London Whale

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JPMorgan Will Pay $920M in London Whale Fines

Company will admit wrongdoing

(Newser) - JPMorgan Chase & Co. will pay $920 million and admit wrongdoing in a settlement with US and British regulators over the $6 billion "London Whale" trading loss last year that tarnished the bank's reputation. The UK's Financial Conduct Authority fined the company $220 million, while the British...

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 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...

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"...

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....

Sources: Boss Tried to Hide London Whale Fiasco

JPMorgan trader was urged to boost valuations: WSJ

(Newser) - A top exec at JPMorgan appears to have tried to cover up a colossal mistake, sources close to the "London Whale" probe tell the Wall Street Journal . Emails from earlier this year reveal that credit-trading chief Javier Martin-Artajo urged "whale" trader Bruno Iksil to inflate valuations on some...

JPMorgan Trading Loss Worse Than Expected, But...
JPMorgan Trading Loss Worse Than Expected, But...
Earnings

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,...

JPMorgan May Have Lost $9B
 JPMorgan May Have Lost $9B 

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...

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

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...

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...

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...

Meet the Man Who Took Down JPMorgan

Boaz Weinstein is an aggressive trader who once lost $2B, too

(Newser) - Credit (or blame) Boaz Weinstein—a 38-year-old hedge fund trader known as a "monster" for his aggressive, risky style—for the $2 billion takedown of JPMorgan, reports the New York Times . Weinstein, a chess master and big-time Las Vegas gambler, isn't talking, but numerous other traders say he...

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: '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...

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