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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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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
March 26, 2013 | By Andrew Tangel
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...
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.
BUSINESS
March 15, 2013 | Bloomberg News
Two of the world's biggest trading firms - Goldman Sachs Group Inc. and JPMorgan Chase & Co. - must submit new capital plans to regulators to address weaknesses in their planning processes found by the Federal Reserve. The Fed approved 14 other banks' proposals, the agency said in a statement. Capital plans submitted by Ally Financial Inc. and BB&T Corp. were rejected. The problems found at Goldman Sachs and JPMorgan related to projections of losses and revenue, according to a Fed official.
BUSINESS
March 15, 2013 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - Ina Drew, the former JPMorgan Chase & Co. executive who oversaw the "London Whale" trades, admitted her unit made mistakes that led to at least $6.2 billion in losses but shifted blame to underlings for the scandal that damaged the bank's reputation. It also ended her 30-year career. "Clearly, mistakes were made," Drew told senators Friday in her first public comments on the episode. "The fact that these mistakes have happened on my watch has been the most disappointing and painful part of my professional career.
BUSINESS
March 15, 2013 | By Jim Puzzanghera
WASHINGTON -- Ina Drew, the former JPMorgan Chase & Co., executive who oversaw the “London Whale” trades,  admitted mistakes led to at least $6.2 billion in losses and told senators Friday she was “saddened”  by the scandal last year that damaged the bank's reputation and ended her 30-year career. “Clearly mistakes were made,” Drew told a Senate hearing Friday in her first public comments on the episode. “The fact that these mistakes have happened on my watch has been the most disappointing and painful part of my professional career.” Drew, the bank's former chief investment officer, said she “accepted responsibility for the events that happened on my watch.” But said she was deceived by traders working for her about the size of the risk they were taking in the bank's Synthetic Credit Portfolio and that a revised JPMorgan metric “significantly understated the real risks” of the portfolio.
BUSINESS
March 14, 2013 | By Jim Puzzanghera and Andrew Tangel, Los Angeles Times
WASHINGTON - In a scathing report, Senate investigators said JPMorgan Chase & Co.'s huge trading losses last year were caused by high-risk market bets that bank executives failed to catch despite numerous red flags. The 307-page, bipartisan report released Thursday said the bank tried to hide the $6.2 billion of losses in the so-called London Whale trades from regulators and the public. The report went on to criticize JPMorgan's federal regulator, the Office of the Comptroller of the Currency, for failing to discover and properly investigate the trades.
BUSINESS
March 13, 2013 | By Andrew Tangel
In case corporate America didn't fully understand the seriousness of the country's growing cyber threat, President Obama chose a dramatic venue for his meeting Wednesday afternoon with chief executives: the White House's Situation Room. The White House wouldn't say who would be meeting with the president until after the event, but JPMorgan Chase & Co. confirmed that  Jamie Dimon , its chairman and CEO, would attend in the wake of a wave of attacks on the bank by hackers. The so-called denial-of-service attacks, which overwhelm websites with phony requests, prevented Chase customers from accessing their online banking accounts.
BUSINESS
March 7, 2013 | By Jim Puzzanghera
WASHINGTON -- The nation's largest banks as a group could withstand a severe recession and are much better positioned for blunting economic shocks than before the financial crisis, the Federal Reserve said Thursday in releasing the latest round of stress test results. Of the 18 banks tested, only Ally Financial Inc. would be at risk of failure under the Fed's scenario, underscoring the improving financial condition of the banking industry. Fed officials emphasized that banks could not pass or fail this set of stress tests because they did not take into account some important factors.
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