February 26, 2013 |
NEW YORK -- JPMorgan Chase & Co. said Tuesday it would cut about 4,000 jobs as it pares expenses by $1 billion this year. The nation's largest bank by assets becomes the latest Wall Street powerhouse to announce that it would reduce its headcount as financial firms issue pink slips to thousands of employees. [Updated, 12:34 p.m. Feb. 26: JPMorgan said it would cut a total of 17,000 jobs by end of 2014. That figure includes the 4,000 net cuts planned this year, plus 13,000 more in 2014.
January 18, 2013 |
Morgan Stanley 's big push into wealth management seems to be paying off. The New York investment bank, which has been cutting costs as it has struggled to boost earnings, returned to profitability in the fourth quarter. Morgan Stanley reported $507 million in profit, compared to a loss of $250 million the same period in 2011. Profits from its wealth management and institutional securities divisions surged. Morgan Stanley's profit beat Wall Street estimates, and its stock surged in pre-market trading on Wall Street.
January 7, 2013 |
Jamie Dimon, the chairman and chief executive of JPMorgan Chase & Co., has quietly left the board of the New York Federal Reserve. Dimon didn't relinquish his board membership to silence critics who, in the middle of last year, saw a conflict of interest -- or at least an appearance of one -- after JPMorgan suffered an embarrassing loss in a risky bet, despite the New York Fed's oversight. "This is a clear example of the fox guarding the henhouse," Sen. Bernard Sanders (I-Vt.)
January 5, 2013 |
SACRAMENTO -- JPMorgan Chase & Co. has lost a bid to stop state electric grid operators from installing equipment at two Huntington Beach power plants to help prevent brownouts next summer. The Federal Energy Regulatory Commission ruled late Friday that JPMorgan, which has a contract to resell power from two other units of the plant, does not have the contractual power to veto installation of needed voltage condensers. The devices are needed at the shoreline plant to protect the Southern California electrical grid from power spikes and shortages when air conditioners are working overtime.
November 17, 2012 |
JPMorgan Chase & Co. and Credit Suisse agreed to pay $417 million to settle the latest cases brought in the federal government's efforts to punish Wall Street firms for the financial crisis. The cases stem from alleged misstatements and failures to disclose that borrowers had defaulted on subprime home loans bundled into residential mortgage-backed securities, or RMBS. The faulty mortgage investments fueled the housing bubble before it burst in 2007. The settlements, announced Friday, came four years after the mortgage meltdown pushed the investment bank Lehman Bros.
November 16, 2012 |
Two major Wall Street banks have agreed to pay more than $400 million to settle cases brought by the U.S. Securities and Exchange Commission in connection with residential mortgage-backed securities. JPMorgan Chase & Co. agreed to pay $297 million while Credit Suisse agreed to pay $120 million to settle the SEC's claims, which the agency announced Friday. The SEC's cases stem from allegations that the banks misled investors. The SEC claims JPMorgan misstated the delinquency status of the underlying residential mortgages bundled into its residential mortgage-backed securities (RMBS)
November 9, 2012 |
NEW YORK -- It was a tough election for Wall Street. Not only did the candidate it bet against , President Obama, win reelection, but the financial industry's nemesis Elizabeth Warren ascended to power as a U.S. senator. How will Wall Street make nice with Washington Democrats? Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co., may have launched a charm offensive. Dimon told CNBC Friday afternoon that he called Warren to congratulate her on her victory over Sen. Scott Brown, the Republican from Massachusetts. During her campaign, Warren called for Dimon to step down as a member of the board of the New York Federal Reserve.
October 28, 2012 |
As Hurricane Sandy barrels down on the East Coast, Wall Street is shutting down. The nation's two biggest trading platforms -- the New York Stock Exchange and the Nasdaq Stock Market -- have both closed for business. They said trading might not get back to normal until Wednesday. This would be the first time trading has been halted in all U.S. stocks since a four-day stretch after the Sept. 11, 2001, terrorist attacks. “Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority,” NYSE Chief Executive Duncan Niederauer said.
October 17, 2012 |
NEW YORK - Wall Street suffered another blow as one of its highest-profile leaders abruptly resigned, a reflection of the persistent difficulties plaguing the banking industry as it tries to recover from the financial crisis four years ago. Citigroup Inc. Chief Executive Vikram Pandit stepped down Tuesday from the top job at the No. 3 U.S. bank, along with President and Chief Operating Officer John Havens. The surprise departures were blamed on long-simmering conflicts between the two executives and board members.
October 12, 2012 |
JPMorgan Chase & Co.'s profits surged 34% in the third quarter as the country's largest bank by assets saw its mortgage business boom and market share grow. JPMorgan, which also reported strong growth in its units such as credit card and commercial banking, said it earned a record $5.7 billion, or $1.40 a share, in the third quarter, up from $4.3 billion, or $1.02, the same period a year ago. “Importantly, we believe the housing market has turned the corner," Jamie Dimon, chairman and chief executive, said in a statement.