March 2, 2013 |
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.
June 28, 2007 |
Harold W. "Hal" Pote, 60, president and chief executive officer of American Financial Realty Trust, died while vacationing this week with his wife in Turkey, the company announced yesterday. In a brief news release issued last night, Lewis S. Ranieri, chairman of American Financial's board of trustees, expressed "profound sadness" and said: "Our whole AFR family mourns this tragic loss. " Mr. Pote, who lived in Center City, had served as the company's president and CEO since August after its founder, Nicholas S. Schorsch, had been ousted by the board over concerns that he was more concerned about growth than profit.
April 26, 2013 |
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.
July 1, 2007 |
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.
August 5, 2012 |
Big banks are entering the business of prepaid debit cards, as more Americans turn to reloadable plastic as an alternative to checking accounts, check-cashing stores, and other financial options. JPMorgan Chase is especially aggressive. In late June, it launched Liquid, a card that lets users load and withdraw money at Chase's extensive branch and ATM network at no charge. Some analysts call Liquid a "game changer" because most prepaid cards charge for loading, withdrawal and other services that Chase is offering free at its network.
June 23, 2012 |
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.
March 18, 2012 |
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.
April 15, 2011 |
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.
November 17, 2012 |
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.
July 13, 2011
PHILADELPHIA WILL be getting a windfall that could reach $9 million or more from JPMorgan Chase & Co., which is settling charges that it cheated the city in some bond sales about a decade ago. In reality, this "found money" won't change the city's short-term plans - it will likely just be used as a cushion if revenues come in low, or unexpected costs pop up. But we can dream, can't we? Here's how we think the city should spend the money: Build a giant air conditioner for the entire city.