 3,500 job cuts, Royal Bank of
Scotland Group plc (NYSE: RBS) announced trimming of
2,000 positions, and Bank of America Corporation (NYSE: BAC)
planned to retrench 3,500 employees. Bank of New York Mellon
Corp (NYSE: BK) announced 1,500 layoffs.
The recent job data release on Friday stated that the there was
no job creation for the month of August. So, at this time when all
the banking companies are trying to streamline their expenses
through workforce reduction, this statement from JPMorgan comes on
a positive note that will certainly boost investors' confidence in
the stock.
JPMorgan currently retains its Zacks #3 Rank, which translates
into a short-term Hold rating. Moreover, considering the
fundamentals, we are maintaining a long-term Neutral recommendation
on the stock.
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