The decision by JPMorgan to lift the salary freeze is part of its year-end performance and compensation review process, according to a memo from human resources director John Donnelly.
JPMorgan shares were slipping by 1.1% to $43.86. Other bank stocks were trading mixed Tuesday, with
Bank of America
(BAC - Get Report)
rising 0.8% to $15.89,
(C - Get Report)
was flat at $4.19,
slipped 0.3% to $176.05 and
lost 1% to $28.11.
Among analyst moves,
(LM - Get Report)
slipped 0.3% to $31.50 even after Credit Suisse upped its stock price target for the asset management company to $35 from $33. The firm lowered its fourth-quarter earnings estimate to 37 cents a share from 38 cents, while it increased its full-year 2011 earnings estimate to $1.57 a share from $1.53.
Elsewhere, Deutsche Bank upgraded
Royal Bank of Scotland
to buy from hold, while Keefe, Bruyette & Woods downgraded
Allied Irish Banks
to underperform from market perform. Royal Bank of Scotland shares were falling 2.5% on the
New York Stock Exchange
to $13.18, and Allied Irish Banks shares were dropping 9.2% to $5.73.
-- Written by Robert Holmes in New York
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