JPMorgan Chase’s Fourth Quarter Profit Rises 53% from 2011
STAN HONDA/AFP/Getty Images(NEW YORK) — America’s most highly valued bank, JPMorgan Chase, bounced back from last year’s embarrassing trading loss with a strong fourth quarter.On Wednesday, it reported a quarterly profit of $5.7 billion –…
JPMorgan Chase to Pay $100M for Hiking Credit Card Fees
Peter Foley/Bloomberg via Getty Images(SAN FRANCISCO) — Under a court settlement filed this week in San Francisco, JPMorgan Chase will pay $100 million to credit card holders who saw their minimum monthly payments hiked from 2 percent to 5 percent bet…
JPMorgan Reports $5B Profit, Expands Trading Loss
Peter Foley/Bloomberg via Getty Images(NEW YORK) — JPMorgan Chase, still reeling from trading losses in its investment unit, reported a second-quarter profit of $5 billion on Friday.Investors were less interested in the largest U.S. bank’s net i…
Report: JPMorgan Chase Trading Loss Could Rise to $9 Billion
Peter Foley/Bloomberg via Getty Images(NEW YORK) — Trading losses at JPMorgan Chase may be much bigger than previously thought.Citing people familiar with the matter, The New York Times reports the bank’s losses may have ballooned to as much as $9 bil…
Jamie Dimon Defends Wall Street on Capitol Hill
Scott Eells/Bloomberg via Getty Images(WASHINGTON) — JPMorgan Chase CEO Jamie Dimon was in the hot seat again today after the $2 billion and counting loss disclosed last month from theirchief investment office.Dimon testified before the House Financia…
JPMorgan Chase CEO Jamie Dimon: Risky Trades Misunderstood
Andrew Harrer/Bloomberg via Getty Images(WASHINGTON) — JPMorgan Chase CEO Jamie Dimon told the Senate Banking Committee that the risky trades that led to billions in losses were taken by traders who didn’t understand the risks. He called the bad trade…
Jamie Dimon’s Senate Testimony Puts Career on Line
Scott Eells/Bloomberg via Getty Images(WASHINGTON) — When Jamie Dimon, head of JPMorgan Chase, appears Wednesday before the Senate Banking Committee to field questions about his bank’s $2 billion-and-climbing trading loss, people who know him well say…
JPMorgan CEO to Testify Before Senate Committee: Traders Didn’t Understand Risk?
Scott Eells/Bloomberg via Getty Images(WASHINGTON) — Jamie Dimon, chairman & CEO of JPMorgan Chase & Co., will testify Wednesday before the Senate Banking Committee on the now infamous trading loss that has reached about $3 billion. A pr…
JPMorgan Faces New Lawsuits Over Bets Gone ‘Horribly Wrong’
Chris Hondros/Getty Images(NEW YORK) — JPMorgan Chase now faces two new lawsuits from shareholders angry over the bank’s two billion dollar trading loss. The suits, filed in federal court in New York, allege JPMorgan misled investors about…
Obama Has Over $500,000 in JPMorgan Chase Account
Official White House Photo by Pete Souza(WASHINGTON) — President Obama has assets valued between $500,000 and $1 million in a JPMorgan Chase checking account, according to financial disclosure forms released by the White House Tuesday.Obama, who also …
JPMorgan Shareholders Approve Pay Packages After $2B Trading Loss
Peter Foley/Bloomberg via Getty Images(NEW YORK) — Despite the bank’s $2 billion trading loss, JPMorgan Chase CEO Jamie Dimon still has the support of the company’s stockholders. At the company’s annual meeting Tuesday, shareholders voted to approve h…
JPMorgan Execs to Hear from Shareholders Following $2B Loss
STAN HONDA/AFP/Getty Images(TAMPA, Fla.) — JPMorgan Chase executives are likely to get an earful from shareholders on Tuesday when they convene in Tampa, Fla.The bank’s $2 billion in-house trading operating loss is expected to be a hot topic at the an…
JPMorgan’s $2 Billion Loss: The Political Ramifications
Emmanuel Dunand/AFP/Alex Wong/Getty Images(WASHINGTON) — Republicans and Democrats both stand to suffer from the ripple effects of the massive losses announced by JPMorgan Chase last week.JPMorgan Chase CEO Jamie Dimon described himself as “bare…
JPMorgan’s $2 Billion Loss: The Political Ramifications
Scott Eells/Bloomberg via Getty Images(NEW YORK) — Republicans and Democrats both stand to suffer from the ripple effects of the massive losses announced by JPMorgan Chase last week.JPMorgan Chase CEO Jamie Dimon described himself as “barely a D…
Exclusive: Obama Says JPMorgan "One Of The Best-Managed Banks"
Peter Foley/Bloomberg via Getty Images(NEW YORK) — Just hours after a top JPMorgan Chase executive retired in the wake of a stunning $2 billion trading loss, President Obama told the hosts of ABC’s The View that the bank’s risky bets exemp…
JPMorgan Execs Behind $2 Billion Trading Loss Expected to Resign
STAN HONDA/AFP/Getty ImagesUPDATE: Ina Drew, the chief investment officer at JPMorgan Chase, “has made the decision to retire from the firm,” the company announced on Monday.In a statement, JPMorgan said Drew will be succeeded by Matt Zanes, the curren…
In NC, Romney Tries to Refocus Campaign on Economy
Darren McCollester/Getty Images(CHARLOTTE, N.C.) — In a week when the news cycle was dominated by the president’s remarks on gay marriage and what Mitt Romney did in high school, the GOP candidate tried in North Carolina Friday to turn his …
JPMorgan Trading Loss Roils Markets, Raises Fears About Bank Risks
STAN HONDA/AFP/Getty Images(NEW YORK) — JP Morgan Chase & Co. is rocking the financial markets with the disclosure that its in-house trading operating lost $2 billion in the past six weeks, raising new questions about whether the big banks that ca…
JPMorgan Bank Announces Massive Surprise Loss
STAN HONDA/AFP/Getty Images(NEW YORK) — JPMorgan, in an unexpected announcement, said it saw $2 billion in trading losses in the last six weeks, and may yet see more.“We have egg on our face,” Jamie Dimon, the massive bank’s CEO, sai…