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BUSINESS
October 15, 2013 | By Michael Hiltzik
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.)
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BUSINESS
October 11, 2013 | By Michael Hiltzik
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.
BUSINESS
September 19, 2013 | By Andrew Tangel
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.
BUSINESS
September 19, 2013 | By Jim Puzzanghera
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.
BUSINESS
September 6, 2013 | By Ricardo Lopez
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.
BUSINESS
August 14, 2013 | By Andrew Tangel
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.
BUSINESS
July 30, 2013 | Michael Hiltzik
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.
BUSINESS
May 9, 2013 | By Andrew Tangel
NEW YORK -- California Atty. Gen. Kamala Harris has accused JPMorgan Chase & Co. of using fraudulent and unlawful debt-collection practices against some 100,000 credit card holders in the state. In a lawsuit filed Thursday, Harris' office claims the major Wall Street bank employed abusive and illegal practices over at least three years. Chase's use of illegal robo-signing was “widespread,” Harris' office alleges. The practice involved automatic signing of various documents -- some sworn -- without reviewing the paperwork or bank records.
BUSINESS
April 12, 2013 | By E. Scott Reckard and Andrew Tangel, Los Angeles Times
Two of the nation's healthiest banks reported sharply higher profits and fewer loan delinquencies as bank earnings season began, but a slowdown in the mortgage business disappointed investors. JPMorgan Chase & Co.'s first-quarter earnings rose 33% and Wells Fargo & Co.'s 22%, but much of the profit came from cost-cutting and the release of reserve funds that had been set aside to cover possible losses. "They beat expectations [for per-share earnings] but the beat largely came from improved credit trends, which is not what investors wanted to see," said analyst Joe Morford, who follows Wells Fargo for RBC Capital Markets and has an "outperform" rating on the San Francisco bank.
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