U.S. Big Banks Would Approximately Double if They Were to Use International Standards for Derivatives

NEW YORK, NY -- (Marketwire) -- 02/26/13 -- Financial stocks have experienced an admirable start to the year as improvements in the global economy have renewed investor optimism in the sector. The SPDR KBW Bank ETF (KBE) has gained nearly 7 percent year-to-date, while the broader Financial Select Sector SPDR Fund (XLF) is up more than 5 percent, outperforming the S&P 500 Index's gain of 4.3 percent over the same period. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Company (NYSE: WFC).

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U.S. accounting rules allow banks to report smaller portions of their derivatives than their European counterparts. If JPMorgan Chase & Co., Bank of America Corp. and Wells Fargo & Co. were to use international standards for derivatives and consolidating mortgage securitizations their assets would double, while Citigroup Inc.'s assets would increase by 60 percent, according to Bloomberg. JPMorgan, Bank of America and Citigroup would then be three largest banks in the world, with combined assets of $14.7 trillion, approximately 93 percent of U.S. gross domestic product in 2012.

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JPMorgan Chase & Co. is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The company reported record net income of $21.3 billion for the full year 2012, compared to a net income of $19.0 billion a year prior. Shares of JPMorgan have gained over 8 percent year-to-date.

Wells Fargo & Company is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. The company is scheduled to release its first quarter 2013 earnings on Friday, April 12th.

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