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BUSINESS
May 16, 2012 | By Andrew Tangel
And now for the litigation. Two JPMorgan Chase & Co. shareholders have sued the bank over the $2-billion trading loss disclosed last week, the Wall Street Journal reported. The suits, filed late Tuesday, claim executives misled investors about JPMorgan's risky bets and potential exposure, according to the report. The shareholder suits follow news of an FBI probe of JPMorgan's loss in complicated derivative trading conducted by the bank's Chief Investment Office. JPMorgan has faced increased scrutiny by lawmakers and regulators since the disclosure last Thursday.
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BUSINESS
April 11, 2014 | By E. Scott Reckard
Weakness in the mortgage and bond-trading businesses socked JPMorgan Chase & Co. with disappointing first-quarter earnings, a signal that the start of this year was a tough time for the banking industry. JPMorgan, the nation's largest bank, is trying to regain momentum after making record legal settlements in late 2013. It reported Friday that it earned $5.27 billion, or $1.28 per share, down 19% compared with $6.53 billion, $1.59 per share, in the first quarter of last year. Revenue fell 8% to $23.9 billion.
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BUSINESS
January 20, 2012 | By Nathaniel Popper
Will JPMorgan Chase & Co. play its part in makingO.J. Simpson's house into a "Meat Is Murder" museum? That is the question the animal rights group PETA is asking in what must be the most bizarre letter received by the bank Thursday. PETA wrote a letter directly to JPMorgan Chief Executive Jamie Dimon asking if the bank would donate Simpson's former home in Florida to the group for use as a museum. "Our museum will contain exhibits that give visitors a sense of the terror that animals used for food experience.
BUSINESS
February 25, 2014 | By Ricardo Lopez
JPMorgan Chase & Co. announced plans Tuesday to cut 8,000 positions, more than previously forecast, as fewer Americans refinance their mortgages because of rising interest rates. The cuts will hit its mortgage and retail banking businesses, according to a Tuesday presentation, reports said .  QUIZ: How much do you know about Bitcoin? JPMorgan, the country's largest bank, also increased its target for annual net income to $27 billion. That would be a significant improvement from last year's $18-billion net income, which took a hit because of legal costs associated with regulatory enforcement actions.
BUSINESS
May 15, 2012 | By Andrew Tangel
TAMPA, Fla. - Investors at the JPMorgan shareholder conference are concerned with the bank's recently disclosed $2-billion loss and 12% plunge in their stake in the bank. "When you are 94 years old, you don't want to see any of your investments deteriorate in this fashion,” said Helen B., who lives in an assisted living facility south of Tampa and who declined to give her full name. But some are supportive of a proposal to split the chairman and CEO jobs - Jamie Dimon holds both.
BUSINESS
July 31, 2013 | By Michael Hiltzik
The egregiously light wrist-slap that federal regulators gave to JPMorgan Chase & Co. over its $125-million rip-off of California consumers has drawn the attention of Sen. Elizabeth Warren (D-Mass). The first-term senator, who has already made a mark in Washington for her no-nonsense questioning of financial regulators, has asked the Federal Energy Regulatory Commission to justify its settlement -- a $410-million penalty that includes no criminal referrals, even though FERC identified three energy traders and a top JPMorgan executive whose fingerprints were all over the scheme.
BUSINESS
September 19, 2013 | By Andrew Tangel
NEW YORK -- The $920-million settlement JPMorgan Chase & Co. struck with regulators in the "London Whale" fiasco contains something rare: an admission the bank broke the law. The U.S. Securities and Exchange Commission, one of four agencies JPMorgan settled with, has long been criticized for letting Wall Street firms and employees escape enforcement actions without admitting their misdeeds. But the JPMorgan settlement further underscores the SEC's stiffer posture under Mary Jo White, a former prosecutor who is now the agency's chairwoman.
BUSINESS
May 11, 2012 | By Andrew Tangel
NEW YORK -  JPMorgan Chase & Co.'s stunning $2-billion loss serves as a “wonderful poster boy for the Volcker rule,” a leading securities law expert said. “Banks that are too big to fail can't be allowed to lose their shirt,” Columbia Law School professor John Coffee told The Times.  “The Volcker rule faces overwhelming opposition in the financial community, but this is sort of a poster boy for just what can go wrong,” Coffee said. The Volcker rule, named for former Federal Reserve Chairman Paul Volcker, refers to a provision of the 2010 Dodd-Frank financial reform law that aims to curtail speculative trading by banks.
BUSINESS
April 4, 2008 | From Times Wire Services
JPMorgan Chase & Co. said it bought 11.5 million shares of Bear Stearns Cos. on the open market in an effort to gain enough voting power to essentially guarantee its acquisition of the investment bank. JPMorgan paid $140.7 million, or about $12.24 a share, for the stock on March 24. That day the firm said it was increasing its bid for Bear Stearns to about $10 a share in stock from the $2 a share negotiated by the companies March 16. JPMorgan had to pay more than $10 a share because there was market speculation that an even higher offer could emerge.
BUSINESS
September 30, 2012 | Michael Hiltzik
We all know what corporate law firms are for, right? To represent their clients' interest fairly and professionally, of course. To obfuscate, obstruct, delay, misdirect - sometimes that too. So the saga of JPMorgan Ventures Energy Corp. and a slick little two-step it engaged in with its two law firms to fend off the Federal Energy Regulatory Commission bears exceptional interest, not least because its outcome may hint at a new approach to enforcement by that long-overmatched agency.
OPINION
January 19, 2014 | By The Times editorial board
Los Angeles City Councilman Gil Cedillo wants to punish JPMorgan Chase for its various financial misdeeds, possibly by cutting off business with the banking giant. But as city leaders learned a few years ago when Occupy L.A. pushed for a similar divestiture from big banks, outrage can be expensive. Cedillo introduced a motion last week asking city staff to determine how much business the city pension funds and various departments have with JPMorgan Chase - one of many banks under scrutiny for the toxic mortgage schemes that triggered the recent recession - and the time frame and procedures needed to sever ties with it. In a statement, Cedillo declared, "Someone must hold them accountable.
CALIFORNIA | LOCAL
January 15, 2014 | By David Zahniser
A Los Angeles city councilman called Wednesday for his colleagues to explore ways of punishing banking giant JPMorgan Chase & Co. for engaging in financial misconduct, possibly by terminating the company's contracts with the city. Councilman Gil Cedillo, with support from Council President Herb Wesson and Councilman Curren Price, introduced a motion that seeks to determine how much business the city's pension funds and other agencies have been doing with JPMorgan Chase. The proposal calls for the council's lawyers and financial analysts to provide legal options for severing the city's ties with the company.
BUSINESS
January 14, 2014 | By Andrew Tangel and E. Scott Reckard
NEW YORK - Massive legal payouts didn't just cost JPMorgan Chase & Co. billions last year. They also cost the Wall Street giant its title as America's most profitable bank. After weathering a barrage of legal and regulatory assaults in 2013, the New York bank said Tuesday that its annual profit slid 16% from the previous year to $17.9 billion. JPMorgan's bottom line was eclipsed by the $21.9 billion earned last year by Wells Fargo & Co. despite a sharp industry-wide slowdown in mortgages.
BUSINESS
January 7, 2014 | By Stuart Pfeifer
JPMorgan Chase & Co. has agreed to pay $1.7 billion to resolve a Justice Department investigation into its role in Bernard Madoff's multibillion-dollar Ponzi scheme. The giant Wall Street firm, which served as Madoff's primary banker, acknowledged that it failed to alert authorities to suspicious activity in Madoff's accounts as required under federal law. Prosecutors with the U.S. attorney's office for the Southern District of New York agreed to defer a criminal prosecution in exchange for the monetary penalty, which will be forwarded to victims of the Ponzi scheme.
BUSINESS
January 7, 2014 | By Walter Hamilton and Stuart Pfeifer
When Bernard L. Madoff's Ponzi scheme was revealed five years ago, the big question was whether he pulled off the jaw-dropping crime by himself. Madoff stubbornly claimed to have acted alone, but it became clear Tuesday that he got a significant assist from one of the world's premier financial institutions. JPMorgan Chase & Co. agreed to pay $2.6 billion for ignoring numerous warning signs that could have exposed the $17.5-billion fraud years earlier. Internal emails showed that JPMorgan employees repeatedly questioned the towering investment returns that Madoff claimed to be notching.
BUSINESS
December 12, 2013 | By Andrew Tangel
NEW YORK -- JPMorgan Chase & Co. can't stop writing checks to the federal government. The nation's largest bank may, according to a person familiar with the matter, soon pay about $2 billion to settle investigations into its dealings with Bernard Madoff, the notorious fraudster whose epic Ponzi scheme collapsed five years ago. This next payout would come as the ink was still drying on a landmark $13-billion settlement the New York company struck...
BUSINESS
October 19, 2013 | By Michael Hiltzik
Yes, $13 billion in penalties --the figure at the center of the JPMorgan mortgage settlement deal being reported Saturday--is eye opening. Yes, it's a record in a civil proceeding against a major corporation. But the most significant thing about JPMorgan's deal with the Department of Justice may be what it doesn't do. It doesn't resolve the ongoing federal criminal investigations of the bank's conduct in the residential mortgage securities business during the run-up to the 2008 financial crisis.
BUSINESS
January 11, 2008 | From Times Wire Reports
Former British Prime Minister Tony Blair was hired as an advisor to JPMorgan Chase & Co. -- a part-time post that his spokeswoman said would not affect his role as a Mideast peace envoy. Blair will give JPMorgan's senior management team "strategic advice and provide insights on global issues," spokeswoman Ruti Winterstein said. Blair's compensation was not disclosed.
BUSINESS
November 20, 2013 | By Michael Hiltzik
The "statement of fact" -- that narrative document that lays out what a corporate defendant has done wrong, without actually mentioning anything that could hurt the corporation in court -- has become our generation's big new literary genre. The statement accompanying JPMorgan Chase's $13-billion legal settlement this week is a perfect example of the form. Like most such narratives, it's notable more for what's hidden between the lines than for what's on the page, as in a novel by Joseph Conrad.
BUSINESS
November 20, 2013 | By Andrew Tangel and Marc Lifsher
NEW YORK - Benjamin Wagner, the top federal prosecutor in Sacramento, has been nothing less than a thorn in the side of JPMorgan Chase & Co. His office's investigations into the bank's toxic mortgage investments played a key role in the U.S. Justice Department's landmark $13-billion civil settlement with the nation's biggest bank. His prosecutors are continuing a parallel criminal probe which could prove even more worrisome for the New York financial giant.  But for Wagner, JPMorgan is not just some far-away, faceless Wall Street behemoth.
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