October 27, 2006 |
JPMorgan Chase & Co. Chairman William Harrison plans to retire from the third-biggest U.S. bank at the end of the year and expects to hand the post to Chief Executive Jamie Dimon. Harrison, 63, will leave Dec. 31 after spending his entire career at the New York-based bank and its predecessors, JPMorgan said. Dimon, 50, succeeded him as CEO in January, six months earlier than planned. Harrison joined Chemical Banking Corp.
April 21, 2006 |
JPMorgan Chase & Co., one of dozens of banks sued by investors who claimed the companies rigged initial public offerings during the 1990s Internet stock boom, agreed to pay $425 million to settle the case, the bank said Thursday. JPMorgan would be the first to resolve the allegations, leaving Morgan Stanley, Credit Suisse, and Goldman Sachs Group Inc. among the remaining defendants. The agreement may pressure more banks to settle.
January 17, 2008 |
JPMorgan Chase & Co. said Wednesday that its fourth-quarter profit fell 34% after its exposure to sub-prime mortgages devalued its portfolio by $1.3 billion. Chief Executive Jamie Dimon also attributed the profit decline at the nation's third-largest bank by market capitalization to worse-than-expected results in home equity loans. Net income fell to $2.97 billion, or 86 cents a share, in the October-December period, from $4.53 billion, or $1.26, in the same period a year earlier.
January 18, 2007 |
Fourth-quarter earnings at JPMorgan Chase & Co. soared 68% on strong investment banking growth and a gain from the sale of the bank's corporate trust business, but signs of worsening credit quality worried investors. The New York-based bank, the nation's third-largest, on Wednesday was the latest financial institution to report solid 2006 profit growth while warning of deteriorating credit as customers appeared to have more trouble keeping up with bills.
November 16, 2012 |
The giant investment bank can't say it wasn't warned. In September, commenting on what appeared to be JPMorgan Chase & Co.'s consistent and intentional flouting of the rules governing its communications with regulators, Jon Wellinghoff, chairman of the Federal Energy Regulatory Commission, said he wasn't all that impressed with Morgan's excuse that its expensive corporate lawyers made a mistake. "'The dog ate my homework' doesn't work for me," he said. This week he showed just how unimpressed he was. Ruling in a case brought by California's wholesale power system, FERC suspended Morgan's right to sell electricity via power auctions for six months, starting next April 1. The firm, which doesn't own any generating plants in California but owns the right to trade power generated by some in-state plants, will still be able to sell that power in California -- but will have to accept a price that could be as low as its cost.
January 15, 2009 |
After buying Washington Mutual Bank last fall in a government-backed deal, JPMorgan Chase & Co. intends to discard the giant thrift's brand name in the spring and to add branches in California this year despite the ailing economy. New York-based JPMorgan, which currently has no retail presence in California, will rebrand the 708 WaMu branches in California with Chase's octagonal blue logo on March 30, JPMorgan Chief Executive Jamie Dimon said in Los Angeles on Wednesday.
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.
November 20, 2013 |
NEW YORK - Benjamin Wagner, the top federal prosecutor in Sacramento, has been nothing less than a thorn in the side of JPMorgan Chase & Co. His office's investigations into the bank's toxic mortgage investments played a key role in the U.S. Justice Department's landmark $13-billion civil settlement with the nation's biggest bank. His prosecutors are continuing a parallel criminal probe which could prove even more worrisome for the New York financial giant. But for Wagner, JPMorgan is not just some far-away, faceless Wall Street behemoth.
October 7, 2005 |
JPMorgan Chase & Co. and Morgan Stanley may reunite, 70 years after being forced to split, one of Wall Street's top-rated bank analysts speculated Thursday. "We are raising the possibility of a merger between JPMorgan and Morgan Stanley," Prudential Equity Group's Michael Mayo wrote in a note to clients. He cited "our view that both managements are willing to pursue acquisitions ... to achieve longer-term goals." A merger of JPMorgan, the No. 3 U.S. bank, and Morgan Stanley, the world's No.
October 12, 2007 |
JPMorgan Chase & Co. said Thursday that it was cutting jobs in its fixed-income business as investors braced for a multibillion-dollar write-down next week of the bank's high-risk loans and other assets. The No. 3 U.S. bank said the cuts included positions in its "leveraged finance" operation, which markets loans taken out to finance corporate takeovers by private equity firms.