Bank of America Comments on JPMorgan Chase Meetings

Bank of America met with JPMorgan Chase & Co.'s JPM Charlie Scharf, CEO of Retail Financial Services. “Regulatory issues dominated, with Scharf noting that JPM will reprice products to ensure sufficient returns given higher capital requirements (e.g. Basel/ SIFI), as well as lost fee revenues (e.g. Durbin),” Bank of America writes. “JPM's competitive position remains very strong, Scharf believes, despite regulatory change; in areas/ products where JPM is less competitive, it will likely scale back, or adjust business models/ target markets.” JPMorgan Chase closed Thursday at $40.98.