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NEWS ABOUT: JPMorgan Chase

Bonuses at Morgan Stanley, JPMorgan, Goldman Hit $30B

Average payout will be five times median household income in US

(Newser) - Recession? What recession? Some Wall Street firms are not feeling any pain this year as record bonuses at just three of the top firms are likely to hit an eye-popping $30 billion. Goldman Sachs, Morgan Stanley and JPMorgan Chase, the three biggest banks to be bailed out by the feds,... More »

Feds Missed Galleon Warning Signs

JPMorgan warned that fund dealt in 'grey areas'

(Newser) - The government says its star witness, Roomy Khan, was the first person to pass inside info to Galleon Group honcho Raj Rajaratnam, and went on to become a central part in his operation. Which is awkward, because Khan was prosecuted in 2000 for passing insider information to someone at Galleon—... More »

JPMorgan Earns $3.6B, Despite Loan Losses

Market soars as investment profits give bank strong 3rd quarter

(AP) - JPMorgan Chase reported strong third-quarter earnings today as its thriving investment banking business more than offset rising consumer loan losses that the bank warned would continue. The company, the first of the big banks to report, showed a $3.59 billion profit, or 82 cents per share. But it also... More »

Top Wall Street Execs Have Direct Line to Geithner

Treasury chief's calendars show frequent contact with big players

(AP) - A look at Timothy Geithner's phone calendars show the Treasury secretary has maintained close ties with Wall Street executives he has known for years. Executives at Goldman Sachs, JPMorgan, and Citigroup can reach the nation's most powerful economic official at will. While there's nothing inherently wrong with keeping tabs on... More »

Chase, Bank of America Tweak Overdraft Policies

Will eliminate fees on small overdrafts, cut number of times customers can be hit daily

(Newser) - After squawking by legislators, JPMorgan Chase and Bank of America are changing how they charge overdraft fees, the Wall Street Journal reports. BofA now won’t charge customers if they overdraw their accounts by under $10 in one day; at Chase, it’s $5 or less. Both are also reducing... More »

Post-Lehman, 'Washington Is the New Wall Street'

Nation's political and financial capitals

(Newser) - For decades, more than just 228 miles separated Wall Street from Washington, as financiers cast a casual eye at government regulators. But a year after Lehman Brothers’ dramatic implosion, the nation’s financial and political capitals are forging a new, closer relationship that has some concerned, David Cho, Steven Mufson,... More »

Subprime Screwups Reap Subsidies

(Newser) - Many of the lenders eligible for $75 billion in taxpayer subsidies from the government's foreclosure prevention program are the very same subprime lenders who fueled the mortgage crisis in the first place, the Washington Post reports. According to a report to be released tomorrow, JPMorgan, Countrywide, Wells Fargo, and other... More »

JPMorgan Chase to Lend California $1.5B

(Newser) - After joining other major banks in snubbing cash-strapped California last month, JPMorgan Chase has changed tack and is lending the state $1.5 billion to end its IOU program a month early. The short-term loan will enable California to start redeeming on Sept. 4 the IOUs it has been using... More »

Post-Crisis Wall Street Suffers Convenient Amnesia

With bailouts, Treasury went too easy on financial industry

(Newser) - We keep hearing that “Wall Street as we know it ended” in September 2008, but in fact, “the great upheaval of last fall may not have been severe enough,” writes David Weidner in the Wall Street Journal. The government formed a financial “death panel,” choosing... More »

US Banks Hiring Again After Layoffs, Bailouts

But headhunting 'selective,' notes banker

(Newser) - After cutting thousands of jobs over the past two years, American banks are rushing to fill them again as business picks up, Reuters reports. “Back in March and April, no one really knew if the investment banking business was going to exist again," said a search firm exec.... More »

Banks Hit Poorest With $38B in Overdraft Fees

(Newser) - American banks will pull in $38.5 billion in overdraft fees this year, a record sum that's largely coming from pockets of the poorest and most indebted consumers. According to the Financial Times, banks hiked fees on overdrafts and credit cards as the financial crisis took hold; this year's take... More »

Dimon: DC's New Favorite Banker

JPMorgan CEO ingratiates himself with Washington

(Newser) - As the nation's financial center shifted from Wall Street to Pennsylvania Avenue, one man managed both to keep his bank afloat and emerge from a toppled industry with credibility in the White House. In a lengthy profile of Jamie Dimon, the New York Times takes a look at the JPMorgan... More »

JPMorgan Profit Jumps 36%, Defying Expectations

(Newser) - JPMorgan Chase, the largest bank to repay TARP money, posted second-quarter earnings of $2.7 billion—smashing analysts' predictions with a 36% increase in profit. The bank became America's second-largest after hoovering up Bear Stearns and Washington Mutual, and like Goldman Sachs it has used a boom in investment banking... More »

Financials Propel Dow Up 185

Big gains for major banks ahead of earnings reports

(Newser) - Stocks staged a broad rally today as financials soared ahead of earnings reports, the Wall Street Journal reports. Bank of America surged 9%, while Citigroup and JP Morgan Chase rose 6.9%. General Electric, which will also report its second-quarter earnings this week, rose 6.1%. The Dow closed up... More »

Boeing Drops; Dow Loses 16

Bank of America, JP Morgan Chase post modest advances

(Newser) - Stocks were mixed today, between a slide by Boeing and a successful auction of 2-year Treasury notes, the Wall Street Journal reports. Another delay for its Dreamliner dragged Boeing down 6.27%; Bank of America and JP Morgan Chase both advanced after yesterday’s sell-off. The Dow fell 16.10... More »

Fed Mulls Overhaul of Overnight Lending

May create new entity to replace loan clearing banks

(Newser) - The Fed is planning an overhaul of the repurchase markets involved in banks’ overnight trading—including the creation of a new unit to oversee transactions, the Financial Times reports. Such a facility would take the place of clearing banks, such as JPMorgan Chase, that currently act as middlemen for loans,... More »

Treasury to Let 10 Banks Repay $68B in TARP Loans

(Newser) - The Treasury Department has given 10 banks—including Goldman Sachs, JP Morgan, American Express, and Capital One—permission to repay their TARP loans, the Wall Street Journal reports. The government will recoup $68 billion faster than anticipated, but the money won’t go back into the public coffers; Tim Geithner... More »

Lenders, Not Zell, May Run Tribune Co.

(Newser) - The bankrupt Tribune Company could emerge from protection with its top creditors—and not chairman Sam Zell—in charge, the Chicago Tribune reports. Zell exerts control based on $90 million he spent to secure the option of buying 40% of the company for $500 million, and a $250 million loan.... More »

Three Big Banks Apply to Repay TARP Funds

Goldman, JPMorgan, Morgan Stanley want out of pay restrictions

(Newser) - Goldman Sachs, JPMorgan Chase, and Morgan Stanley have applied to repay a combined $45 billion of TARP funds, Bloomberg reports. The three banking giants must receive permission from the Fed before returning the money. The repayments would be the most substantial since Congress established the $700 billion program, and will... More »

Dow Jumps 164 in Jobs Rally

Investors find hope in stress tests and unemployment results

(Newser) - Stocks rallied today on the unemployment report and stress-test results, the Wall Street Journal reports. Though unemployment continues to grow, the slowing pace of joblessness fueled a cautious optimism. American Express and JP Morgan Chase, who “passed” the government’s test, both gained 9%. The Dow closed up 164.... More »

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