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) rising 0.8% to $15.89, Citigroup (C) was flat at $4.19, Goldman Sachs (GS) slipped 0.3% to $176.05 and Wells Fargo (WFC) lost 1% to $28.11.
Among analyst moves, Legg Mason (LM) 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 (RBS) to buy from hold, while Keefe, Bruyette & Woods downgraded Allied Irish Banks (AIB) 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. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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