JPMorgan Chase

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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...

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...

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