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JPMorgan says federal energy regulators may bring action against Ventures Energy business

The Canadian PressMay 10, 2013 06:19
NEW YORK, N.Y. - JPMorgan says federal energy regulators are investigating some of its bidding practices in power markets. In a filing with the Securities and Exchange Commission on Wednesday, JPMorgan Chase FERC said it may bring action against J.P. Morgan Ventures Energy Corp., JPMorgan Chase JPMorgan says the agency concluded that its J.P. Morgan Energy Ventures unit had submitted misleading information in response to a FERC investigation.

US senators blast JPMorgan 'whale' debacle

March 15, 2013 14:16
US senators Friday blasted banking giant JPMorgan Chase over its mammoth trading losses on complex derivatives last year and called for tougher regulatory scrutiny of the banking industry. Senator Carl Levin, at a hearing on JPMorgan's ill-fated "whale" trades, slammed the bank's trading operation that lost $6.2 billion over just a few months in 2012 as a "runaway train barreling through every risk limit." "Derivative values that can't be trusted are a serious risk to our financial system," said Levin, the chairman of the Senate subcommittee on investigations.

JPMorgan to slash 19,000 jobs by end-2014

February 26, 2013 20:00
US banking giant JPMorgan Chase plans to eliminate 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, 15,000 to come from the mortgage banking division, said spokeswoman Kristin Lemkau. Another 4,000 jobs will be eliminated from the consumer banking banking division, Lemkau said. The company plans to add 2,000 new posts in asset management and commercial banking, Lemkau said, leaving a net loss of 17,000 posts.

JPMorgan to slash 19,000 jobs by end-2014

February 26, 2013 11:37
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.
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