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JPMorgan to stop lending to coal companies, arctic drillers
NEW YORK — JPMorgan Chase & Co. will no longer do business with coal companies and will restrict financing to companies that drill in the Arctic, the company announced Tuesday. The announcement came in tandem with the bank announcing it would extend $200 billion in financing to clean and renewable energy companies by 2025. The […]
Wells Fargo, JPMorgan settle mortgage kickbacks probe
Wells Fargo and JPMorgan Chase have agreed to pay more than $35 million combined to resolve claims that loan officers at the two banks received kickbacks in exchange for steering mortgage borrowers to a Maryland title company.
JPMorgan adds cuts, to lay off 8,000 total this year
JPMorgan Chase plans to eliminate 8,000 jobs this year as its mortgage business shrinks and the giant bank aims to control costs at its branches.
JPMorgan to pay over $2 billion in Madoff fraud
NEW YORK — JPMorgan Chase & Co., already beset by costly legal woes, will pay over $2.5 billion for ignoring obvious warning signs of Bernard Madoff’s massive Ponzi scheme, authorities said Tuesday. The bank will pay $1.7 billion to settle criminal charges and a $350 million civil penalty for what the Treasury Department called “critical […]
JPMorgan to pay separate $100M penalty from CFTC
WASHINGTON — JPMorgan Chase & Co. has agreed to pay a $100 million penalty and admitted that its traders acted “recklessly” during a series of London trades that ultimately cost the bank $6 billion. The settlement announced Wednesday by the Commodity Futures Trading Commission comes less than a month after JPMorgan, the nation’s largest bank, […]
Official: $11B eyed in JPMorgan settlement talks
ALBANY, N.Y. — An $11 billion national settlement is under discussion to resolve claims over JPMorgan’s handling of mortgage-backed securities in the run-up to the recession, said a government official familiar with ongoing negotiations among bank, federal and state officials. The Justice Department is taking the lead on the settlement, which would include $7 billion […]
JPMorgan faces criminal probe over mortgage bonds
NEW YORK — The U.S. Justice Department is investigating JPMorgan Chase over mortgage-backed investments the bank sold in the run-up to the financial crisis. The New York-based bank said in a regulatory filing that it is responding to investigations by the civil and criminal divisions of the U.S. Attorney’s office for the Eastern District of […]
Tribune reportedly selling off newspapers
Tribune Co., owner of The Baltimore Sun, will be auctioning off its newspaper properties, CNBC reported.
JPMorgan told to fix controls tied to $6B loss
WASHINGTON — JPMorgan Chase & Co. has been ordered to take steps to correct poor risk management that led to a surprise trading loss last year of more than $6 billion. Federal regulators are also citing the nation’s largest bank for lapses in control that allowed the bank to be used for money laundering. JPMorgan […]
Mortgage comeback? Citigroup isn’t so sure
NEW YORK — Citigroup isn’t as enthusiastic as its peers about a comeback in the housing market. On Friday, executives at Wells Fargo and JPMorgan Chase declared that the long-struggling market had turned a corner. On Monday, Citigroup’s top number-cruncher said he wasn’t so sure. In a conference call with reporters after the bank released […]
Feds throw support behind lawsuit against JPMorgan
WASHINGTON — The federal government on Tuesday threw its support behind a lawsuit against JPMorgan Chase accusing Bear Stearns, the investment bank JPMorgan bought in 2008, of engaging in massive fraud in deals involving billions in residential mortgage-backed securities. At a news conference, acting Associate Attorney General Tony West credited a federal-state working group of […]
Facebook stock up on Zuckerberg’s no-sale pledge
NEW YORK (AP) — Facebook’s stock is up following a disclosure that its CEO, Mark Zuckerberg, won’t sell stock in the company for at least a year. Zuckerberg holds about 504 million shares and options and had been eligible to start selling them in November. The company currently has about 692 million shares eligible for […]
