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BUSINESS
October 18, 2007 | From Times Wire Services
JPMorgan Chase & Co.'s third-quarter profit rose slightly as gains from private equity investments helped offset $1.64 billion in write-downs on takeover-related loans and other debt securities, the company reported Wednesday. JPMorgan's performance stands in sharp contrast to that of most other Wall Street firms, which saw profits plunge in the third quarter.
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BUSINESS
December 12, 2000 | Bloomberg News
Chase Manhattan Corp., the No. 2 U.S. bank, won approval from the Federal Reserve Board to buy rival J.P. Morgan & Co., a $28.6-billion acquisition that would unite two of the oldest U.S. banks. The New York state banking board, which has yet to approve the merger, is scheduled to meet Thursday. A shareholder meeting for both companies has been set to approve the merger on Dec. 22. Chase offered 3.7 of its shares for each of J.P. Morgan's, valuing the fifth-largest U.S. bank at $157.
BUSINESS
October 12, 2007 | From Times Wire Services
JPMorgan Chase & Co. said Thursday that it was cutting jobs in its fixed-income business as investors braced for a multibillion-dollar write-down next week of the bank's high-risk loans and other assets. The No. 3 U.S. bank said the cuts included positions in its "leveraged finance" operation, which markets loans taken out to finance corporate takeovers by private equity firms.
BUSINESS
February 26, 1999 | TOM PETRUNO, senior markets editor
J.P. Morgan Names L.A. Chief: Wall Street investment banking powerhouse J.P. Morgan appears to be raising the status of its L.A. office by naming Robert Woolway to head the 80-person operation. Woolway, a former managing director in Merrill Lynch's L.A. office, will become the first chief of Morgan's downtown office. The branch had previously been directed from San Francisco, a spokeswoman said.
BUSINESS
January 30, 2001
J.P. Morgan Chase & Co. and Wells Fargo & Co. joined auto finance firm AmeriCredit Corp. to formed a Web-based auto finance company. The Internet business-to-business system, called DealerTrack, will enable auto dealers and lenders to share technology and let dealers submit a consumer's credit application online to multiple financing companies. * Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at http://www.latimes.
BUSINESS
May 6, 1998 | Bloomberg News
J.P. Morgan & Co. said it plans to slash as much as $300 million to $500 million in costs annually through next year, possibly including job cuts, as the bank tries to boost its below-average return on equity. The nation's fourth-largest bank, which reduced expenses by $250 million in the first quarter through job cuts, outlined a broad plan to raise return on equity to 15% from an annualized first-quarter rate of 8.6%, compared with the 18% average return among other U.S. global banks.
BUSINESS
October 13, 1995
Two of the nation's largest banks reported strong third-quarter results Thursday at the outset of what is expected to be a profitable earnings season for the industry. New York-based J.P. Morgan & Co., the nation's fifth-biggest bank, said its net income rose 10% for the third quarter, boosted by a rise in revenue from its corporate finance business. First Union Corp., based in Charlotte, N.C.
BUSINESS
May 24, 1995 | Times Staff and Wire Reports
J.P. Morgan Unit's Sale Confirmed: Bank of New York Co., the nation's 16th-largest bank, said it agreed to buy the securities custody business of J.P. Morgan & Co. for an estimated $300 million. Bank of New York will take over $800 billion in client assets that J.P. Morgan currently holds in custody accounts, lifting its total assets under custody to almost $3 trillion. Terms of the transaction were not disclosed. Bank of New York shares jumped $2 to $39.25 on the NYSE; J.P.
BUSINESS
November 20, 2003 | From Bloomberg News
U.S. prosecutors charged foreign exchange traders at UBS, J.P. Morgan & Co. and 16 other firms with cheating thousands of investors through sham or rigged currency trades in the $1.2-trillion-a-day currency market. Some bank traders, including those from Dresdner Kleinwort Benson and Israel Discount Bank, also were charged with accepting kickbacks on phony trades. Altogether, 47 people were arrested and charged after an 18-month undercover probe dubbed Operation Wooden Nickel, U.S. Atty.
BUSINESS
May 8, 2002 | From Bloomberg News
Wells Fargo & Co., the fifth-largest U.S. bank, agreed to buy part of J.P. Morgan Chase & Co.'s corporate trust and custody businesses in Rochester, N.Y., Dallas and Houston to add about 700 customers. San Francisco-based Wells Fargo didn't disclose the terms. The assets include the management of 401(k) retirement and profit-sharing plans for mostly mid-sized companies, said Laurie Nordquist, executive vice president in charge of Wells' institutional trust unit.
BUSINESS
July 19, 2001 | From Bloomberg News
J.P. Morgan Chase & Co.'s second-quarter profit fell 61% as the No. 2 U.S. bank wrote off $1 billion of investments in private companies and as fees from underwriting and trading securities dropped. J.P. Morgan reported profit from operations dropped to $690 million, or 33 cents a share, from $1.76 billion, or 89 cents, a year earlier. That was below the lowest estimate of 55 cents among analysts surveyed by First Call/Thomson Financial. The average estimate was 65 cents.
BUSINESS
July 18, 2001 | From Bloomberg News
Wells Fargo & Co. on Tuesday reported a second-quarter loss after taking $1.16 billion in charges, mainly tied to venture capital losses in technology and telecommunications investments. The San Francisco-based bank had a loss of $87 million, or 5 cents a share, compared with earnings of $1.04 billion, or 61 cents a share, in the second quarter of 2000. Wells Fargo joins other U.S. banks, including J.P. Morgan Chase & Co., that face losses from venture capital investments. J.P.
BUSINESS
January 30, 2001
J.P. Morgan Chase & Co. and Wells Fargo & Co. joined auto finance firm AmeriCredit Corp. to formed a Web-based auto finance company. The Internet business-to-business system, called DealerTrack, will enable auto dealers and lenders to share technology and let dealers submit a consumer's credit application online to multiple financing companies. * Guide to Our Staff: Need to reach Business section reporters or editors? A guide to the section's staff can be found at http://www.latimes.
BUSINESS
December 12, 2000 | Bloomberg News
Chase Manhattan Corp., the No. 2 U.S. bank, won approval from the Federal Reserve Board to buy rival J.P. Morgan & Co., a $28.6-billion acquisition that would unite two of the oldest U.S. banks. The New York state banking board, which has yet to approve the merger, is scheduled to meet Thursday. A shareholder meeting for both companies has been set to approve the merger on Dec. 22. Chase offered 3.7 of its shares for each of J.P. Morgan's, valuing the fifth-largest U.S. bank at $157.
BUSINESS
December 11, 1997 | From Times Wire Services
J.P. Morgan & Co., one of the nation's biggest banks, said Wednesday that its earnings in the current quarter have been hurt by global financial market turmoil. J.P. Morgan became the second big bank to concede that the turmoil in Asia and elsewhere will take a toll on this year's revenue and profit. The warning hurt bank stocks and prompted Wall Street analysts to predict similar forecasts from J.P. Morgan's peers in coming weeks.
BUSINESS
September 14, 2000 | From Times Wire Services
Chase Manhattan Corp. made its bid for J.P. Morgan & Co. official on Wednesday, offering $35.6 billion in stock to unite two of the oldest U.S. banking firms. The deal, rumored since Monday, creates a financial powerhouse that expects to be a one-stop source of financial products and advice for businesses and wealthy individuals worldwide--going head-to-head with such rivals as Citigroup, Goldman Sachs and Merrill Lynch & Co. Each Morgan share will be exchanged for 3.
BUSINESS
September 14, 2000 | WALTER HAMILTON, TIMES STAFF WRITER
Forget about the button-down world of pin-striped suits and conservative ties: The recent spate of mergers among investment firms shows that Wall Street is caught up in a feeding frenzy that belies its staid self-image. Wednesday's announcement that Chase Manhattan Corp. is acquiring J.P. Morgan & Co. marks the fourth such blockbuster deal in two months--with more expected.
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