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BUSINESS
March 21, 2013 | Times wire services
JPMorgan Chase & Co., the largest U.S. bank, is making it easier for customers to fight abuses by payday lenders. JPMorgan will stop processing multiple requests for payment on checks that have already been returned because of insufficient funds when payday lenders and other billers are suspected of seeking "inappropriate payments," the New York-based company said Wednesday in a statement. The change, which takes effect in May, "is intended to address payday lenders and others who present repeated payments to customers that are not in the spirit of their signed agreement with the customer," JPMorgan said in the statement.
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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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CALIFORNIA | LOCAL
May 9, 2013 | By Anthony York
SACRAMENTO -- The state is suing JPMorgan Chase for what is says are illegal debt-collection methods against tens of thousands of California credit card consumers. The suit, filed by Atty. Gen. Kamala D. Harris is Los Angeles County Superior Court on Thursday, accuses the company of “frenzied” lawsuit filings against people who fell behind on their loan repayments in California -- more than 100,000 between January 2008 and April 2011. “To maintain this breakneck pace, [the company has]
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.
BUSINESS
March 1, 2008 | From Times Wire Services
JPMorgan Chase & Co. said in a regulatory filing that it expected about $450 million in home equity loan losses for the first quarter, and that home equity losses could be double that by the fourth quarter. The filing elaborated on information given to investors during JPMorgan's Investor Day on Wednesday, when bank executives said they expected loan charge-offs to increase sharply in 2008.
BUSINESS
April 2, 2013 | By E. Scott Reckard
Customers trying to use JPMorgan Chase's website were frustrated again by four hours of disrupted service, but there was a twist this time: The outages were caused by a technical problem with the bank's systems, not by a cyber attack. The intermittent service disruptions began a little after 9 a.m. Pacific time on Monday. The New York-based bank advised customers to use its mobile banking services while it worked "to get things up to full speed. " The site was functioning well Tuesday.
BUSINESS
May 11, 2012 | By Jim Puzzanghera
WASHINGTON -- Regulators are looking into the $2-billion trading loss by JPMorgan Chase & Co., the head of the Securities and Exchange Commission said Friday as lawmakers and analysts said the bank's revelation would increase pressure for tighter financial rules. “I think it's safe to say that all the regulators are focused on this,” SEC Chairwoman Mary Schapiro told reporters after a speech at a Washington conference, according to news reports. She would not comment further.
BUSINESS
May 15, 2012 | By Richard A. Serrano and Jim Puzzanghera
WASHINGTON --The FBI has opened a preliminary inquiry into the $2 billion trading loss at JPMorgan Chase & Co. “We are aware of the matter and are looking into it,” said a Justice Department official who has been briefed on the probe but was not authorized to speak publicly. “This is a preliminary look at what if anything might have taken place.” The inquiry by the FBI's financial crimes squad in New York is in a “preliminary infancy stage,” the official said Tuesday, and federal law enforcement agents are pursuing the matter “because of the company and the dollar amounts involved here.” The FBI joins the Federal Reserve, the Securities and Exchange Commission and regulators in Britain in investigating the loss on trades meant to help protect JPMorgan against credit risk.
BUSINESS
May 4, 2012 | By Richard Verrier, Los Angeles Times
In a move to reduce its debt load, Technicolor said JPMorgan Chase & Co. would acquire as much as a 29% stake in the Paris-based media and entertainment technology company. Technicolor, which has a large digital services and postproduction operation in Hollywood, said the JPMorgan transaction and a related stock offering would reduce the company's debt by as much as 126 million euros (about $165.7 million), slashing annual debt service payments by 10 million euros ($13.2 million)
BUSINESS
October 14, 2011 | Bloomberg News
Shares of JPMorgan Chase & Co., the second-largest U.S. bank by assets, fell 4.8% after the company reported that profit declined on a slump in investment banking and trading. Shares dropped $1.60 to $31.60 on Thursday after the bank reported that third-quarter earnings fell to about $3.1 billion, or 73 cents a share, not including a 29-cent accounting gain, from $4.71 billion a year earlier. Revenue at the investment-banking unit slid 13% from the second quarter as concern that Greece would default and U.S. lawmakers would fail to raise the debt ceiling roiled markets.
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.
OPINION
January 10, 2014
Re "U.S. gives bank's execs a free pass," Column, Jan. 8 Michael Hiltzik is right on the money. JPMorgan Chase was clearly in violation of laws regarding suspicious activity reporting, and the fact that it got its own money out of Bernard Madoff's Ponzi scheme shows it was aware of what was going on. However, like almost all of the other "investigations" related to the 2008 financial meltdown, no major JPMorgan executive has been indicted....
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
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 19, 2013 | By Michael Hiltzik
The headline number on the big JPMorgan Chase legal settlement with state and federal regulators hasn't changed in the weeks since the negotiations over the deal first broke into the open: $13 billion. The deal's sponsors are falling all over themselves to point out that it's the "the largest settlement with a single entity in American history," to quote the Department of Justice. Here's what else hasn't changed: It's not enough. The money isn't sufficient to compensate the public for the damage done to the economy by JPMorgan Chase and Bear Stearns & Co. and Washington Mutual, the two banks that it acquired in 2008 and were involved in the same chicanery in the mortgage-backed security market that is the subject of the settlement.
BUSINESS
November 19, 2013 | By Andrew Tangel, Marc Lifsher and E. Scott Reckard
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.
BUSINESS
January 18, 2007 | From the Associated Press
Fourth-quarter earnings at JPMorgan Chase & Co. soared 68% on strong investment banking growth and a gain from the sale of the bank's corporate trust business, but signs of worsening credit quality worried investors. The New York-based bank, the nation's third-largest, on Wednesday was the latest financial institution to report solid 2006 profit growth while warning of deteriorating credit as customers appeared to have more trouble keeping up with bills.
BUSINESS
September 21, 2012 | Bloomberg News
JPMorgan Chase & Co. said Friday that providing inaccurate information to regulators probing California's electricity market was a mistake that doesn't justify the threatened revocation of its right to sell power. The Federal Energy Regulatory Commission issued an order Thursday directing J.P. Morgan Ventures Energy Corp. to show that it didn't violate FERC regulations by misleading investigators and explain why its authorization to sell electricity at market-based rates should not be suspended.
BUSINESS
November 13, 2013 | By Walter Hamilton
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.
OPINION
October 30, 2013 | By The Times editorial board
JPMorgan Chase is trying to reach a multibillion-dollar deal with the federal government to settle allegations of securities fraud - based largely on claims against two failing banks it rescued during the crisis at Washington's behest. The settlement apparently hinges on whether JPMorgan will be allowed to tap a government fund to cover some of the cost of the government's claims. If so, that would be a truly perverse outcome. The government's case stems from the sale of mortgage-backed securities - bundles of home loans that lenders didn't want to keep on their books - that failed spectacularly after the housing bubble burst.
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