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.
September 9, 1997 |
Charles Schwab Corp. said it will sell stock offerings arranged by investment banks Credit Suisse First Boston, J.P. Morgan & Co. and Hambrecht & Quist, further blurring the lines between full-service and discount brokerage firms. "It goes one step further in giving Schwab the arsenal of products to further compete with the full-service firms," said Goldman, Sachs & Co. analyst Richard Strauss. The move by San Francisco-based Schwab, the largest discount broker in the U.S., with 4.
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.
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.
October 15, 1993 |
J.P. Morgan & Co. and several major regional banks reported healthy third-quarter results Thursday, reflecting higher profits and a decline in troubled loans that has characterized the banking industry all year. Banks continue to benefit from falling interest rates, which widen the gap between their cost of funds and income from higher yielding loans and securities already on the books.