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Jpmorgan Chase

BUSINESS
October 12, 2012 | By Andrew Tangel
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.
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BUSINESS
October 12, 2012 | By E. Scott Reckard and Andrew Tangel, Los Angeles Times
America's long-suffering housing market may be on the mend, two major banks said as they reported big jumps in profits. JPMorgan Chase & Co. and Wells Fargo & Co., the nation's largest home lenders, each reported double-digit quarterly earnings growth Friday. The big jump in profit was thanks largely to a surge in their mortgage businesses, fueled by low interest rates and waves of refinancing. It led JPMorgan Chief Executive Jamie Dimon, considered one of Wall Street's most high-profile bankers, to declare: "We believe the housing market has turned the corner.
BUSINESS
October 12, 2012 | By Andrew Tangel
JPMorgan Chase & Co., bracing for higher legal costs, set aside an additional $684 million in the third quarter for litigation expenses. Jamie Dimon, the bank's chairman and chief executive, declined to specify what led the bank to up its litigation reserves. "Obviously we're in a litigious society," Dimon said in a conference call with reporters Friday morning. “We've got a lot of mortgage suits coming, and others. " "We expect some litigation expenses going forward but hopefully it'll come down over time," he added.
BUSINESS
October 11, 2012 | By Andrew Tangel
The scars from JPMorgan Chase & Co.'s whopping trading losses have healed -- at least in its stock price.  Five months after the bank disclosed a trader nicknamed the "London Whale" lost billions in risky derivatives bets, its stock has recovered from a sharp dive. At $41.77 a share Wednesday, JPMorgan's stock was $1.13, or 3%, higher than it was on May 10, when the company revealed the bad bets. The bank's stock gained another 57 cents, or 1%, to $42.34 in early trading Thursday.
BUSINESS
October 5, 2012 | By Andrew Tangel
Another executive at JPMorgan Chase & Co. is expected to leave his post in the wake of the bank's multibillion-dollar trading loss, the Wall Street Journal reports. Barry Zubrow is expected to step aside as head of the bank's corporate and regulatory affairs by the end of the year, The Journal reported, citing anonymous sources. Zubrow had previously worked as JPMorgan's chief risk officer. As head of regulatory affairs, for example, Zubrow authored the bank's comment letter on the so-called Volcker Rule, a key part of the Dodd-Frank financial reform that, when implemented, would sharply restrict the extent to which banks could trade with their own funds.
BUSINESS
October 2, 2012 | By Jim Puzzanghera
WASHINGTON -- Promises made to investors by Bear Stearns & Co. about the quality of mortgage-backed securities during the subprime housing boom were "a sham," New York Atty. Gen. Eric Schneiderman said Tuesday in detailing the first suit by a task force investigating misconduct by banks in the run-up to the financial crisis. The securities fraud suit "goes to the heart of the misconduct that created the housing bubble and caused the crash of 2008," Schneiderman told reporters a day after filing a securities fraud suit related to the sale of mortgage bonds by Bear Stearns & Co., which was later acquired by JPMorgan Chase & Co. The suit against JPMorgan alleged that Bear Stearns misled investors that the bank had carefully evaluated the quality of mortgages it packaged into securities from 2005-2007 and that it had monitored the originators of those loans to make sure they were following guidelines designed to ensure that borrowers could repay the loans.
BUSINESS
October 2, 2012 | By Andrew Tangel and Alejandro Lazo, Los Angeles Times
NEW YORK — JPMorgan Chase & Co. has become the first target of a Justice Department task force set up this year to hold big Wall Street banks accountable for their role in the financial crisis. In a lawsuit filed in New York State Supreme Court late Monday, New York Atty. Gen. Eric. T. Schneiderman contends that JPMorgan should be held liable for widespread fraud related to the packaging and sale of securities backed by residential mortgages. These mortgage bonds were sold to investors in the run-up to the 2008 financial crisis by Bear Stearns & Co., the crippled investment bank later bought by JPMorgan.
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
July 24, 2012 | By E. Scott Reckard
Carving out more costs from its retail operations, Bank of America Corp.  has shut down more than 1,500 automated teller machines this year, a regulatory filing shows -- about 9% of its network. The reductions leave the Charlotte, N.C., bank, once the nation's largest as measured by assets, with 16,220 ATMs at the end of June. JPMorgan Chase & Co., currently the largest bank by assets, has more than 18,000. Bank of America's ATMs peaked at about 18,100 in the second quarter of 2010, 10% higher than current levels.
BUSINESS
July 18, 2012 | Michael Hiltzik
The next time your electricity bill prompts you to curse your local utility, here's another target where you should direct your anger: JPMorgan Chase & Co., which has manipulated the California energy market for its own profit and at a cost to residents and businesses in the state that could be $100 million, $200 million or much more. That's the accusation leveled by the California Independent System Operator, which has jurisdiction over 80% of the state's electrical transmission.
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