November 20, 2003 |
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.
May 8, 2002 |
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.
July 19, 2001 |
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.
July 18, 2001 |
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.
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.
December 12, 2000 |
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.