The second largest bank in the US was fined.
Bank $BAC+0.2% will pay a $150 million fine for charging its clients for services they did not ask for.
How do you view the banking sector after the collapse of several US banks? Do you trust the banks or do you prefer to invest in fintech companies?
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It's like Simone in Comeback when she accidentally ended up with extra edges 😂😂😂
250mil probably doesn't bother them at all, but I don't like this behavior from banking companies. I'm thinking of investing anyway. 😁
This immediately reminded me of the cross-selling scandal at $WFC+0.1%. You can find plenty of it on the internet.
"Wells Fargo ordered to pay $3.7 billion for 'illegal activity' including unjust foreclosures and vehicle repossessions"
https://edition.cnn.com/2022/12/20/investing/wells-fargo-cfpb-foreclosure-fine/index.html
I trust the banks... they have been there and they will be there... I just think they are going to go through some kind of transition and the question is who will be able to withstand it or not...
Yes, is it interesting information for such a bank that it steals from its clients? ...well, it's not good for the reputation, but Buffett trusts it, it's a huge bank and this fine will be chump change for them, I'll continue to stay with it as I still have $JPM+1.2%.
Then it's clear that such a report is not a reason to sell. I'm just intrigued by how such a company "rips off" its customers. I envy $JPM+1.2% if you shopped at lower prices.
I got it for $139 here at $JPM+1.2%, so nothing really extra caught, I "missed" it too, but a lot of my decision was made when I read about their CEO Jamie Dimon, I wrote a post here about it too, so I bought it.
Even if the banks are unstable, I would like to include the shares of one or more banks in my portfolio. Of course, I only want to have stocks of the largest banks like $BAC+0.2% or $JPM+1.2% in my portfolio.
I plan to buy shares of $BAC+0.2% in the near future, as they are currently quite low.
Exactly, I find the banking sector undervalued overall. Every crisis has its first and greatest impact on the banks.
These are exactly the two banks I buy and trust, I am satisfied with them, I can recommend them, except of course it is important to have your own opinion. 😊
Didn't they get a 250mil fine? 😶 Well, from the position of a JPM investor, I'm totally at ease, the bank came out of the crisis bigger and stronger. Hopefully Friday's results will confirm that.
Thanks for the heads up, I've already fixed it. So if you've got $JPM+1.2% you can be happy. I think the US bank results will be nice. I was buying $C-0.1% and they made it through the crisis too.
I have trusted JPM for a long time, so I'm happy with the position built and the progress of the crisis.