Why is it that investors heart J.P. Morgan, and its archrival, Bank of America, can’t seem to catch a break? According to cnbc both have more than $1 trillion in deposits and manage enormous and successful consumer and investment banks. B of A, by virtue of its sheer size, touches one out of two U.S. households in some way—and, for better or worse, is viewed as a proxy for the health of the nation’s economy as a result.
But the yawning perception gap between the two banking behemoths was on full display this week, as a volatile market beat down Bank of America shares by more than 11% through Thursday’s close, and J.P. Morgan’s by only 2%. The difference was particularly pronounced in the wake of public appearances by both companies’ chief executives on Wednesday. During a half-hour late-morning appearance on CNBC, J.P. Morgan honcho Jamie Dimon at one point appeared to rally the S&P 500 with patriotic remarks that “the strength in the system will blow your socks off when it comes out of this malaise we’re in.” Between that morning’s market open and the close on Thursday, Morgan shares rose more than 3%.
By contrast, B of A chief Brian Moynihan’s 90-minute public conference call with investors early that same afternoon failed to inspire his shareholders – who in fact sank his stock nearly 4% over the two-day period....
Read more at http://www.cnbc.com/id/44121507
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