Jamie Dimon Agrees With Occupy Wall Street: 'Too Much Inequality'
In a speech, JPMorgan Chase CEO Jamie Dimon said the U.S. has "too much inequality" -- a striking sentiment coming from Wall Street's leading defender of financial elites.
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Ex-JPMorgan Exec Says Jamie Dimon Withheld Data From U.S.
JPMorgan Chase CEO Jamie Dimon held back showing federal regulators reports in May that revealed the bank had accumulated billions of dollars in trading losses, according to congressional testimony Friday from the firm's former chief financial officer.
JPMorgan Hid London Whale Trading Risks, Senate Panel Says
A Senate panel issued a scathing report on JPMorgan's $6.2 billion trading loss last year, saying the bank ignored growing risks and hid losses from investors and regulators.
Midday Market Minute: Will the Bank Stock Rally Last?
Investors will hear from leaders in the banking industry this week, when Bank of America, Citigroup, JPMorgan, Goldman Sachs and Morgan Stanley report quarterly results. Bank stocks outperformed the broader market last year, but that trend may not last in 2013.
Fewer U.S. Banks Failing as Industry Strengthens
U.S. banks are ending the year with their best profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They're helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers.
JPMorgan Turns in Record Profit, Higher Revenue
JPMorgan Chase reported a record quarterly profit Friday. The bank said it made $5.3 billion in earnings for common shareholders, a widely used measurement, from July through September, up 36 percent from the same period a year ago.
US Bank Earnings Rose 21 Percent in Q2, Lending Up
U.S. bank earnings rose 21 percent in the April-June quarter and lending to consumers increased, adding to evidence that the industry is strengthening four years after the financial crisis.
Dimon Faces Tougher Questions on $2 Billion Trading Loss
JPMorgan Chase CEO Jamie Dimon had a much tougher reception Tuesday when he returned to Capitol Hill for a second round of questions over the bank's $2 billion trading loss.
At Last, Citigroup Starts to Pull Through
It took a while -- three years, really -- but Citigroup, by far the weakest of the big banks coming out of the recession, is starting to pull through. After this morning's second-quarter earnings report of $3.3 billion, or $1.09 per share, investors have several things to rejoice over.
Inside JPMorgan Chase's Earnings
JPMorgan Chase reported a second-quarter profit of $5.4 billion, or $1.27 per share this morning, up from $4.8 billion, or $1.09 per share a year ago. Digging into the earnings supplemental, we can see how -- as in previous quarters -- JPMorgan's investment bank carried the company's overall results.
The Financial Landscape: Geithner Gossip Groundless
Citing unnamed sources, news outlets reported Thursday evening that Treasury Secretary Timothy Geithner might leave the Obama administration soon. In response to the rumors, Geithner insisted, "I live for this work.... I'm going to be doing it for the foreseeable future."
An ETF to Watch: Financial Services Fund
With sales estimates gloomy, the Dow Jones U.S. Financial Services ETF may be a great bet. So far in 2011, it has had a return of just over 2.6% and a dividend yield of .5%
Some Big Banks Get Approval to Hike Dividends
The Federal Reserve is telling some major banks that they can now boost stock dividends if they pass "stress tests" showing that they can weather another recession. During the financial crisis, regulators barred banks from boosting dividends without obtaining approval.
The Scariest Part of Soaring Oil Prices: Investors' Fears
Recent market sell-offs may have been more about paranoia than about real risk. JPMorgan calculations indicate that the potential impact of rising oil prices on the economy may be less than most investors think. But the fear factor itself also can't be overlooked.
The Risks of the Mortgage Mess: The Banks' View
HSBC got plenty of attention when it disclosed that it had suspended foreclosures in its annual report Monday. But its not the only bank whose annual report made for interesting reading. The risk disclosures in banks' annual reports shed some light on their attitudes toward the mortgage mess.
Week in Preview: First Earnings Reports and Economic Readings
Alcoa, Intel and JPMorgan Chase will kick off a new earnings season this week when they report their results for the fourth quarter of 2010. Here's what analysts surveyed by Thomson Reuters expect, followed by a glance at what's coming up on the economic calendar.
JPMorgan Faces Lawsuit Over Madoff Fraud
A court-appointed trustee is suing JPMorgan Chase for its alleged involvement in Bernard Madoff's multibillion-dollar Ponzi scheme. The investment bank was Madoff's primary bank for 20 years. JPMorgan said it didn't know about -- much less assist -- Madoff's fraud.
Robo-Signing Foreclosure Mess: Bank of America Vows to Do Better
In a Senate hearing Tuesday, Bank of America vowed to improve its foreclosure operations to avoid more "robo-signing" documentation problems. The bank halted foreclosures in October amid allegations of faulty paperwork and did find errors, although it claims no unwarranted foreclosures took place as a result.
Will Banks Start Raising Dividends Soon?
The Federal Reserve may soon start letting some banks boost their dividends again, according to The Wall Street Journal. If that happens, it would signal that regulators have become comfortable enough with the new financial rules to let institutions hike shareholder payouts.
JPMorgan Vice Chairman Steve Black to Leave the Company
Steve Black, vice chairman at JPMorgan Chase, plans to step down early next year after a decade with the firm. He headed the company's investment bank for five years and was instrumental in its Bear Stearns acquisition. What's next? He's considering several options.
Banks' Mortage Buyback Costs May Be Lower Than Expected
Banks' losses from buying back bad mortgages won't be as bad as previously expected, according to analysts at JPMorgan Chase, who estimate those repurchases will cost about 25% less than previously forecast.
JPMorgan Expands Review of Foreclosure Documents to 41 States
JPMorgan Chase says it's doubling its review of foreclosure documents to some 115,000 cases, which could slow foreclosures in 41 states. Meanwhile, officials in all 50 states have launched a joint investigation into the allegations of false foreclosure documentation from banks.
Week in Preview: Google, GE and JPMorgan Earnings
These are among the big-name companies posting third-quarter results this week. Analysts are looking for increased profit growth from all of them. Also on tap: Producer prices, consumer sentiment and consumer prices.
JP Morgan to Shutter Proprietary Trading Unit
JP Morgan Chase & Co. will shut down its proprietary commodities trading division in an effort to comply with recent federal regulations related to investment banking, Bloomberg News reported, citing a person familiar with the process that it didn't identify.
JPMorgan Earnings Jump 76% to $4.8 Billion
Profits at the nation's second-largest bank easily topped Wall Street estimates in the second quarter as lower losses on bad loans more than made up for a slowdown in its securities trading and underwriting business.
JPMorgan Earnings:
A Doubling of Profits?
Reporting early Thursday, the nation's second-biggest bank should show strong results from investment banking and lower loan losses. The consensus is for 70 cents per share in earnings, up from 28 cents in the prior-year period.
Preview: A New Earnings Season Kicks Off
Second-quarter earnings reports start coming in this week when Alcoa releases its latest results on Monday. This week's other anticipated quarterly reports include those from industry bellwethers Intel, Google and JPMorgan Chase.
'Ace' Greenberg on Bailouts, Banks and Books
The former chief executive of Bear Stearns recently had a chance to share his thoughts on the federal government's bailout of Wall Street, banking reform and the controversial books about the downfall of his old firm.
How Many Workers Can You Hire for the Price of One CEO?
CEOs at some large public companies earn more per day than their employees earn over the course of an entire year. We took a look at some of the country's most well-known companies and calculated just how many workers the CEO's annual paycheck could afford to hire.