Top Bank Companies To Invest In 2014
On this day in economic and business history …
On July 21, 2002, WorldCom declared what was at the time the largest bankruptcy in American history, with $107 billion in recorded assets. The story of one of the largest telecom companies in the United States thus drew to a disgraceful close. That story, as is often the case with monstrous bankruptcies, is riddled with scandal, fraud, and executives desperately trying to maintain their weakening grasp on great wealth and power. Let’s get started with the early years, as the Daniels Fund Ethics Initiative explores WorldCom’s rise:
The story of WorldCom began in 1983 when businessmen Murray Waldron and William Rector sketched out a plan to create a long-distance telephone service provider on a napkin in a coffee shop in Hattiesburg, Miss. Their new company, Long Distance Discount Service (LDDS), began operating as a long distance reseller in 1984. Early investor Bernard Ebbers was named CEO the following year. Through acquisitions and mergers, LDDS grew quickly over the next 15 years. The company changed its name to WorldCom, achieved a worldwide presence, acquired telecommunications giant MCI, and eventually expanded beyond long distance service to offer the whole range of telecommunications services. WorldCom became the second-largest long-distance telephone company in America, and the firm seemed poised to become one of the largest telecommunications corporations in the world.
Top Bank Companies To Invest In 2014: Canadian Imperial Bank of Commerce(CM)
Canadian Imperial Bank of Commerce provides various financial products, services, and advice to individual, small business, commercial, corporate, and institutional clients in Canada and internationally. The company offers retail markets services comprising personal banking, business banking, and wealth management services, as well as investment management services to retail and institutional clients. It also provides wholesale banking services, including credit, capital markets, investment banking, merchant banking, and research products and services to government, institutional, corporate, and retail clients. The company provides its services through its branch network, automated bank machines, mobile banking, and online banking site. As of June 3, 2011, it operated approximately 1,100 branches and 4,000 automated bank machines in Canada. The company was founded in 1867 and is headquartered in Toronto, Canada.
- [By ETF Authority]
Canadian Imperial Bank of Commerce (NYSE:CM): Up 0.89% to $69.33. Canadian Imperial Bank of Commerce provides banking and financial services to consumers, individuals, and corporate clients in Canada and around the world.
Top Bank Companies To Invest In 2014: J P Morgan Chase & Co(JPM)
JPMorgan Chase & Co., a financial holding company, provides various financial services worldwide. Its Investment Bank segment provides various investment banking products and services, including advising on corporate strategy and structure, capital-raising in equity and debt markets, risk management, market-making in cash securities and derivative instruments, prime brokerage, and research services serving corporations, financial institutions, governments, and institutional investors. The company?s Commercial Banking segment provides lending, treasury, investment banking, and asset management services to corporations, municipalities, financial institutions, and not-for-profit entities. Its Treasury & Securities Services segment offers cash management, trade, wholesale card, and liquidity products and services to small and mid-sized companies, multinational corporations, financial institutions, and government entities. It also holds, values, clears, and services securities, cash, and alternative investments for investors and broker-dealers, and manages depositary receipt programs worldwide. JPMorgan?s Asset Management segment provides investment and wealth management to institutions, retail investors, and high-net-worth individuals. This segment offers investment management in equities, fixed income, real estate, hedge funds, private equity, and liquidity products, as well as trust and estate, banking and brokerage services, and retirement services. Its Retail Financial Services segment offers retail banking and consumer lending services that include checking and savings accounts, mortgages, home equity and business loans, and investments through ATMs, online banking, and telephone banking, as well as auto dealerships and school financial-aid offices. The company?s Card Services segment issues credit cards and processes various credit card payments. JPMorgan Chase & Co. was founded in 1823 and is headquartered in New York, New York.
- [By Philip van Doorn]
Shares of JPMorgan Chase (JPM) closed at $45.42 Tuesday, returning 38% year-to-date, following a 20% decline during 2011. The shares trade for 1.5 times tangible book value, and for eight times the consensus 2013 EPS estimate of $5.52. Based on a quarterly payout of 30 cents, the shares have a dividend yield of 2.64%, and the company’s board of directors has authorized $12 billion in share buybacks for 2012, followed by another $3 billion for the first quarter of 2013. Konrad rates JPMorgan "Outperform," with a price target of $52, estimating the company will post first-quarter earnings of $1.07, followed by EPS of six dollars.
5 Best Performing Stocks To Buy For 2014: EverBank Financial Corp (EVER)
EverBank Financial Corp, incorporated in 2004, is an unitary savings and loan holding company. The Company provides a range of financial products and services directly to customers through multiple business channels. Its operating subsidiary is EverBank. As of December 31, 2011, EverBank had $ 10.3 billion deposits. EverBank offers a range of banking, lending and investing products to consumers and businesses. EverBank provides services to customers through Websites, over the phone, through the mail and at 14 Florida-based Financial Centers. The Company operates in two operating business segments: Banking and Wealth Management, and Mortgage Banking. Its Banking and Wealth Management segment includes earnings generated by and activities related to deposit and investment products and services and portfolio lending and leasing activities. Its Mortgage Banking segment consists of activities related to the origination and servicing of residential mortgage loans. In April 2012, the Company acquired MetLife Bank
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