January 17, 2008 |
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.
January 11, 2008 |
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.
November 27, 2007 |
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.
October 16, 2007 |
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.
October 27, 2006 |
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.
April 21, 2006 |
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.