JPMorgan Chase

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Banks Admit Wrongly Foreclosing on US Troops

At least 700 active-duty troops lost homes during crisis

(Newser) - America's biggest banks have admitted that they wrongfully foreclosed on the homes of at least 700 military personnel, in some cases evicting families while troops were serving in war zones, the New York Times reports. The wrongful foreclosures by banks including Citigroup and Wells Fargo surfaced as part of...

JPMorgan Covered Up Bad Loans, Emails Show

Lawsuit alleges that firms smoothed over analysis to boost profit

(Newser) - JPMorgan Chase papered over or ignored analysis showing that the loans it was pumping into the financial system were "defective," according to emails and other documents filed as part of a lawsuit against the company. In September 2006, an outside assessment found that "nearly half the sample...

Top 10 Companies for 2013
 Top 10 Companies for 2013 
forecast
Jan 17, 2013 4:50 PM CST

Top 10 Companies for 2013

Apple, of course, makes forecasters' list, along with Pfizer, Walmart

(Newser) - The prognosticators at 24/7 Wall Street are out with their annual predictions on which companies will be the most profitable in 2013. And, yes, Apple is expected to retain its No. 1 spot—by a wide margin. Here is the forecast with expected 2013 earnings, via MarketWatch .
  • No. 1: Apple,
...

JPMorgan Cuts CEO Dimon's Pay in Half—to $11.5M

Meanwhile, traders at Morgan Stanley get IOUs

(Newser) - That sound you're hearing is probably Wall Street's tiniest violin playing for Jamie Dimon. As many expected , JPMorgan Chase's board slashed the CEO's salary in response to the "London Whale" disaster, dropping his incentive pay a backbreaking 53.5% to $10 million, leaving him a...

JPMorgan Might Dock Dimon's Bonus Over 'Whale'

He will likely no longer be top-paid banking executive as a result

(Newser) - He probably won't win a lot of sympathy for this, but it looks like JPMorgan's Jamie Dimon is going to lose bragging rights of being the nation's highest-paid banking exec. The board is expected to dock Dimon's 2012 bonus because of the disastrous "London whale"...

Did Banks Get Off Easy in $8.5B Mortgage Settlement?

Homeowner: 'What's $1K going to do for me?'

(Newser) - Sure, plenty of people—3.8 million, in fact—will benefit from yesterday's $8.5 billion mortgage settlement with banks. But some consumer advocates say the banks themselves have made out the best on the deal, the AP reports. They argue that the institutions are getting away with a...

Feds Sue JPMorgan Over Bear Stearns Shenanigans

Meanwhile, Morgan Stanley fined for Facebook IPO irregularities

(Newser) - JPMorgan is staring down a lawsuit over Bear Stearns' alleged mortgage-backed securities misconduct. The National Credit Union Administration, the federal regulator that oversees credit unions, has sued the big bank, alleging that Bear Stearns misled the credit unions it sold $3.6 billion in securities to, causing many to collapse,...

More Bad News for JPMorgan
 More Bad News for JPMorgan 
Nov 16, 2012 9:57 AM CST

More Bad News for JPMorgan

Regulators point finger at weaknesses in its anti-money-laundering procedures

(Newser) - More bad news for JPMorgan Chase: The banking giant is expected to be hit with formal action by US regulators over perceived weaknesses in its anti-money-laundering system, as part of a wider crackdown on the financial industry, reports the Wall Street Journal . It doesn't look like there will be...

Sandy Already Costing Billions: Everything's Closed

Plus: banks, newspapers temporarily waive fees

(Newser) - Hurricane Sandy is already making a serious dent in the US economy: All kinds of businesses in its path have closed. "Business interruption is the biggest impact, at least until we see what happens in terms of property damage," which could cost some $15 billion, says an analyst....

JPMorgan's Dimon: Housing 'Turned a Corner'

Third-quarter earnings beat expectations

(Newser) - Two giants kicked off the earnings season for banks, and the results were pretty good:
  • JPMorgan Chase, the country's biggest bank, reported a record quarterly profit today, helped by a surge in mortgage refinancing. The bank made $5.3 billion from July through September, up 36% from the same
...

Tom Brady to Jamie Dimon: 'Hang In There'

CEO of America's biggest bank gets a profile in Vanity Fair

(Newser) - When the firestorm around JPMorgan's "London Whale" scandal was burning hottest, Jamie Dimon got a surprise call from Tom Brady. "Hang in there," the Patriots quarterback told him. "I was surprised he even knew who I was, to tell you the truth," Dimon says....

Bear Stearns Email Refers to Bonds as 'Sack of S***'

But the bank kept foisting them on investors, says lawsuit

(Newser) - Today's newly filed lawsuit accuses Bear Stearns—now owned by JPMorgan Chase—of knowingly pushing rotten mortgage securities onto investors before the financial meltdown. And how might federal prosecutors go about proving it? It won't hurt that they've got Bear Stearns emails referring to one deal as...

Feds Sue JPMorgan for Mortgage Bond Fraud

Suit: Bear Stearns ignored problems

(Newser) - The mortgage task force of the Justice Department, including New York's attorney general, has launched its first lawsuit—against JPMorgan, charging wide-scale misconduct by Bear Stearns in the selling of mortgage securities. The complaint accuses Bear Stearns, bought by JPMorgan Chase in 2008, of defrauding investors who purchased mortgage...

Top US Banks Hit By Middle East Hackers

Group claiming credit blames anti-Islam video

(Newser) - Customers of Wells Fargo, JPMorgan, Bank of America, and other institutions briefly lost access to their online accounts amid an attack by a Middle East-based hacker group—even after the group warned banks of the impending attack, the Los Angeles Times reports. Account information wasn't compromised, the banks say,...

Regulators Go After US Banks on Money Laundering

JPMorgan Chase might face action soon over weak oversight

(Newser) - Big US banks are in for another round of bad publicity, this time over the good old-fashioned problem of money laundering. The New York Times reports that regulators are about to crack down on JPMorgan Chase and possibly Bank of America for failing to keep track of big transfers of...

JPMorgan, Other Banks Pulled Into Libor Probe

Seven banks subpoenaed

(Newser) - The Libor scandal continues to grow. The New York and Connecticut attorneys general have now subpoenaed seven large banks, with a round of subpoenas recently issued to JPMorgan Chase, Deutsche Bank, Royal Bank of Scotland, and HSBC, in addition to Barclays, a source told the AP yesterday. Citigroup and UBS...

Sources: Boss Tried to Hide London Whale Fiasco

JPMorgan trader was urged to boost valuations: WSJ

(Newser) - A top exec at JPMorgan appears to have tried to cover up a colossal mistake, sources close to the "London Whale" probe tell the Wall Street Journal . Emails from earlier this year reveal that credit-trading chief Javier Martin-Artajo urged "whale" trader Bruno Iksil to inflate valuations on some...

3 Banks in Center of Libor Scandal
3 Banks in Center
of Libor Scandal
Jul 28, 2012 9:01 AM CDT

3 Banks in Center of Libor Scandal

One former trader says Libor has been rigged since at least 1991

(Newser) - Recently released court documents suggest that traders at Barclays, the Royal Bank of Scotland, and UBS were most central to the Libor-rigging scandal , reports Reuters . Those three banks—much of the blame has fallen on just Barclay's up to now—employed more than a dozen traders who tried influencing...

Big Banks Slashing More Jobs
 Big Banks Slashing More Jobs 
Jul 19, 2012 8:48 AM CDT

Big Banks Slashing More Jobs

Bank of America, Credit Suisse announce new cost cuts

(Newser) - Even bankers aren't safe in the current job market, with Bank of America and Credit Suisse Group both announcing new cost cutting initiatives yesterday, the Wall Street Journal reports. Bank of America, which was already aggressively cutting jobs , said it wanted to cut another $3 billion from its investment...

JPMorgan Trading Loss Worse Than Expected, But...
JPMorgan Trading Loss Worse Than Expected, But...
Earnings
Jul 13, 2012 7:36 AM CDT

JPMorgan Trading Loss Worse Than Expected, But...

...It barely dented the firm's Q2 profits

(Newser) - JPMorgan reported a $4.4 billion trading loss this morning, a figure far worse than analysts were expecting, in the wake of the "London Whale" fiasco. That drove the bank's earnings down 8.7%, but still left it with $4.96 billion in profit for the second quarter,...

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