April 16, 1993
J. P. Morgan & Co. led a small flood of major banks reporting stronger results Thursday, as record trading revenue aided the big New York bank and fee income, better credit quality and low interest rates helped others. Wall Street, nevertheless, took a dim view of the results. Banking stocks were pounded on the New York Stock Exchange, where skeptical analysts saw hidden charges and hazy prospects in the earnings reports. Even Morgan, which earned $432 million, or $2.
January 15, 1993 |
The parent company of City National Bank posted improved fourth-quarter results, giving a much-needed boost to an institution whose health is being watched closely by the entertainment industry. The Beverly Hills bank's profit came to $888,000 in the fourth quarter, which contrasts with a loss of $23.8 million a year earlier. But the company remained mired in red ink for the 12-month period, losing $59.3 million last year, compared to its $21.2 million loss in 1991.
September 21, 1990 |
The Federal Reserve Board gave a unit of the New York banking firm J. P. Morgan & Co. permission Thursday to underwrite and deal in stocks on a limited basis, the biggest crack yet in the Depression-era wall separating commercial and investment banking. The decision is a clear sign that banks and securities firms may soon be regularly competing head-to-head. "What we are seeing is that the lines between the securities business and the banking business are getting more blurred," said Donald K.
September 23, 1990 |
The Federal Reserve made headlines Thursday when, in effect, it repealed 57 years of legislative history and gave J. P. Morgan bank permission to underwrite and sell common stocks and other securities. The move spelled curtains for the 1933 Glass-Steagall Act, which separated the functions of banks and brokerage houses because banks in the 1920s had endangered their depositors' money through stock deals.
October 26, 1988 |
Three powerful U.S. banking companies, frustrated with the unwillingness of Congress to reform the nation's banking laws, said Tuesday that they had asked the Federal Reserve Board to let them engage in key investment banking activities. Chase Manhattan Corp., the second-largest U.S. banking company; J. P. Morgan & Co., the most profitable money-center bank, and Los Angeles-based Security Pacific Corp. said they filed applications with the Fed for permission to underwrite corporate debt.