JPMorgan Chase

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Justice Department Opens JPMorgan Probe

Meanwhile, Jamie Dimon survives shareholder vote

(Newser) - Maybe Jamie Dimon will go on trial after all? That's getting way ahead of things, but the Justice Department has opened an inquiry into the JPMorgan trading scandal, sources tell the Wall Street Journal . It's currently unclear what legal violations it's looking into, but the probe will...

JPMorgan Ignored Scads of Red Flags

Jamie Dimon on hot seat as shareholders meet today

(Newser) - There is likely some hell yet to be paid at JPMorgan after the bank lost $2 billion on bets that were supposed to be hedges. The firm's shareholders are meeting today, and many want to knock CEO Jamie Dimon out of the chairman post, Reuters reports—including the California...

Jamie Dimon Should Be on Trial

 Jamie Dimon 
 Should Be 
 on Trial 
OPINION
May 14, 2012 10:48 AM CDT

Jamie Dimon Should Be on Trial

JPMorgan boss should face public questioning: Alex Pareene

(Newser) - JPMorgan lost $2 billion last week, and it's time for the bank's CEO to answer for it. Congressional questioning isn't enough: Jamie Dimon should be required, ideally on prime-time TV, "to answer questions plainly and clearly, to an unfriendly audience of non-Davos people," Alex...

Heads Roll at JPMorgan Over $2B Trade Loss

CEO Jamie Dimon will accept at least three resignations

(Newser) - JPMorgan's disastrous $2 billion trading loss has officially claimed its first casualty. Chief Investment Officer Ina R. Drew, a 30-year veteran of JPMorgan and one of Wall Street's most prominent women, retired today, the AP reports. Drew was responsible for overseeing the disastrous trades. Executives say she ordered...

JPMorgan CEO Dimon: We Were &#39;Dead Wrong&#39;
 JPMorgan 
 CEO Dimon: 
 We Were 
 'Dead Wrong' 
SUNDAY TALK SHOWS
May 13, 2012 10:56 AM CDT

JPMorgan CEO Dimon: We Were 'Dead Wrong'

Jamie Dimon apologizes for bank's 'stupid' behavior in $2B loss

(Newser) - Remember that endless line of Wall Street's elite giving their mea culpas over the financial crisis? Neither do we. But JPMorgan CEO Jamie Dimon today got on national television to apologize in no uncertain terms for his company's "egregious mistake" in losing $2 billion in six weeks...

JPMorgan Chase Pushed for Trading Loophole

What could possibly go wrong?

(Newser) - Jamie Dimon and other top executives at JPMorgan Chase personally pushed for loopholes in the nation's new regulatory laws allowing for the type of risky trading that resulted in the bank's new $2 billion loss , reports the New York Times . In fact, one meeting in February between bank...

JPMorgan: 'Sloppiness' Cost Us $2B in 6 Weeks

'London whale' loss stuns financial world, could trigger calls for more regs

(Newser) - JPMorgan Chase has stunned the financial world by disclosing trading losses of $2 billion since the beginning of April, caused by what CEO Jamie Dimon calls "errors," "sloppiness" and "bad judgment." The losses came from bad trades made by a unit that was supposed to...

Subprime's New Frontier: Auto Loans

Banks jumping back into lucrative market

(Newser) - That whole "subprime crisis" hasn't scared banks away from the lucrative world of subprime lending. The nation's top subprime lenders—like Capital One, GM Financial, HSBC, and JPMorgan Chase—are all trying to woo back less-creditworthy borrowers, who tend to rack up late fees while paying rates...

JPMorgan Pays $20M Slap on Wrist Over Lehman

Regulators fine it $20M for improper lending

(Newser) - Federal regulators have filed their first action related to the momentous, crisis-sparking collapse of Lehman Brothers, but it won't amount to much. The Commodity Futures Trading Commission today filed a civil case against JPMorgan Chase, accusing it of overextending credit to Lehman, the New York Times reports. But JPMorgan...

Email on Money Transfer Could Be Trouble for Corzine

It links him to MF Global's use of missing customer funds

(Newser) - Jon Corzine may not be in legal hot water just yet over MF Global's missing money , but the temperature's definitely getting warmer thanks to a newly surfaced email. It shows that the former CEO ordered the transfer of $200 million from a fund with customer cash to cover...

Moody's Slaps Wall Street's Big Banks With Review

Along with most of Europe's banks

(Newser) - Moody's isn't feeling great about the health of the financial industry right now. The rating agency put a host of banks under review for possible downgrade today, including US giants Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley, the Wall Street Journal reports. It said the...

Calif., NY May Sign On to Robo-Signing Settlement

Obama administration nearing deal for mortgage relief

(Newser) - California and New York are close to signing on to the Obama administration's multibillion dollar mortgage robo-signing settlement, significantly expanding the deal, the New York Times reports. If California signs on, the settlement total will jump from $19 billion to $25 billion. In exchange, the states want measures to...

Students Revolt Against Big Bank Recruiting

Protests spread across Ivy League campuses

(Newser) - Half of those surveyed in Harvard's class of 2010 went into finance or consulting; at the University of Pennsylvania, the figure was even higher—and some students are fed up with the "brain drain." Inspired in part by the Occupy movement, students have launched protests against recruiting...

SEC Letting Big Banks Skirt Fraud Penalties
SEC Letting Big Banks
Skirt Fraud Penalties
NYT analysis
Feb 3, 2012 7:13 AM CST

SEC Letting Big Banks Skirt Fraud Penalties

'New York Times' analysis finds 350 instances of banks getting free passes

(Newser) - The Securities and Exchange Commission has repeatedly allowed Wall Street's biggest banks to avoid penalties specifically intended to punish and deter fraud, a New York Times analysis of SEC records reveals. Over the past decade, the SEC has on almost 350 occasions granted waivers exempting big financial companies from...

Emails Offer Clues to Missing MF Global Millions

$200M of customer cash transferred to JPMorgan

(Newser) - Investigators on the trail of the $1.2 billion in customer funds still missing after the collapse of MF Global have found emails detailing money transfers made in the securities firm's dying days at the end of October. One email chain details the transfer of $200 million—believed to...

Massachusetts Sues Big Banks Over Mortgage Fraud

Says it will not sign onto any lenient robosigning settlement

(Newser) - Massachusetts Attorney General Martha Coakley—best remembered for her failed campaign against Scott Brown —has filed a lawsuit against Bank of America, Wells Fargo, JPMorgan Chase, Citigroup, and Ally Financial over alleged mortgage fraud offenses, including the “robo-signing” scandal. The suit also names MERSCORP which produces an electronic...

S&P Downgrades Credit Ratings of Top US Banks

Standard & Poor's applies new criteria to banks around the world

(Newser) - Standard & Poor's is adjusting the ratings on 37 of the world's largest financial institutions, and that means downgrades for the biggest banks in the US. Bank of America and its main subsidiaries were among those cut at least one notch today, along with Citigroup, Goldman Sachs, JPMorgan...

More Banks Scrap Debit-Card Fees

Bank of America now only bank still planning new charges

(Newser) - The people have spoken—and the banks have listened. SunTrust Banks and Regions Financial have become the latest banks to stop charging customers for using their debit cards. JPMorgan Chase and Wells Fargo have also scrapped testing the new charges, and several other banks say they have no intention of...

BofA Offers More Ways Around $5 Debit Fee

$20K minimum balance isn't the only option

(Newser) - Turns out Bank of America customers won't have to maintain a $20,000 bank account to avoid monthly debit fees after all. With other banks canceling debit fee plans, BofA will now offer customers other means of avoiding its $5 monthly debit card payment —like having paychecks directly...

Big Banks Decide Against Debit Card Fees

Chase, Citigroup not following Bank of America's lead

(Newser) - It looks like many of the big banks are backing down from threats to raise debit card fees , reports the Wall Street Journal . After Bank of America was pounded over its decision to slap debit card users with a $5 monthly fee , JP Morgan Chase, US Bancorp, Citigroup, PNC Financial...

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