July 13, 2013 |
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.
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.
August 10, 2013 |
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.
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.
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.
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.
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 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.