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Fed proposes easing rule that limits risky bank trading
WASHINGTON — The Federal Reserve is proposing to ease a rule aimed at defusing the kind of risk-taking on Wall Street that helped trigger the 2008 financial meltdown. The Fed under new leadership on Wednesday unveiled proposed changes to the Volcker Rule, which bars banks’ risky trading bets for their own profit with depositors’ money. […]
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 […]
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[...]
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 […]
Fed: Banks get 2 years to comply with Volcker Rule
WASHINGTON — The Federal Reserve says banks will have two years to comply with a rule that would ban them from trading for their own profit. The so-called Volcker rule is expected to take effect this summer. But the Fed clarified Thursday that it won’t enforce it until July 2014. Congress directed regulators to craft […]
