October 17, 2013 |
The other day we examined a claim by the New York Times that Jamie Dimon, the chairman and chief executive of the serial lawbreaking bank company JPMorgan Chase, was supported in his job by "the people who matter" -- defined as " investors, analysts, board members and, yes, even regulators. " "None of them want him fired," asserted the writer, Andrew Ross Sorkin. Now, via Bloomberg, we find this isn't true . One important bank regulator not only wanted Dimon fired but made it happen.
October 15, 2013 |
Who are the "people who matter"? According to Andrew Ross Sorkin of the New York Times , " investors, analysts, board members and, yes, even regulators," none of whom, he says, wants Jamie Dimon fired as chairman and CEO of JPMorgan Chase. Is there a weaker argument for Dimon's survival, given that he has presided over an institution that tops all other big U.S. banks in the number and scale of its regulatory inquiries? ( We raised the question of Dimon's leadership record last week, after JPM reported its first quarterly loss of his tenure -- all due to the bank's spending on legal fees and legal settlements.)
October 11, 2013 |
The toll of JPMorgan Chase's relentless lawbreaking under Chairman and CEO Jamie Dimon may finally be getting real for shareholders. According to the bank's third-quarter financial results, released Friday morning, its litigation expenses of more than $9 billion (pretax) more than wiped out its third-quarter profits -- and then some. The bank booked a loss of $380 million. In the year-earlier quarter it made a profit of $5.7 billion. More hits from legal and regulatory problems are coming.
September 19, 2013 |
NEW YORK -- JPMorgan Chase & Co. has agreed to pay $920 million to settle regulatory probes into the firm's "London Whale" trading debacle that rekindled fears of the financial crisis. JPMorgan, the nation's largest bank, also admitted wrongdoing as part of its broad settlement with four agencies. Regulatory settlements have typically contained no admissions and no denials of wrongdoing. The probes accused JPMorgan of unsafe banking practices, misstating financial results and lacking sufficient controls to prevent losses that wound up costing the bank more than $6 billion.
September 19, 2013 |
WASHINGTON -- JPMorgan Chase & Co. has agreed to pay $389 million in refunds and penalties for illegally charging credit card customers for identity theft protection and other add-on services they didn't receive or authorize, federal regulators said Thursday. The bank already has paid the refunds -- $309 million to more than 2.1 million customers, according to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency. In addition to agreeing formally to the refunds, JPMorgan agreed in consent orders with the agencies to pay a total of $80 million in civil penalties for the violations and fix the problems.
September 6, 2013 |
Citing a large drop-off in private student loan originations, a JPMorgan Chase & Co. spokeswoman confirmed Friday that the bank would stop issuing student loans Oct. 12. "Over the last five years, students have increasingly relied on government-backed loans," said spokeswoman Trish Wexler. As a result, "we no longer see meaningful growth in this market," she said. PHOTOS: The costliest bank failures The lender had already started scaling back its student loan business.
August 14, 2013 |
NEW YORK -- Federal prosecutors have charged two former JPMorgan Chase & Co. employees in the "London Whale" case, though not the "Whale" himself. The U.S. attorney's office in Manhattan on Wednesday announced the indictments of Javier Martin-Artajo and Julien Grout for their roles in the case. It was not immediately clear whether the pair had been arrested. The two former bank employees face charges of falsifying records and securities filings, wire fraud and conspiracy for allegedly concealing trading losses that snowballed to more than $6 billion.
July 30, 2013 |
If you take our federal and state energy authorities at their word, you just might be convinced that the $410-million penalty dropped Tuesday on JPMorgan Chase for manipulating energy markets in California and the Midwest is a big deal. "A historic fine," declared Commissioner Tony Clark of the Federal Energy Regulatory Commission, which reached the settlement with Morgan. He said it "sends a strong signal. " Over at the California Independent System Operator, the quasi-state agency that was directly victimized by JPMorgan's behavior, the penalty was hailed as "a success story for market monitoring and market oversight," as ISO general counsel Nancy Saracino stated on a conference call with the news media.
CALIFORNIA | LOCAL
May 9, 2013 |
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]