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Jpmorgan Chase

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NEWS
July 13, 2013 | ASSOCIATED PRESS
NEW YORK - JPMorgan Chase, the country's biggest bank, says its second-quarter earnings surged from a year ago as profits from investment banking grew. The bank made $6.1 billion in the second quarter after stripping out payments to preferred shareholders. That was up 32 percent from the same period a year ago, when it made $4.6 billion. Profits in the year-ago period were affected by a trading loss. San Francisco-based Wells Fargo reported earnings that were 19 percent better than a year ago. Revenue increased to $21.4 billion and expenses were reduced, the bank reported.
NEWS
March 2, 2013 | By Edward Colimore, Inquirer Staff Writer
Depositing money in the bank is usually a good idea - but not the way a Burlington County woman did it. Sandra Mastoris, 58, of Chesterfield, was sentenced Friday to 12 months of home confinement and five years of probation for depositing more than $700,000 in cash in amounts of less than $10,000 each to avoid having banks file reports on her deposits, federal authorities said. She earlier pleaded guilty to an indictment that charged her with structuring the cash deposits from 2008 to 2009.
BUSINESS
August 10, 2013 | By John P. Martin, Inquirer Staff Writer
Federal prosecutors in Philadelphia were silent Thursday after a report emerged that they had launched a criminal investigation into whether JPMorgan Chase sold mortgage-backed securities that the bank knew or suspected would fail. Citing unnamed sources, the New York Times said the Philadelphia investigation was one of two new inquiries the bank faces on opposite coasts. In a Securities and Exchange Commission filing this week, JPMorgan disclosed that criminal and civil prosecutors in the Eastern District of California had opened parallel investigations there related to its sale of mortgage-backed securities.
NEWS
July 1, 2007 | By Carrie Rickey INQUIRER STAFF WRITER
In many ways Hal Pote, 60, who died in a swimming accident off the coast of Turkey on June 26, was the typical South Jersey guy, happiest when sailing his boat in Barnegat Bay or rooting for the Phils. But in many others, Mr. Pote, pride of Penns Grove and onetime chief executive officer of Fidelity Bank, was the consummate Philadelphia banker who "led the revolution from traditional banking to futuristic financial services," according to Rosemarie Greco, former president of CoreStates Bank and currently director of the Governor's Office of Health Care Reform.
NEWS
November 27, 2013
The Justice Department's largest-ever civil settlement with a single company may suggest the federal government is finally getting tough with the financial institutions whose reckless practices led to the recession. But in reality the punishment may not prevent a similar catastrophe because it doesn't go far enough to sanction the responsible firms. The government settled for $13 billion from JPMorgan Chase, which was accused of knowingly selling bad mortgages to investors, including pension funds.
NEWS
March 18, 2012 | Joseph N. DiStefano, Inquirer Staff Writer
JPMorgan Chase & Co. is the biggest and most profitable bank in the United States. Its stars, led by chief executive Jamie Dimon and including top securities traders in Manhattan, London, and other financial centers, are paid millions to handle vast sums for powerful governments, big corporations, rich people. But JPMorgan is also a meat-and-potatoes lender, to U.S. homeowners and credit card users. The workers who handle those clients often labor far from the gleaming financial centers, in inland office parks and at production-oriented law firms, debt-collection agencies, and other grim contractors.
BUSINESS
June 23, 2012 | By Jeff Gelles, Inquirer Staff Writer
U.S. Rep. Barney Frank, a lead sponsor of 2010's Dodd-Frank financial overhaul, joined with U.S. Senate candidate Elizabeth Warren on Thursday morning to call for tighter regulation of large banks' trading risks and warn that the finance industry continues to push for weaker rules and enforcement even after JPMorgan Chase's disclosure of an embarrassing, multibillion-dollar loss from derivatives trading. Both Massachusetts Democrats were key players in efforts to reimpose stronger regulatory oversight in the aftermath of the housing bubble, financial crisis, and Great Recession.
NEWS
May 17, 2012 | By Jeff Gelles, Inquirer Staff Writer
Could misdirection over the meaning of a simple, five-letter word - hedge - be at the heart of the roiling controversy over JPMorgan Chase's embarrassing $2 billion loss in European trading? CEO Jamie Dimon tried to quiet the storm at JPMorgan Chase & Co.'s annual shareholders' meeting Tuesday, just days after he called the bank's actions "stupid" and "sloppy" in a TV interview and the bank announced that chief investment officer Ina Drew, whose London office orchestrated the costly trades, would resign.
BUSINESS
April 15, 2011 | By Matthew Craft and David K. Randall, Associated Press
NEW YORK - Financial stocks fell broadly Thursday, left out of a late lift that pared earlier losses for most major stock indexes. Goldman Sachs Group Inc. fell nearly 3 percent after Sen. Carl Levin (D., Mich.) said a panel he leads found new evidence that Goldman had misled investors. JPMorgan Chase & Co. fell nearly 3 percent. Bank of America Corp. fell more than 1 percent. The Standard & Poor's 500 stock index added 0.11 point, or less than 0.1 percent, to close at 1,314.52.
BUSINESS
November 17, 2012 | By Marcy Gordon, Associated Press
WASHINGTON - JPMorgan Chase and Credit Suisse have agreed to pay a combined $417 million to settle federal civil charges that ahead of the 2008 financial crisis, they sold investors risky mortgage bonds they knew could fail. JPMorgan did not warn investors that homeowners whose mortgages were tied to the bonds were behind on payments, the Securities and Exchange Commission said Friday. And both banks failed to properly disclose practices that allowed them to profit while investors lost millions, the SEC said.
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NEWS
December 17, 2013
It took five federal agencies three years to wade through the stalling tactics of banking lobbyists - including the 20,000 comments they filed - to come up with 963 pages of regulations with 2,826 footnotes that boil down to one admonition: Don't make reckless bets with other people's money. Finally, on Tuesday, the Federal Reserve Board, Commodity Futures Trading Commission, Securities and Exchange Commission, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency approved the so-called Volcker rule, named for former Federal Reserve Board Chairman Paul Volcker, an advisor to President Obama during the recession.
NEWS
November 27, 2013
The Justice Department's largest-ever civil settlement with a single company may suggest the federal government is finally getting tough with the financial institutions whose reckless practices led to the recession. But in reality the punishment may not prevent a similar catastrophe because it doesn't go far enough to sanction the responsible firms. The government settled for $13 billion from JPMorgan Chase, which was accused of knowingly selling bad mortgages to investors, including pension funds.
BUSINESS
August 10, 2013 | By John P. Martin, Inquirer Staff Writer
Federal prosecutors in Philadelphia were silent Thursday after a report emerged that they had launched a criminal investigation into whether JPMorgan Chase sold mortgage-backed securities that the bank knew or suspected would fail. Citing unnamed sources, the New York Times said the Philadelphia investigation was one of two new inquiries the bank faces on opposite coasts. In a Securities and Exchange Commission filing this week, JPMorgan disclosed that criminal and civil prosecutors in the Eastern District of California had opened parallel investigations there related to its sale of mortgage-backed securities.
BUSINESS
August 5, 2013 | By Jeff Gelles, Inquirer Columnist
For want of a few pieces of paper, Cheyenne DiEnno and David Bjornsson may have just lost about $14,000. Is Chase Bank to blame for a loan deal gone awry? Or did Chase try its hardest, and simply not manage to get everything it needed from the South Jersey couple in time to close their home refinancing in June - two months after they applied, and after mortgage rates had spiked? Those are key questions raised by a dispute that pits DiEnno and Bjornsson against JPMorgan Chase.
BUSINESS
July 14, 2013 | Associated Press
NEW YORK - JPMorgan Chase & Co., the country's biggest bank, says its second-quarter earnings surged from a year ago as profit from investment banking grew. The bank made $6.1 billion in the second quarter after stripping out payments to preferred shareholders. That was up 32 percent from the same period a year ago, when it made $4.6 billion. Profit in the year-ago period was affected by a trading loss. San Francisco-based Wells Fargo, one of the two largest banks by deposits in the Philadelphia region (along with TD Bank)
BUSINESS
April 26, 2013 | By Christina Rexrode, Associated Press
NEW YORK - Banks aren't the big job machines they used to be. One after another, major financial firms are trimming their payrolls. In first-quarter earnings announcements this month, Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, and Morgan Stanley revealed that they had cut more than 31,000 jobs, or 3.5 percent of their combined workforce, in the last year. For three of those banks, it was the second straight year of cutbacks. And the pattern is being repeated around the world.
BUSINESS
April 12, 2013 | By Christina Rexrode, Associated Press
NEW YORK - In an age when checks can be deposited by smartphone and almost everyone retrieves cash from ATMs, the corner bank can seem a relic, with its paper deposit slips, marble countertops, and human tellers behind glass partitions. But some banking executives say the brick-and-mortar branch is still the best way to serve existing customers and snag new ones. They're trying to rebuild the nation's neighborhood banks into hip, airy spaces where customers sign up for loans without touching a piece of paper, sign in to ATMs with a tap of their smartphones, and talk to off-site tellers by video.
BUSINESS
March 16, 2013 | By Christina Rexrode, Associated Press
NEW YORK - JPMorgan Chase and Goldman Sachs need better plans for coping with a severe recession, the Federal Reserve said Thursday, giving the banks until September to revise them. The announcement came as part of the Fed's so-called stress tests, its annual check-up of 18 of the country's big banks. The government runs the tests to see how the banks would fare in a severe recession. As a result of the tests, it also tells each bank whether it may raise its dividend, the quarterly payout it gives to stockholders, or buy back more of its own shares.
NEWS
March 2, 2013 | By Edward Colimore, Inquirer Staff Writer
Depositing money in the bank is usually a good idea - but not the way a Burlington County woman did it. Sandra Mastoris, 58, of Chesterfield, was sentenced Friday to 12 months of home confinement and five years of probation for depositing more than $700,000 in cash in amounts of less than $10,000 each to avoid having banks file reports on her deposits, federal authorities said. She earlier pleaded guilty to an indictment that charged her with structuring the cash deposits from 2008 to 2009.
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