JPMorgan Chase

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JPMorgan CEO Has Throat Cancer

Jamie Dimon says prognosis is 'excellent'

(Newser) - JPMorgan Chase chief Jamie Dimon says he has been diagnosed with throat cancer—but it was caught early and he will be able to keep working while he is being treated. The 58-year-old CEO has told colleagues and shareholders that he will limit his travel during the eight weeks he...

JPMorgan Sinking $100M in Detroit Renewal

Effort aims to improve housing, offer job training

(Newser) - JPMorgan is moving to help a bankrupt city get back on its feet. The bank is putting $100 million, divided between loans and grants, toward Detroit's revitalization, the New York Times reports. The money is intended to help the city with an array of projects, including housing improvements, the...

China Regulator Asked JPMorgan for Hiring 'Favor'

Bank gave job to official's family friend

(Newser) - With JPMorgan Chase facing scrutiny over its hiring in China, the New York Times is raising questions about a worker who is a family friend of a Chinese insurance regulator. In June 2012, when JPMorgan was looking for work with Chinese insurance firms, CEO Jamie Dimon met with the regulator,...

JPMorgan Execs Unscathed in $1.7B Madoff Settlement

Fines will go to pay off victims

(Newser) - JPMorgan has officially signed off on a $1.7 billion settlement laying to rest complaints about its dealings with infamous Ponzi schemer Bernard Madoff. Prosecutors accuse the bank of turning a blind eye to Madoff's frauds—the bank filed a Suspicious Activity Report on Madoff with UK regulators in...

JPMorgan Is Being Punished for Not Being Evil Enough

Probe into firm's China hires is ironic, Matt Levine argues

(Newser) - A trove of emails have emerged in JPMorgan Chase's China corruption scandal , and they reveal a deep irony about the case: Essentially, "JPMorgan's mistake was not hiring Chinese princelings fast enough," argues Matt Levine at Bloomberg . The emails reveal that JPMorgan initially had a program preventing...

Target Shoppers: Chase Limits Use of Debit Cards

JPMorgan Chase reacts to data breach 3 days before Xmas

(Newser) - Still planning to shop at Target after its cache of debit and credit cards was hacked ? Hold on: JPMorgan Chase has limited its debit-card customers to $100 in withdrawals and $300 in total purchases daily at Target stores, NBC News reports. That only applies to roughly 2 million Chase...

JPMorgan to Cough Up $2B in Madoff Case

Bank accused of turning a blind eye to vast Ponzi scheme

(Newser) - Five years after history's biggest Ponzi scheme was exposed, Bernie Madoff's main banker is facing a rare criminal action for its role in the scam and is preparing to settle for around $2 billion, reports the New York Times . JPMorgan is accused of turning a blind eye to...

JPMorgan Agrees to Record Financial Crisis Penalty

Company officially strikes $13B settlement

(Newser) - Quick, somebody #AskJPM how it feels to pay the largest civil settlement in history . JPMorgan Chase & Co. has reached a record $13 billion deal with federal and state authorities, resolving claims over the bank's sales of mortgage-backed securities that collapsed during the US housing crisis. It is the...

JPMorgan's Twitter Q&A Blows Up In Its Face

Company cancels it before it even begins amidst cavalcade of mockery, rage

(Newser) - We're going to go ahead and guess that JPMorgan's social media staff is getting an earful today. Fresh from helping Twitter launch its IPO, the company announced that Vice Chairman Jimmy Lee would be holding a Twitter Q&A today, urging people to tweet questions with the #AskJPM...

Banks Rein in Rogue Traders —By Banning Chat Rooms

Allegedly used for collusion, 'crude banter'

(Newser) - A host of big banks are considering restricting their traders' use of chat rooms, or in some cases blocking them outright, as regulators zero in on them as potential hotbeds of collusion and insider trading, sources tell the Wall Street Journal and Financial Times . Traders around the world have for...

JPMorgan, DoJ Strike 'Tentative' $13B Deal

Doesn't exempt bank from criminal prosecution

(Newser) - JPMorgan Chase has reached a tentative $13 billion deal with the Department of Justice to settle its various civil investigations into the bank's mortgage-backed securities business, a sources tells the Wall Street Journal (and Reuters and Politico ; apparently this meeting was leakier than a rowboat made of Swiss cheese)....

JPMorgan Will Pay $920M in London Whale Fines

Company will admit wrongdoing

(Newser) - JPMorgan Chase & Co. will pay $920 million and admit wrongdoing in a settlement with US and British regulators over the $6 billion "London Whale" trading loss last year that tarnished the bank's reputation. The UK's Financial Conduct Authority fined the company $220 million, while the British...

JPMorgan Probed Over Hiring Practices in China

SEC investigates hire of powerful Chinese official's kids

(Newser) - Still under scrutiny for the London Whale fiasco , JPMorgan is now facing a new scandal: the SEC's anti-bribery unit is apparently now investigating whether the bank hired the children of powerful Chinese officials to help it win business in the Middle Kingdom. The New York Times has its hands...

Report: Feds to Nab 2 Ex-JPMorgan Employees

Authorities suspect they hid size of $6B trading loss

(Newser) - A published report says federal authorities plan to arrest two former JPMorgan Chase & Co. employees on suspicion that they tried to conceal the size of the investment bank's $6 billion trading loss last year. The New York Times reported today that the arrests of Javier Martin-Artajo and Julien...

JPMorgan May Pay $500M Fine in Energy Con: Report

Company would make a profit by not selling electricity

(Newser) - JPMorgan is considering paying a record $500 million settlement over allegations that California and other states paid its power plants to not produce electricity, the Wall Street Journal reports. The alleged scheme is simple: The states promise to give energy providers "make whole" payments whenever they lose money firing...

Bloomberg News Caught Snooping on Bankers

May have also tapped data from Bernanke and Geithner

(Newser) - Bloomberg LP operates both a multi-platform media organization, Bloomberg News, and a computer system, Bloomberg Terminal, that bankers and traders use to monitor market data. The problem: Bloomberg News reporters can see how and when any customer has been using a terminal, and now it turns out they have been...

Feds, Banks Brace as Anonymous Vows Giant Hack Today

Hacker groups plot #OpUSA, say May 7 a 'day to remember'

(Newser) - Hackers have spent weeks warning of a giant attack on US government agencies and banks—and today is the day, they say. "Anonymous will make sure that this May 7th will be a day to remember," said the hacker group in a post, per the Huffington Post . The...

Ex-JPMorgan Exec: Loss Wasn't My Fault

Senators question Ina Drew, Douglas Braunstein

(Newser) - Two former high-ranking executives at JPMorgan Chase faced tough questions from senators today about why the bank played down risks and hid losses from regulators when it was losing billions of dollars. Douglas Braunstein, the former chief financial officer, and Ina Drew, the former chief investment officer overseeing trading strategy,...

JPMorgan Report Brings Back Calls to Break Up Banks

'Epic breakdown' in oversight led to $6B loss

(Newser) - A Senate subcommittee report on JPMorgan Chase has slammed America's biggest financial institution so hard for trying to hide $6 billion in losses tied to the "London Whale" fiasco that business analysts are once again talking about the need to break up the biggest banks, reports Bloomberg . JPMorgan...

Senate Hits JPMorgan Execs on $6B Loss

'London Whale' resurfaces

(Newser) - A Senate subcommittee is taking JPMorgan to task over billions in losses tied to the so-called " London Whale ." The report, by the Senate Permanent Subcommittee on Investigations, is likely to slam executives over a failure to adequately alert regulators and investors as the bank made big bets. Executives...

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