Goldman Sachs, JPMorgan, Chase & Co., Citigroup and Deutsche Bank analysts rated the luxury automaker as a buy or equivalent this week.
Wells Fargo and Chase Auto Finance grew third-quarter auto originations by 10% and 19%, respectively, with a Wells Fargo official noting that new auto sales were at their highest levels in a decade.
JPMorgan Chase is expected to underwrite the initial public offering for Chrysler Group, CNBC reported this week.
The CFPB ordered another bank’s credit card division to repay customers for the way it delivered "add-on products" to customers.
Prestige Financial Services Inc. has established a $150 million asset-backed commercial paper conduit facility through JPMorgan Chase Bank N.A. in Chicago.
Further evidence that losses from failed loans may have peaked in the first half of 2010 was revealed as the nation’s largest banks issued their second-quarter report cards.
Driven mainly by its investment banking division, which offset losses on credit cards and consumer loans, JP Morgan Chase reported strong earnings for the third quarter 2009. As for its auto finance segment, originations were up 82 percent.
Propped up by its investment banking division, JP Morgan Chase & Co.’s second-quarter profit in 2009 surpassed its own expectations. However, auto loan originations dipped from both the prior year and prior quarter.
The auto finance industry struggled through the first quarter of this year, but several companies reported lower losses compared to the fourth quarter 2008.
The stock market rallied today, but does that mean this downturn is over? F&I’s Gregory Arroyo doesn’t think so. Find out why.
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