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(MSN)   Companies that have done well during the economic downturn -- JP Morgan Chase, Bank of America, and Wells Fargo -- and have a masterful grasp of customer service now really want to run your 401k   (money.msn.com) divider line 44
    More: Unlikely, JPMorgan Chase & Co., Wells Fargo, Bank of America, average cost, berg Businessweek, Morningstar, Accenture, Hallmark  
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1392 clicks; posted to Business » on 11 May 2012 at 8:08 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-11 04:23:44 PM  
Bank of America (BAC -1.95%, news), JPMorgan Chase (JPM -9.28%, news) and Wells Fargo (WFC +0.36%, news) are adding staff, creating easier-to-use technology and competing on fees in an effort to win a bigger share of the trillions of dollars in 401k savings plans.

JPMorgan almost doubled its sales force dedicated to selling retirement-plan services to employers in 2010, says Michael Falcon, whose job as head of retirement in the U.S. and Canada for the bank's asset management unit was created in January. "It's one of the top priorities" at JPMorgan, he says.


Yeesh. Sounds like something a tax cut and deregulation could cure. I hope they gamble with my 401k first. Anyone else wanna join?
 
2012-05-11 04:26:51 PM  
Man, the inevitable bubble they create and the subsequent crash are going to suck.
 
2012-05-11 04:35:08 PM  
JP Morgan Chase just lost over a billion bucks investing in dicey derivatives, so I'd put my money there. They're overdue for a run of good luck.
 
2012-05-11 04:41:55 PM  
Combine this with a pinch of Euro crash and a hint of a student loan crisis, you've got a revolt or somethin'

/not smart
 
2012-05-11 04:45:20 PM  
That reminds me. I need to move my money to the local credit union.

/It's called "Wings"
//I'm going to ask to see Tony Shaloub when I'm there
 
2012-05-11 05:01:46 PM  

Marcus Aurelius: JP Morgan Chase just lost over a billion bucks investing in dicey derivatives, so I'd put my money there. They're overdue for a run of good luck.


You must just clean up at the casino, don't you :)
 
2012-05-11 06:41:52 PM  
Jump, you f*ckers.
 
2012-05-11 06:47:35 PM  
It really is amazing to me that people are not going to do anything about it.

Everyone in Congress has been purchased, and the media continue to pretend that there's nothing wrong.

We are headed for disaster and no one is doing anything about it.
 
2012-05-11 08:41:43 PM  

Nadie_AZ: Yeesh. Sounds like something a tax cut and deregulation could cure. I hope they gamble with my 401k first. Anyone else wanna join?


Please. The real money is in social security privatization.
 
2012-05-11 08:54:14 PM  
BOA handling my 401k....hmmmm....no.
 
2012-05-11 09:10:48 PM  
Ruin is spelled with an "i".
 
2012-05-11 09:51:13 PM  
api.ning.com
 
2012-05-11 09:51:38 PM  
I for one, can't wait for these giant f*ckbag degenerate gamblers to get their hands on a couple trillion extra dollars. I mean, you don't really expect them to gamble with their own money, do you?

Once they get a foothold in the 401k market, just watch how fast the dump trucks full of lobbyist money rolls into DC to get any regulation of 401k accounts to be gutted.
 
2012-05-11 10:02:49 PM  
we need to give them control of social security and also a tax break.
 
2012-05-11 10:04:39 PM  

Gonz: Jump, you f*ckers.

 
2012-05-11 10:05:55 PM  
Ugh, Wells Fargo already has my 401k ...
 
2012-05-11 10:12:39 PM  

HawgWild: Ugh, Wells Fargo already has my 401k ...


www.speelgratispoker.nl

And .... its gone.
 
2012-05-11 10:20:10 PM  
Our corporate welfare system is quite generous . But to be fair they compensate congress generously too, so it all works out
 
2012-05-11 10:56:54 PM  
Raise interest rates so I can save money in a bank account again.
 
2012-05-11 11:07:41 PM  

HawgWild: Ugh, Wells Fargo already has my 401k ...


My 401K was with Merrill Lynch, then the company chose Wells Fargo instead. Now that I am working for a different company, I'd like to roll my account over. WF says I have to leave "at least $5,000" in the account for 5 years. Interestingly, the amount of money they say I have access to is over $6,000 less than the full account balance.

I'm disgusted, but what the hell can I do about it?
 
2012-05-11 11:13:22 PM  
too big to fail, remember? nothing will happen, nobody is going to jail. pay no attention to the $2 billion loss, it's not a big deal.

Now STFU, blame unions some more and keep voting Republican.
 
2012-05-11 11:16:56 PM  
I just spent 18 years with Bank of America and left when they imposed account fees. All of these institutions want 401k money because the fees/penalties are hidden and enormously lucrative. You want to withdraw money put in during the last 6 months -- oh, that's a churning fee of 3%. Since you want $5,000 and your account paid a $1,000 dividend recently, we'll take our slice anyway. It is the business of scumbags ... and perfectly legal.
 
2012-05-11 11:20:10 PM  
FTA:

Wells Fargo has added features that allow employers to more closely track their employees' saving and investing,

Sorry Johnson, can't give you a raise but you have some nice performance in the emerging market fund/ This won't be abused at all.
 
2012-05-11 11:41:23 PM  
As opposed to Fidelity or another number of other corporations?

Personally, I have had pretty good luck with WF. I would not be too bothered about this.
 
2012-05-11 11:45:09 PM  
Companies that have done well during the economic downturn -- JP Morgan Chase, Bank of America, and Wells Fargo

Uh, 1 and 3 did ok (well, until yesterday, anyway) but Bank of America has barely survived and is paying out billions of dollars in legal settlements. Not that they deserve any sympathy or anything...
 
2012-05-11 11:52:06 PM  

atomic-age: HawgWild: Ugh, Wells Fargo already has my 401k ...

My 401K was with Merrill Lynch, then the company chose Wells Fargo instead. Now that I am working for a different company, I'd like to roll my account over. WF says I have to leave "at least $5,000" in the account for 5 years. Interestingly, the amount of money they say I have access to is over $6,000 less than the full account balance.

I'm disgusted, but what the hell can I do about it?


I wouldn't worry much about the 5 year waiting period. I am sure they've already got plans for a new fee structure that'll drain that sucker to zero in a matter of a few years.
 
2012-05-11 11:55:13 PM  

Gonz: Jump, you f*ckers.


That would make them a job creator. Somebody has to clean up the mess on the sidewalk.
 
2012-05-12 01:01:06 AM  
 
2012-05-12 01:10:02 AM  
Of course they do, that's a whole lot of capital to do leverage buy outs with.

If anyone thinks they WON'T dip into those funds is a fool. I can't wait till a mega union healthcare fund is lost because the bank used the assets in the fund as collateral for a securitized derivate hedge against the fund itself. Genius idea, what could possibly go wrong?
 
2012-05-12 01:16:08 AM  
If you don't want your retirement money to go to the giant bank that your company is working with, just don't save for retirment. No one is forcing you to get a 401(k).
 
2012-05-12 05:35:37 AM  

Arkanaut: Companies that have done well during the economic downturn -- JP Morgan Chase, Bank of America, and Wells Fargo

Uh, 1 and 3 did ok (well, until yesterday, anyway) but Bank of America has barely survived and is paying out billions of dollars in legal settlements. Not that they deserve any sympathy or anything...


I think your sarcasm detector's batteries might be low.
 
2012-05-12 06:05:05 AM  

Shaggy_C: If you don't want your retirement money to go to the giant bank that your company is working with, just don't save for retirment. No one is forcing you to get a 401(k).


Are you a wizard?
 
2012-05-12 08:28:49 AM  

Weaver95: too big to fail, remember? nothing will happen, nobody is going to jail. pay no attention to the $2 billion loss, it's not a big deal.

Now STFU, blame unions some more and keep voting Republican.


c-pol.com
 
2012-05-12 08:37:08 AM  

HeadLever: As opposed to Fidelity or another number of other corporations?

Personally, I have had pretty good luck with WF. I would not be too bothered about this.


Not according to my stock holdings.
 
2012-05-12 09:07:05 AM  
I want to hear a little from the group of people whose greatest historical figure was well known for his hate of money-changers. Come out and take a bow for imposing your values on the country. Well... come out and take a farking bow already.
 
2012-05-12 09:15:15 AM  
FTFA

Increased competition from banks may lead to lower costs and more choices for employers and savers, says Laura Pavlenko Lutton, an editorial director in the mutual fund research group at Morningstar.

No, the "savings" will be passed on to the companies first and foremost. after that it goes to the magical fairy printer ink dust unions big business wharbagall....
 
2012-05-12 09:25:33 AM  
I had one of my bank accounts with Wachovia, which got bought out by WF. I found out yesterday that they decided to start charging $25 a year for overdraft protection I haven't used since the mid 90's. If they sent a letter or email telling me about that before they just took the cash it must have gotten lost in the mail because I never saw it.

On the other hand, the customer service rep was very nice about cancelling the overdraft protection, but wouldn't give me the money back. They're trying damn hard to get me to move all my money into Navy Fed.
 
2012-05-12 10:01:54 AM  
This Submitter, who has done well in getting a greenlit thread at Fark.com -- a site for not news, politics and entertainment links -- and has less than a masterful grasp at sentence construction now really wants to accidentally the whole thing.
 
2012-05-12 10:10:52 AM  
Every time I read an article about these assholes I start wishing a meteor the size of texas would slam into us at about 15,000mph

They own you, they own me, they own all of us. They own the governments, they own the media and I don't think anything you or I can do short of rebooting our own society (which will hurt all the wrong people) will stop them.
 
2012-05-12 10:38:36 AM  

HawgWild: Ugh, Wells Fargo already has my 401k ...


I'm curious, what are the fees for an S&P 500 index fund. The company we used to go with had a true S&P 500 Index fund to invest 401K money in. The fee was 1/2 or 3/4 of a percent. My company changed 401K management companies to one that offered a fund "designed to match the performance" of the S&P 500. The management fee jumped to like 2.5%. How much skill does it take to design a fund to match the performance of the S&P 500?
 
2012-05-12 10:56:26 AM  
If by "run" you mean "plunder" you'd be correct. Lets see how long it takes for them to get the government to force you to hand it over.
 
2012-05-12 12:49:14 PM  

Muta: HawgWild: Ugh, Wells Fargo already has my 401k ...

I'm curious, what are the fees for an S&P 500 index fund. The company we used to go with had a true S&P 500 Index fund to invest 401K money in. The fee was 1/2 or 3/4 of a percent. My company changed 401K management companies to one that offered a fund "designed to match the performance" of the S&P 500. The management fee jumped to like 2.5%. How much skill does it take to design a fund to match the performance of the S&P 500?


Considering you can buy shares of the S&P500 as a whole, as an Exchange Traded Fund (SPDR), it should be essentially zero percent on a private investor scale. Certainly not nearly three, good lord almighty.

My guess is someone from the new fund has greased some palms at your company.

I would open an account at Fidelity, or Vanguard and roll that sucker over.
 
2012-05-12 10:34:13 PM  

AcneVulgaris: If by "run" you mean "plunder" you'd be correct. Lets see how long it takes for them to get the government to force you to hand it over.


Of course! We can't have mere mortals have access to thousands - HUNDREDS OF THOUSANDS - of dollars that can't be plundered for high risk investments. Now that GW Bush couldn't close the deal on letting Wall Street have the n on-existant social security "fund" alternatives must be found!
 
2012-05-12 11:16:02 PM  
Closed my Wells Fargo account last week. I feel cleaner.

/USAA hasn't farked me yet
 
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