JPMorgan Chase

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JPMorgan Leads Hunt to Place Bear Workers

Firm pitches in to help 5K employees laid off after takeover

(Newser) - JP Morgan hopes to find jobs for 5,000 Bear Stearns employees cut when it acquired the brokerage in March, the Financial Times reports. CEO Jamie Dimon is sending letters to rivals and clients, and the company has contacted 1,800 firms urging them to consider former Bear workers. The...

Mammoth Writedowns Hammer AIG
Mammoth Writedowns Hammer AIG
May 9, 2008 2:41 AM CDT

Mammoth Writedowns Hammer AIG

Insurance giant posts $7.8B 1Q loss as credit woes continue

(Newser) - American International Group posted a record-breaking $7.8 billion first-quarter loss yesterday, reports the Wall Street Journal. The insurance giant blamed the poor results on the sagging housing market, the credit crunch and the see-sawing stock market. It announced plans to raise $12.5 billion to patch up the damage...

Are Wall Street Banks Ready to Risk Again?

Return to corporate bonds among likely signs crisis is easing

(Newser) - Wary investors appear to be returning to Wall Street, the Journal reports, buying back into higher-risk debt issues from the likes of troubled Citigroup and Merrill Lynch. “Risk taking has come back in the market,” said one expert.

National City Close to $6B Cash Infusion

US's 10th-largest bank has been decimated by the mortgage crisis

(Newser) - Battered National City—which has seen shares plummet 78% as it's been overwhelmed by the subprime fiasco—is close to a $6 billion bailout funded by some of its largest shareholders and private equity firm Corsair Capital, reports the Wall Street Journal. The infusion for the Cleveland-based bank would be...

New Hires at Bear Stearns Axed Before They Start

Bank's collapse sends college grads job-hunting in a tough market

(Newser) - Hundreds of college grads who thought they had landed dream positions with Bear Stearns were canned before their first day on the job, the Wall Street Journal reports. As the giant bank began to implode, the students were at first assured their new jobs were safe—but then were sent...

Markets Up Big on Earnings
 Markets Up Big on Earnings 
MARKETS
Apr 16, 2008 3:42 PM CDT

Markets Up Big on Earnings

Limited losses by JPMorgan, Wells Fargo key best jump in two weeks

(Newser) - Stocks staged a rally today on the strength of profit reports from JP Morgan and Intel. "The bear market is bottoming, and folks are beginning to look beyond the valley of widely known problems to better times ahead," a strategist tells the Wall Street Journal. The Dow ended...

JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns
JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns
Earnings Report
Apr 16, 2008 7:18 AM CDT

JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns

Blames credit markets, slowing economy

(Newser) - JPMorgan Chase, battling $5.1 billion in subprime writeoffs and deteriorating consumer credit, reported first quarter profits fell 50%, reports the Wall Street Journal. CEO Jamie Dimon warned the outlook for the remainder of 2008 was likely as grim. Morgan—the 3rd-largest US bank—said profits dropped to $2.37...

Bear Stearns Could Face Civil Charges

Regulators probing troubled bank's bond, mortgage practices

(Newser) - Bear Stearns has been warned it could face civil charges stemming from an SEC probe into its anti-competitive bidding for municipal bonds, the Wall Street Journal reports. The firm is also being investigated by the FTC for alleged violations of consumer protection laws involving its mortgage-servicing unit. Bear Stearns officials...

Tough Market Greets Bear Castoffs

Takeover sends bank employees looking for work on post-credit-crunch Wall Street

(Newser) - Thousands of Bear Stearns employees face uncertain futures after the investment bank's takeover by JPMorgan, and they’re entering a Wall Street beset with problems and bereft of jobs, reports Reuters. "They are coming into a market at a time when Wall Street doesn't offer much opportunity," one...

Fed, Execs Defend Bear Bailout
Fed, Execs Defend Bear Bailout
Apr 3, 2008 12:10 PM CDT

Fed, Execs Defend Bear Bailout

Collapse would have spread throughout economy, they argue

(Newser) - Bear Stearns was just hours from collapse, and letting it go down would have been disastrous, executives and regulators argued on Capital Hill today while defending the controversial bailout, the New York Times reports. Without the takeover, “we would all be facing a far more dire set of challenges,...

Congress to Grill Bernanke on Bear Stearns

Questions will likely focus on timing and intensity of Fed's actions in brokering deal

(Newser) - Federal Reserve Chairman Ben Bernanke steps onto a tightrope today for two days of Congressional testimony focusing on the central bank’s starring role in the Bear Stearns bailout. Bernanke likely will be taken to task for not stepping in earlier, and more forcefully, to avert economic chaos, reports the...

Bear Stearns Chairman Sells $1B Stake for $61M

Cayne bites the bullet with his company

(Newser) - Bear Stearns Chairman Jimmy Cayne yesterday became the poster boy for the company’s fall from grace, selling his one-time $1 billion stake in the investment bank for a mere $61.3 million, reports the Wall Street Journal. Cayne sold 5.7 million shares he’d acquired for $10.84...

2 Probes Launched Into Bear Stearns Deal

Two Senate panels to investigate takeover

(Newser) - The controversial acquisition of Bear Stearns by rival JP Morgan Chase, aided by billions of dollars of government credit, is about to become one of the most scrutinized deals in Wall Street history. Two separate Senate investigations will soon be under way, one by the Banking Committee and another by...

Bear Stearns Staffers Gird for Mass Layoffs After $3B Hit

After losing their shirts, half will also lose jobs

(Newser) - The Icarus-like fall of Bear Stearns stock, trading as high as $170 a share a year ago before plummeting to $2 last week, has cost Bear employees—who once owned nearly a third of the company—more than $3 billion. That's even after JPMorgan raised its bid for the investment...

Bear Bid Boosts Stocks
 Bear Bid Boosts Stocks 
MARKETS
Mar 24, 2008 3:49 PM CDT

Bear Bid Boosts Stocks

Unexpectedly strong home sales also spur rally

(Newser) - Stocks ended up today, thanks to JPMorgan's increased bid for Bear Stearns and unexpectedly strong monthly home-sales data. Still, investors remained cautious, the Wall Street Journal reports. "Who knows if there's going to be another Bear Stearns out there?" an analyst asked. The Dow finished up 187.32 at...

JPMorgan Boosts Bear Stearns Offer to $10/Share

Bank hopes to stem criticism by quintupling bid

(Newser) - JPMorgan will quintuple its takeover offer for Bear Stearns, setting a new $10-per-share price today after a weekend of tense renegotiations. Bear shareholders had objected to the proposed $2 deal, saying the bank-saving bid was a heist. JPMorgan is also buying 95 million more shares of the bank, which will...

JPMorgan in Talks to Boost Bear Stearns Bid

Attempt to mollify furious Bear stockholders

(Newser) - JPMorgan Chase was in negotiations last night to quintuple its bid for Bear Stearns following a storm of angry protests by Bear shareholders over the initial bargain-basement deal for the investment banking giant, reports the New York Times. Under the new deal, JPMorgan Chase would pay $1 billion—$10 a...

Cramer: the Bear Has Been Tamed

Bombastic market guru says Bear deal marks end of crisis; buy JP Morgan

(Newser) - We've hit bottom, Jim Cramer proclaims. Bear Stearns' collapse may have been apocalyptic in scale, but it at least woke up a complacent Fed and Treasury secretary, the bombastic market guru writes in New York today. “We’ve been through dozens of false bottoms,” he says, but now...

Cash-Strapped Borders Considering Selling Itself

Parts, or all, of bookseller on table, it secures $42.5M loan to keep going

(Newser) - Bookseller Borders is considering selling itself or some of its divisions, the Detroit Free Press reports today. The company, based in Ann Arbor, Mich., is in the midst of a turnaround, but is desperately short on cash, today borrowing $42.5 million from its biggest shareholder, Perishing Square Capital Management....

Bear Stearns Hires Trauma Counselors

Bank's employees facing loss of savings, jobs after buyout

(Newser) - Bear Stearns will provide grief counseling for employees facing decimated stock holdings, and the possible loss of their jobs, after the bank's sale to JP Morgan, ABC News reports. "Anything that effects human behavior or emotions at work are the areas where we focus," says one such professional....

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