JP Morgan Chase faces federal regulatory action over a scheme which manipulated energy prices in two US states, the New York Times reported Friday. The Times said it had seen a 70-page government document which indicated staff from the Federal Energy Regulatory Commission intended to recommend action over the bank's dealings in California and Michigan. According to the Times, the case arose after JP Morgan's takeover of Bear Stearns in 2008, which gave the bank the right to sell electricity from power plants in the two states.

By David Henry and Dan Wilchins NEW YORK (Reuters) - JPMorgan Chase & Co <JPM.N> Chairman and CEO Jamie Dimon, who came through the financial crisis relatively unscathed, is suddenly looking a little less secure. The top U.S. bank by assets reported tepid first-quarter results on Friday. Income in its biggest businesses - investment banking and consumer lending - fell, excluding accounting adjustments. Outstanding loans grew by just 1 percent, and profit margins on lending narrowed. Stock and bond trading revenue fell.

US banking giant JPMorgan Chase plans to axe up to 19,000 jobs by the end of 2014 as it seeks to rein in costs, the company said Tuesday in an investor presentation. JPMorgan Chase intends the majority of the cuts -- between 13,000 to 15,000 -- in the mortgage banking division, where the company spent $9.1 billion in 2012. Another 3,000 to 4,000 jobs will be eliminated in the non-mortgage areas of its consumer and community banking division.