October 19, 1999 |
Bank of America Corp., Citigroup Inc. and J.P. Morgan & Co. on Monday reported sharply higher quarterly earnings as the major financial institutions rebounded since last year's market rout, meeting or beating analysts' expectations. Meanwhile, Bank of New York Co. provided some disappointment as it was able to beat expectations only after booking a one-time gain on the sale of some of its businesses. The strong U.S.
October 5, 1999 |
Rite Aid Corp. said it hired J.P. Morgan & Co. to help evaluate offers for its PCS Health Systems business, as the nation's third-largest drugstore company moves to reduce debt. Rite Aid said it has received "indications of interest" in PCS, which manages prescription-drug benefits programs. The retailer, based in Camp Hill, Pa., plans to review all offers.
June 23, 1999 |
J.P. Morgan Investment Management Inc. chief investment strategist Chris Durbin recommended Tuesday selling bonds and U.S. stocks and buy stocks in Japan, Europe and emerging markets. "We don't like the U.S. equity market from a macro standpoint," Durbin told reporters. J.P. Morgan's strategy has been to invest "where growth is surprising" and to sell "where growth is a negative, and that's where we see the U.S. transitioning today." He said he expects the U.S.
March 12, 1999 |
J.P. Morgan & Co. Chairman Douglas Warner III got about $7.4 million in compensation last year, including stock options, while the bank's profit dropped 34% to $963 million, according to a government filing Thursday. He also realized another $5.2 million on options exercised last year, boosting the amount he took home to $12.6 million. In 1997, Warner's pay package was about $7.6 million, including options and a higher bonus. He also realized $3.
February 26, 1999 |
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.
September 24, 1998
J.P. Morgan & Co. said it added seven people to its offices in California, including its first municipal finance employees in Los Angeles, to improve its West Coast public finance coverage. Garth Salisbury, a vice president who transferred from the company's New York office to San Francisco last month, will lead the public finance team for the Western U.S. J.P.
May 6, 1998 |
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.
December 11, 1997 |
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.