In the US, a $9.3bn mortgage settlement is to be paid to clients following processing errors. Some of the larger banks impacted are Bank of America, JP Morgan, Wells Fargo, and Citi. While this figure is significant, the underlying result is that many clients will receive just under $1,000. The Dow Jones reacted well to this news starting the day in positive territory.
Day two of ‘National Enterprise Week’ saw Irish financials closing with gains bar AIB, down 0.3c to 6.7c. Bank of Ireland and Permanent TSB closed up 1c and 2c respectively to finish at 18c and 3.8c respectively. Irish Insurance company FBD Holdings gained 20.5c, closing at €13.355.
The construction sector was mixed with only CRH gaining ground on the day, closing up 21.5c to €16.525.