This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

3 Things That Could Move Financial Stocks Today

NEW YORK ( TheStreet) -- Here's the news and headlines that could move financial stocks today.

JPMorgan Chase (JPM) CEO Jamie Dimon made $23.1 million in 2011 and argued that the bank's stock may be too expensive to go ahead with a buyback program.

Dimon earned $17 million in restricted stock and options, $4.5 million in cash bonus, $1.4 million in salary and the remainder in pension grants, according to the bank's annual proxy statement filed with the Securities and Exchange Commission Wednesday.

Dimon's presumptive heir -- investment bank CEO James Staley -- earned $17.6 million in compensation during the same period, according to the SEC filing.

In his annual letter to shareholders issued along with the proxy, Dimon said the bank's appetite for buying back stock at its current $45 level is "not as great."

"If you like our businesses, buying back stock at tangible book value is a very good deal. So you can assume that we are a buyer in size around tangible book value," Dimon wrote. "Unfortunately, we were restricted from buying back more stock when it was cheap - below tangible book value - and we did not get permission to buy back stock until it was selling at $45 a share."

JPMorgan's tangible book value in 2011 was $33.69, according Dimon's letter.



Morgan Stanley (MS) was targeted by the Federal Reserve for what the bank regulator describes as "pattern of misconduct and negligence" in its foreclosure program for residential mortgages.

The Fed entered into a consent order with Morgan Stanley on Wednesday that will require the broker to hire an independent consultant to review past foreclosure practices and provide "remediation to borrowers" that suffered losses.

The focus of Morgan Stanley's problems was its Saxon Mortgage Services unit and faulty foreclosure proceedings between 2009 and 2010. Morgan sold a majority of the Saxon's mortgages to Ocwen Financial (OCN) earlier this month and has ramped back on residential mortgage servicing in the U.S.



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs