Jamie Dimon

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JPMorgan CEO Has Throat Cancer

Jamie Dimon says prognosis is 'excellent'

(Newser) - JPMorgan Chase chief Jamie Dimon says he has been diagnosed with throat cancer—but it was caught early and he will be able to keep working while he is being treated. The 58-year-old CEO has told colleagues and shareholders that he will limit his travel during the eight weeks he... More »

JPMorgan Sinking $100M in Detroit Renewal

Effort aims to improve housing, offer job training

(Newser) - JPMorgan is moving to help a bankrupt city get back on its feet. The bank is putting $100 million, divided between loans and grants, toward Detroit's revitalization, the New York Times reports. The money is intended to help the city with an array of projects, including housing improvements, the... More »

China Regulator Asked JPMorgan for Hiring 'Favor'

Bank gave job to official's family friend

(Newser) - With JPMorgan Chase facing scrutiny over its hiring in China, the New York Times is raising questions about a worker who is a family friend of a Chinese insurance regulator. In June 2012, when JPMorgan was looking for work with Chinese insurance firms, CEO Jamie Dimon met with the regulator,... More »

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... More »

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... More »

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... More »

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"... More »

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.... More »

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,... More »

JPMorgan May Have Lost $9B

Losses staggeringly worse than estimated

(Newser) - Forget $2 billion ; JPMorgan's trading losses on its bad derivative bets could reach a jaw-dropping $9 billion, sources tell the New York Times , based on an internal company report. Jamie Dimon had warned investors that the $2 billion loss could double within a few quarters, but losses have gotten... More »

JPMorgan's Dimon: 'I Can't Justify' the Loss

Jamie Dimon says hedge became 'something I can not publicly defend'

(Newser) - Jamie Dimon testified about JPMorgan's massive trading loss on Capitol Hill today, but the much-anticipated event was interrupted by protesters almost immediately, Reuters reports. "Jamie Dimon is a crook!" one man cried as the JPMorgan CEO approached the witness table, while another group chanted, "Stop foreclosures... More »

Jamie Dimon Will Apologize to Congress Tomorrow

JPMorgan Chase exec offering mea culpa for huge trading loss

(Newser) - JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress tomorrow for a trading loss that has cost the bank more than $2 billion. He also will say that the bank has taken steps to make sure it does not happen again. "We have let a lot... More »

JPMorgan Execs Knew of 'Whale' Risks

Concerns about London unit raised years before $2B loss

(Newser) - Top JPMorgan execs weren't as blindsided as you might have thought about the risky trades that cost the bank a couple of billion dollars , the Wall Street Journal finds. Insiders in the unit responsible for the losses say that worries about risk-taking by London traders—including the one known... More »

JPMorgan Sold $25B in Securities to Mask Loss

But analysts say it was a dumb move

(Newser) - In order to soften the Q2 earnings blow inflicted by its more than $2 billion loss , JPMorgan is "dipping into the cookie jar," Reuters reports. Earlier this month CEO Jamie Dimon revealed that the bank had sold securities that generated $1 billion in gains, and a Reuters analysis... More »

Other Banks Get Rich Quick in JPMorgan Debacle

They were the winning side in the London Whale's losing bets

(Newser) - The rest of Wall Street isn't exactly broken up about JPMorgan's multibillion dollar trading loss —because it's profiting handsomely off it. Goldman Sachs and Bank of America, for instance, have together made somewhere between $500 million and $1 billion off of JPMorgan, the Wall Street Journal... More »

JPMorgan: Dimon Will Testify

Congressional panel invites CEO

(Newser) - It’s not a trial , but JPMorgan CEO Jamie Dimon will testify before Congress with regard to the bank’s $3 billion trading loss . "As always, we will continue to be open and transparent with our regulators and Congress," says a spokesman who confirms Dimon will appear before... More »

JPMorgan Loss Passes $3B

Bank bleeds a billion after rivals cash in on its bad bets

(Newser) - JPMorgan's $2 billion trading loss has become a $3 billion-and-counting loss with dizzying speed, insiders tell the New York Times . CEO Jamie Dimon predicted that the loss could double within a few quarters, but the extra billion in trading losses has come in just four trading days as hedge... More »

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... More »

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... More »

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... More »

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