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April 06 2012

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A landmark $25 billion deal between the government and the country’s largest banks got the blessings of federal judge Rosemary Collyer Wednesday, and was publicly announced Thursday. The banks involved include Citigroup (NYSE:C), Bank of America (NYSE:BAC), JP Morgan Chase(NYSE:JPM), Wells Fargo (NYSE:WFC), and Ally Financial.

The settlement, relating to poor foreclosure practices by the banks, makes it mandatory for them to revamp their systems and procedures. The banks must also appoint an independent supervising authority to monitor compliance with the settlement over the next few years.

In other measures designed to help aggrieved homeowners, the banks must write-off certain components of the loans, refinanceloans at lower interest rates, and compensate homeowners who lost their homes due to irregular foreclosures by the banks.

Here’s how these banks’ stocks closed the week:

Citigroup, Inc. (NYSE:C): C shares recently traded at $34.79, down $0.25, or 0.71%. They have traded in a 52-week range of $21.40 to $46.70. Volume today was 31,472,303 shares versus a 3-month average volume of 47,117,900 shares. The company’s trailing P/E is 9.60, while trailing earnings are $3.63 per share.

Bank of America Corporation (NYSE:BAC): BAC shares recently traded at $9.23, up $0.03, or 0.33%. They have traded in a 52-week range of $4.92 to $13.72. Volume today was 180,868,064 shares versus a 3-month average volume of 295,148,000 shares. The company’s trailing P/E is 923.00, while trailing earnings are $0.01 per share.

JPMorgan Chase & Co. (NYSE:JPM): JPM shares recently traded at $44.34, down $0.07, or 0.16%. They have traded in a 52-week range of $27.85 to $47.66. Volume today was 28,834,531 shares versus a 3-month average volume of 33,618,700 shares. The company’s trailing P/E is 9.90, while trailing earnings are $4.48 per share.

Wells Fargo & Company (NYSE:WFC): WFC shares recently traded at $33.73, down $0.15, or 0.44%. They have traded in a 52-week range of $22.58 to $34.59. Volume today was 19,566,294 shares versus a 3-month average volume of 31,117,600 shares. The company’s trailing P/E is 11.96, while trailing earnings are $2.82 per share.

To contact the reporter on this story: Saul Griffith at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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