July 14, 2012 |
NEW YORK - JPMorgan Chase & Co. revealed that losses from a trading blunder could widen to a whopping $7.5 billion as it reported that profit fell last quarter. Wall Street's reaction? Investors sent the bank's stock surging 6% on Friday. It's been a rough couple of months for JPMorgan and its savvy chairman and chief executive, Jamie Dimon, since the bank disclosed that risky derivatives trades blew a hole - initially pegged at $2 billion - in what he calls the bank's "fortress balance sheet.
November 19, 2013 |
NEW YORK - JPMorgan Chase has agreed to a $13-billion settlement with the government over selling shoddy mortgage investments, ending a legal battle that signals a tougher stance against Wall Street wrongdoing. The nation's largest bank admitted to knowingly peddling the toxic securities that helped lead to the housing bubble and the worst financial meltdown since the Great Depression. The settlement is the largest made by any single American company in history. California, slammed by 1 million foreclosures during the mortgage meltdown, will be a major beneficiary of the deal.
May 25, 2013
Re "Dimon retains role as chairman," Business, May 22 So, JPMorgan Chase & Co. lost $6 billion in an embarrassing trading episode on Jamie Dimon's watch as chairman and chief executive officer. JPMorgan shareholders, elect me as your chairman and CEO. Pay me double what you pay Dimon and I guarantee that JP Morgan will lose $12 billion under my watch. Alvin Y. Yoshida Long Beach ALSO: Letters: One 'scandal,' many goals Letters: Sexism and the Plan B debate Letters on letters: No excuse for not voting
November 13, 2013 |
JPMorgan Chase & Co. probably thought things couldn't get any worse than the $13 bilion it is expected to pay in a legal settlement with the government. Then it stumbled into a public-relations debacle on Twitter. The beleaguered banking giant asked Twitter users to submit questions to one of its top deal-makers for a planned Twitter chat Thursday. Using the hashtag #AskJPM, the company said Jimmy Lee would be responding to queries on "leadership and life. " The phrase quickly began trending on Twitter on Wednesday afternoon.
February 12, 2014
Re "Errors could hurt college bound," Feb. 10 Such a simple word as "errors" diminishes the severity of purposely concealing grave misconduct by college applicants. The 11 Orange County students recently expelled from their high school over the cheating scandal in which they took part likely knew that what they were doing was wrong. Any college or university that wishes to keep the public's respect must have a standard policy of discarding any application deemed dishonest. Merely urging students who have cheated to "come clean quickly" is hardly enough.
January 8, 2013 |
Investors sent stocks lower ahead of the release of corporate earnings that Wall Street will digest in coming weeks. The Dow Jones industrial average lost 48 points, or 0.4%, to 13,336 shortly after the opening bell. The broader Standard & Poor's 500 index lost seven points, or 0.5%, to 1,455. The Nasdaq was down nine points, or 0.3%, to 3,090. Earnings season unofficially begins with aluminum giant Alcoa Inc., which is to release earnings after the markets close Tuesday.
April 5, 2012 |
This is what passes for hard times in the executive suites of Wall Street - the compensation of Morgan Stanley's top executive fell to $13 million. The 2011 pay package of James Gorman, chief executive of the New York investment bank, decreased almost 15% from the $15.2 million he hauled in the previous year, according to a filing with the Securities and Exchange Commission on Thursday. His compensation included $800,000 in salary, a $2.7 million bonus, $5.9 million in stock awards and $3.5 million in stock options.
June 19, 2012 |
WASHINGTON -- A key financial regulator said the investigation of the more than $2-billion trading loss at JPMorgan Chase & Co. has found the bank apparently has "serious risk management issues" that might go beyond the office responsible for the losses. "We do believe as a preliminary matter that there are apparent serious risk management weaknesses at the bank," Comptroller of the Currency Thomas J. Curry told the House Financial Services Committee on Tuesday. The Office of the Comptroller of the Currency is the main regulator for JPMorgan Chase's banking operations and is "continuing to examine the root causes for those failures and whether there are other weaknesses" outside the firm's chief investment office, which conducted the trades that led to the losses.
May 15, 2012 |
TAMPA, Fla. -- JPMorgan Chase & Co.'s shareholders filed into a suburban office building here Tuesday for a potentially dramatic annual meeting. It will be the first time Jamie Dimon, the bank's chairman and chief executive officer, and other senior executives and board members will face shareholders since the bank disclosed a stunning $2-billion loss due to complicated derivatives trades. Since the disclosure, the bank's stock has plunged 12%. PHOTOS: JPMorgan board faces shareholders The attendees for the meeting drove into JPMorgan's heavily guarded east Tampa campus, part of an office park dotted with palm trees.
March 26, 2013 |
NEW YORK - Does Jamie Dimon have too much power? JPMorgan Chase & Co.'s board apparently doesn't think so. Last week, its directors decided to keep Dimon as both the bank's chairman and chief executive, even after a Senate panel's scathing report about $6 billion in trading losses incurred by the so-called “London Whale.” Their decision to keep Dimon in both posts could set the stage for a rift with some big JPMorgan shareholders who support...