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.
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.
November 21, 2006 |
JPMorgan Chase & Co. Chief Executive Jamie Dimon will replace his former mentor, retired Citigroup Inc. Chairman Sanford Weill, as a member of the New York Federal Reserve Bank's board of directors. Dimon, 50 was elected for a three-year term beginning in January, the New York Fed said Monday. Columbia University President Lee Bollinger also was appointed to the board, while PepsiCo Inc. Chief Executive Indra Nooyi was reelected by member banks.
October 15, 2009 |
NEW YORK -- Surprisingly strong earnings reports from Intel Corp. and JPMorgan Chase & Co. are sending stocks sharply higher. In early trading today, the Dow Jones industrials were about 40 points away from the 10,000 mark, a level not seen in a year. Major stock indexes all rose about 1 percent. JPMorgan Chase, the first major bank to report third-quarter earnings, stoked the market's optimism as it handily beat Wall Street's expectations, reporting a profit of $3.59 billion for the July-September period.
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.
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.