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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 […]
SEC reviewing JPMorgan’s filings after $2B loss
WASHINGTON — Federal regulators are reviewing what JPMorgan Chase told investors about its finances and the risks it took weeks before suffering a multibillion-dollar trading loss. Mary Schapiro, chairman of the Securities and Exchange Commission, told the Senate Banking Committee Tuesday that the agency is examining JPMorgan’s earnings statements and first-quarter financial reports to det[...]
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 […]
White House says bank loss shows need for rules
ABOARD AIR FORCE ONE — The White House says a $2 billion trading blunder by JPMorgan Chase shows the continued need for rules that protect the taxpayer when Wall Street makes mistakes. White House press secretary Jay Carney says the loss is a reminder of why controls installed after the 2008 financial crisis are necessary, […]
Fitch downgrades JPMorgan Chase & Co.
NEW YORK — Fitch Ratings has downgraded its assessment of America’s biggest bank, JPMorgan Chase & Co. The rating agency’s move comes a day after JPMorgan disclosed a surprise $2 billion trading loss in a portfolio designed to hedge against risks the company takes with its own money. Fitch says the size of the loss […]
JPMorgan pays $211M to settle bid-rigging charges
WASHINGTON — JPMorgan Chase & Co. has agreed to pay $211 million after admitting one of its divisions rigged dozens of bidding competitions to win business from state and local governments. J.P. Morgan Securities LLC made at least 93 secret deals with companies that handled the bidding processes in 31 states, the Justice Department and […]
Aurelius withdraws support of Washington Mutual bankruptcy plan
DOVER, Del. — Washington Mutual Inc.’s bankruptcy reorganization plan is now being challenged by a hedge fund that supported it. The plan is based on the settlement of lawsuits that pitted Washington Mutual, the Federal Deposit Insurance Corp. and JPMorgan Chase against one another after the FDIC seized WaMu’s flagship bank in 2008 in the […]
JPMorgan to pay $153.6M to settle fraud charges
WASHINGTON — JPMorgan Chase & Co. has agreed to pay $153.6 million to settle civil fraud charges that it misled buyers of complex mortgage investments just as the housing market was collapsing. J.P. Morgan Securities, a division of the powerful Wall Street bank, failed to inform investors that a hedge fund helped select the investment […]
JPMorgan’s net jumps 67 pct on investment banking
NEW YORK — JPMorgan Chase & Co. reported a 67 percent jump in first quarter earnings Wednesday on solid growth in investment banking fees and a drop in losses in its credit card portfolio. The New York bank earned $5.6 billion, or $1.28 per share, compared with $3.3 billion, or 74 cents a share in […]
JPMorgan e-mails show concerns about Tribune deal
WILMINGTON, Del. — JPMorgan Chase executives discussed downgrading their internal credit rating for Tribune Co. just hours after the media company completed a leveraged buyout the bank helped finance. E-mails presented in federal court in Wilmington, Del., Wednesday show an executive for the bank thought a downgrade was required after the buyout. Lawyers for some […]
41 states gain jobs in October
WASHINGTON — Businesses and other employers added jobs in 41 states in October, the best showing in five months, the Labor Department said Tuesday. The figures indicate the job market is picking up a bit in most parts of the country. Even the nation’s hardest-hit states — Nevada and Michigan — showed declines in their […]
