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.
May 23, 1995 |
Investors and community leaders expressed mixed reactions Monday about a major investment firm's proposal that would allow Orange County to borrow up to $2 billion and potentially end bankruptcy proceedings. Some backed County Chief Executive Officer William J. Popejoy's contention that the county cannot afford to borrow even on a temporary basis. Others said it is missing a major opportunity by passing up the offer by J.P. Morgan Securities Inc.