NEW YORK (
was among several bank stock trading higher Monday after a regulator said she is against a plan that would force banks to spin off derivatives trading units.
and others climbed after
The Wall Street Journal
reported that Federal Deposit Insurance Corp. Chairman Sheila Bair warned in a letter to Senate lawmakers that any such curbs would have the unintended consequence of impairing financial stability and would "be highly disruptive and costly" for banks and their customers.
JPMorgan shares were up 1.9% to $43.39. Among other bank stocks trading higher,
Bank of America
was up 0.5% to $17.91,
rose 0.9% to $4.41, and
climbed 1.9% to $147.93.
On the downside,
fell 0.9% to $29.95.
was in the news again after billionaire investor
Saturday said he likes
$5 billion preferred stock stake in Goldman, praising the embattled investment bank during Berkshire's annual meeting.
Goldman Sachs is fighting civil fraud charges from the
Securities and Exchange Commission
, filed on April 16. On Friday, reports surfaced that the Justice Department was looking into criminal charges against the firm.
Meanwhile, Keefe Bruyette & Woods analysts cut their rating on Goldman Sachs to market perform from outperform and reduced their price target to $165 from $195.
"As long as the SEC's civil lawsuit lingers, a DOJ criminal probe is underway, and
Goldman remains the lightening rod for populist and congressional anger against Wall Street, it will be difficult for
its stock to come close to recognizing its inherent value, in our view," KBW analysts wrote.
-- Written by Robert Holmes in Boston
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