August 21, 2001 |
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.
August 7, 2001 |
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.
August 4, 2004 |
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.
January 15, 2004 |
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.
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.
April 3, 2004 |
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.