April 12, 2013 |
JPMorgan Chase & Co. reported a 33% jump in profit in the first quarter as the nation's largest bank by assets saw the economy and housing market strengthen. The New York-based bank said it earned a record $6.5 billion, or $1.59 a share, for the three-month period ended March 31, up from $4.9 billion, or $1.19 a share, for the same period a year ago. Continued improvement in the housing market led to a 37% jump in mortgage originations, while the bank also saw strong growth in investment banking and asset management.
December 18, 2012 |
B. Riley & Co., a Los Angeles investment bank, bought stock research firm Caris & Co. to increase its sales and trading business amid a slowdown in the brokerage industry. B. Riley, founded in 1997, is adding nine analysts, 12 salesmen and four traders in San Francisco, New York, Los Angeles, San Diego and Atlanta, Chairman Bryant Riley said. Darren Caris, who was president of Caris & Co., will run research, sales and trading, the company said in a statement. Small brokerages including ThinkEquity, Rodman & Renshaw and WJB Capital Group Inc. closed this year as institutional investors turned to computerized stock trading.
June 2, 2012 |
Sex doesn't always sell, and that's a problem plaguing racy lingerie retailer Frederick's of Hollywood Group Inc. Frederick's of Hollywood introduced Americans to the push-up bra after World War II and pioneered the concept of sexy undergarments. But for the last two decades its skimpy outfits have failed to entice shoppers to its stores or to its mail-order business. Now the company is taking come-ons from potential buyers. With competition from retailers such as Victoria's Secret, four straight years of financial losses and shares trading around 30 cents, Frederick's has hired investment bank Allen & Co. to explore strategic moves, "including but not limited to a sale of the company or a business combination," the company announced recently.
May 30, 2012 |
"Bring back Glass-Steagall!" That's the cry you hear most often for restoring regulatory stringency to our misbehaving financial sector. The 1933 law, which barred commercial banks from underwriting or investing in stocks - in effect, from owning investment banks - was repealed in 1999, and reinstating it is a good proposal for several reasons. But what the 2008 financial crash and misadventures such as JPMorgan Chase's multibillion-dollar derivatives loss tell us is that reinstatement of the old law isn't enough.
May 14, 2012 |
Ina Drew, the JPMorgan Chase & Co. executive who headed the bank's unit responsible for a stunning $2 billion trading loss, will retire, the bank announced. Chief Investment Officer Drew will step down after more than 30 years with the bank, though the bank's announcement did not specify when she would depart. A source familiar with the situation told The Times on Sunday that Drew had offered repeatedly to resign and that her resignation would likely be accepted this week.
April 27, 2012 |
Calls for reforming Wall Street pay packages reverberated across Washington and the financial district following the disclosure that 50 Lehman Bros. employees were awarded nearly $700 million in the year before the investment bank collapsed. Lawmakers and other experts said disclosure at major banks and other financial institutions should be beefed up significantly, in part to spotlight potential risks that employees may be taking in their pursuit of super-sized paychecks. The Times reported Friday that dozens of lesser-known traders and others at Lehman were allotted pay ranging from $8.2 million to $51.3 million in 2007, including one person who earned more than the chief executive and 42 people who were awarded at least $10 million.