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BUSINESS
July 17, 2009 | Binyamin Appelbaum
JPMorgan Chase & Co. reported Thursday that it earned $2.7 billion in the second quarter as the massive success of its Wall Street trading activities outpaced its rising losses on consumer loans. The giant bank topped by 36% the $2 billion it earned during the year-ago quarter, but earnings per share fell to 28 cents from 53 cents because of heavy issuance of new shares.
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BUSINESS
October 25, 2001 | Bloomberg News
J.P. Morgan Chase & Co. hired Jack Welch, former chairman and chief executive of General Electric Co., as an advisor to the firm, telling employees he will help develop an "integrated corporate culture." Welch, 65, will work with Chief Executive William Harrison Jr. and senior management, Harrison said. The firm also will start a leadership institute to be set up by Vice President James Lee.
BUSINESS
January 16, 2009 | Times Wire Reports
JPMorgan Chase & Co. eked out a fourth-quarter profit, but its results were anything but calming to investors worried about the mountain of upcoming losses in the troubled banking sector. Defaults surged in a wide variety of loans, ranging from home loans to credit cards to commercial real estate loans. JPMorgan's investment bank was forced to mark down its portfolio by $2.9 billion. And had it not been for JPMorgan's acquisition of Washington Mutual Inc. late last year, the bank would have reported a net loss for the fourth quarter.
BUSINESS
August 21, 2001 | Associated Press
J.P. Morgan Chase & Co., the country's second-largest bank, will cut 8,000 jobs because of sluggish market conditions, up from previously announced plans to eliminate about 5,000 positions, Dow Jones Newswires reported. The reduction would represent about 8% of the bank's work force of about 100,000, Dow Jones reported. Company spokesman Joe Evangelista declined to comment on the report.
BUSINESS
August 7, 2001 | Bloomberg News
J.P. Morgan Chase & Co. units have been accused of age bias by a former manager in the mortgage-backed securities sales department. In a complaint filed in Manhattan federal court, George Bailey, 53, alleges that his managerial duties were shifted to a 39-year-old soon after his boss, 52, was replaced by a younger man. Bailey said Chase Securities Inc. and J.P. Morgan Securities Inc. were biased against older employees.
BUSINESS
August 4, 2004 | From Reuters
J.P. Morgan Chase & Co. said Tuesday that a London court ordered Germany's WestLB to pay $165 million plus interest and costs to the U.S. bank in a suit related to the collapse of Enron Corp. The case is a victory for investment banks seeking to recoup losses on transactions with Enron entities. "They've been beaten to death on this [Enron] so far and this is the first glimmer of light," said analyst Dick Bove with research firm Hoefer & Arnett.
BUSINESS
January 15, 2004 | Tom Petruno, Times Staff Writer
J.P. Morgan Chase & Co. said Wednesday that it would buy Bank One Corp., creating a trillion-dollar bank in a deal that would further shift the U.S. financial industry's power base to the Eastern Seaboard. The combined institution would be a leader in investment banking, mutual funds, insurance and credit cards, and would cement J.P. Morgan Chase's position as the No. 2 U.S. banking firm and one of three so-called super-tier banks, with Citigroup Inc. and Bank of America Corp.
BUSINESS
October 2, 2004
Citigroup Inc., J.P. Morgan Chase & Co. and Bank of America Corp. agreed to pay $111 million to settle a suit by the Retirement Systems of Alabama over losses stemming from the collapse of WorldCom Inc. stock and bonds.
BUSINESS
April 3, 2004 | From Bloomberg News
J.P. Morgan Chase & Co. and Bank of America Corp. next week will begin seeking investors for as much as $2.4 billion of financing to back a plan by Metro-Goldwyn-Mayer Inc. to pay a one-time dividend to shareholders, people familiar with the transaction said. MGM, the Los Angeles movie studio controlled by billionaire Kirk Kerkorian, said March 15 that it was considering paying what it called a significant dividend. MGM shares rose 12 cents to $17.50 on the NYSE.
BUSINESS
March 17, 2008 | Walter Hamilton and Peter G. Gosselin, Times Staff Writers
The Federal Reserve took extraordinary steps Sunday to bolster investors' shaken confidence, opening a lending window to securities firms, slicing a key interest rate and backing with $30 billion in emergency funds the bargain-basement purchase of ailing Bear Stearns Cos. by rival JPMorgan Chase & Co.
BUSINESS
January 17, 2008 | From the Associated Press
JPMorgan Chase & Co. said Wednesday that its fourth-quarter profit fell 34% after its exposure to sub-prime mortgages devalued its portfolio by $1.3 billion. Chief Executive Jamie Dimon also attributed the profit decline at the nation's third-largest bank by market capitalization to worse-than-expected results in home equity loans. Net income fell to $2.97 billion, or 86 cents a share, in the October-December period, from $4.53 billion, or $1.26, in the same period a year earlier.
BUSINESS
January 11, 2008 | From Times Wire Reports
Former British Prime Minister Tony Blair was hired as an advisor to JPMorgan Chase & Co. -- a part-time post that his spokeswoman said would not affect his role as a Mideast peace envoy. Blair will give JPMorgan's senior management team "strategic advice and provide insights on global issues," spokeswoman Ruti Winterstein said. Blair's compensation was not disclosed.
BUSINESS
November 27, 2007 | From Times Wire Services
JPMorgan Chase & Co. plans to cut about 100 sub-prime mortgage jobs in Southern California amid falling U.S. housing prices and tighter lending standards. JPMorgan disclosed the cuts in a recent filing with the California Employment Development Department. The cuts, effective Dec. 15, will take place at JPMorgan's sub-prime retail operations center in Ontario.
BUSINESS
October 16, 2007 | Walter Hamilton, Times Staff Writer
Three major U.S. banks unveiled plans Monday for an $80-billion fund to buy bonds whose values have plummeted in the wake of the credit crunch induced by the sub-prime mortgage meltdown. The fund is being launched by Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co. in hopes of bolstering the market for short-term corporate borrowing, which has yet to recover from the credit crisis that struck over the summer.
BUSINESS
October 27, 2006 | From Bloomberg News
JPMorgan Chase & Co. Chairman William Harrison plans to retire from the third-biggest U.S. bank at the end of the year and expects to hand the post to Chief Executive Jamie Dimon. Harrison, 63, will leave Dec. 31 after spending his entire career at the New York-based bank and its predecessors, JPMorgan said. Dimon, 50, succeeded him as CEO in January, six months earlier than planned. Harrison joined Chemical Banking Corp.
BUSINESS
December 28, 2002 | From Reuters
J.P. Morgan Chase & Co. has filed two lawsuits against Enron Corp. to recover some $184 million it loaned for five power projects, according to court documents. Separately, the New York bank filed several suits against power company Cogentrix Energy Inc. for what it said was improperly drawing down on J.P. Morgan credit lines for power projects. All the suits are related to a $500-million letter of credit that J.P.
BUSINESS
April 21, 2006 | From Bloomberg News
JPMorgan Chase & Co., one of dozens of banks sued by investors who claimed the companies rigged initial public offerings during the 1990s Internet stock boom, agreed to pay $425 million to settle the case, the bank said Thursday. JPMorgan would be the first to resolve the allegations, leaving Morgan Stanley, Credit Suisse, and Goldman Sachs Group Inc. among the remaining defendants. The agreement may pressure more banks to settle.
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