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Buffett, Dimon urge end to quarterly profit forecasts
Investor Warren Buffett and JP Morgan Chase’s Jamie Dimon are encouraging public companies to stop predicting their quarterly earnings and focus on long-term goals. The two executives said on CNBC Thursday that companies that focus on hitting their quarterly numbers may do things that hurt them in the future, such as delaying investments or changing […]
JPMorgan pays $920M, admits fault in trading loss
WASHINGTON — JPMorgan Chase & Co. will pay $920 million and has admitted that it failed to oversee trading that led to a $6 billion loss and renewed worries about serious risk-taking by major banks. U.S. and U.K. regulators said Thursday that the largest U.S. bank’s weak oversight allowed traders in its London office to […]
Ex-JPMorgan exec says Dimon withheld data
WASHINGTON — JPMorgan Chase CEO Jamie Dimon held back showing federal regulators reports in May that revealed the bank had accumulated billions of dollars in trading losses, according to congressional testimony Friday from the firm’s former chief financial officer. Douglas Braunstein, who is now a vice chairman at the bank, told the Senate Permanent Subcommittee […]
JPMorgan’s Dimon again shows swagger
NEW YORK — Jamie Dimon, the CEO of JPMorgan Chase, is known as much for his swagger as for his banking savvy. Friday, when his bank reported triumphant results for the third quarter, was no exception. Speaking to reporters and later to analysts, he acknowledged being irritated by a report that his finance chief might […]
JPMorgan says bad trade has ballooned to $5.8B
NEW YORK — JPMorgan Chase said Friday that a bad trade had cost the bank $5.8 billion this year, almost triple its original estimate, and raised the prospect that traders had improperly tried to conceal the blunder. “This has shaken our company to the core,” CEO Jamie Dimon said. The bank said managers tied to […]
Dimon: JPMorgan trusted risk models before loss
WASHINGTON — JPMorgan Chase CEO Jamie Dimon says the bank did its best to fully inform investors about its risk strategy several weeks before it suffered a $2 billion-plus trading loss. Dimon told the House Financial Services Committee Tuesday that the bank trusted its methods for assessing risk and that the models used provided the […]
JPMorgan CEO Dimon says execs may have pay taken back
WASHINGTON — JPMorgan Chase CEO Jamie Dimon told Congress on Wednesday that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company. “It’s likely that there will be clawbacks,” Dimon told the Senate Banking Committee. Under bank policy, Dimon said, stock and bonuses […]
Chase CEO Dimon plans to apologize before Congress
NEW YORK — JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress on Wednesday for a trading loss that has cost the bank more than $2 billion. He is also saying that the bank has taken steps to make sure it does not happen again. “We have let a lot of people […]
JPMorgan suspends stock repurchase plans
NEW YORK — JPMorgan Chase is suspending plans to buy back its own stock, a little over a week after the bank posted a large trading loss. The largest U.S. bank by assets disclosed the $2 billion trading loss on May 10 in a hastily-called conference call with investors and journalists. The loss from an […]
Dimon survives votes on pay, chairmanship
TAMPA, Fla. — The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank. CEO Jamie Dimon also won a shareholder endorsement of his pay package from last year, which totaled $23 […]
Next up for JPMorgan’s Dimon: Facing the shareholders
NEW YORK — JPMorgan Chase CEO Jamie Dimon owned up to stock analysts and went on TV to accept blame for a $2 billion trading mistake. Next he faces shareholders, who are considerably less wealthy since the blunder was disclosed. While Dimon may be greeted by colorful protesters and tough questions at the JPMorgan annual […]
No sign of shareholder revolt against Dimon
NEW YORK — JPMorgan Chase CEO Jamie Dimon owned up to stock analysts and went on TV to accept blame for a $2 billion trading mistake. Next he faces shareholders, who are considerably less wealthy since the blunder was disclosed. While Dimon may be greeted by some colorful protesters when he arrives for the JPMorgan […]
