JPMorgan Chase http://www.globalpost.com/taxonomy/term/35917/all en JPMorgan to slash 19,000 jobs by end-2014 http://www.globalpost.com/dispatch/news/afp/130226/jpmorgan-slash-19000-jobs-end-2014 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>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.</p> <p>Another 3,000 to 4,000 jobs will be eliminated in the non-mortgage areas of its consumer and community banking division.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130226/jpmorgan-slash-19000-jobs-end-2014" target="_blank">read more</a></p> Investment Investment banking JPMorgan Chase JPMorgan Chase AFP Tue, 26 Feb 2013 15:37:52 +0000 Agence France-Presse 5767326 at http://www.globalpost.com JPMorgan to slash 19,000 jobs by end-2014 http://www.globalpost.com/dispatch/news/afp/130226/jpmorgan-slash-19000-jobs-end-2014-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>JPMorgan Chase intends the majority of the cuts, 15,000 to come from the mortgage banking division, said spokeswoman Kristin Lemkau.</p> <p>Another 4,000 jobs will be eliminated from the consumer banking banking division, Lemkau said.</p> <p>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.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130226/jpmorgan-slash-19000-jobs-end-2014-0" target="_blank">read more</a></p> Investment Investment banking JPMorgan Chase JPMorgan Chase AFP Wed, 27 Feb 2013 00:00:42 +0000 Agence France-Presse 5767897 at http://www.globalpost.com US senators blast JPMorgan 'whale' debacle http://www.globalpost.com/dispatch/news/afp/130315/us-senators-blast-jpmorgan-whale-debacle <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>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.</p> <p>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."</p> <p>"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.</p> <p><a href="http://www.globalpost.com/dispatch/news/afp/130315/us-senators-blast-jpmorgan-whale-debacle" target="_blank">read more</a></p> Business House of Morgan Investment Investment banking JPMorgan Chase Labor Law Politics AFP Fri, 15 Mar 2013 18:16:25 +0000 Agence France-Presse 5784786 at http://www.globalpost.com JPMorgan says federal energy regulators may bring action against Ventures Energy business http://www.globalpost.com/dispatch/news/the-canadian-press/130510/jpmorgan-says-federal-energy-regulators-may-bring-action-aga <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>NEW YORK, N.Y. - JPMorgan says federal energy regulators are investigating some of its bidding practices in power markets.</p> <p>In a filing with the Securities and Exchange Commission on Wednesday, JPMorgan Chase </p> <p>FERC said it may bring action against J.P. Morgan Ventures Energy Corp., JPMorgan Chase </p> <p>JPMorgan says the agency concluded that its J.P. Morgan Energy Ventures unit had submitted misleading information in response to a FERC investigation.</p> Investment Investment banking J.P. Morgan Ventures Energy Corp. JPMorgan Chase JPMorgan Chase The Canadian Press Fri, 10 May 2013 10:19:51 +0000 The Canadian Press 5834833 at http://www.globalpost.com JPMorgan in $410 million power trading settlement http://www.globalpost.com/dispatch/news/afp/130730/jpmorgan-410-million-power-trading-settlement <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Banking giant JPMorgan Chase agreed to pay a $410 million settlement to resolve US charges that it manipulated power prices in California and the Midwest, the bank and regulators said Tuesday.</p> <p>JPMorgan will pay a civil penalty of $285 million to the US Treasury and disgorge $125 million in unjust profits, the Federal Energy Regulatory Commission said in a statement. The bank did not admit or deny the allegations.</p> <p>JPMorgan "is pleased to have reached an agreement with FERC to put this matter behind it," the bank said in a statement.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130730/jpmorgan-410-million-power-trading-settlement" target="_blank">read more</a></p> House of Morgan Investment Investment banking JPMorgan Chase AFP Tue, 30 Jul 2013 14:05:18 +0000 Agence France-Presse 5897782 at http://www.globalpost.com JPMorgan faces criminal probe on mortgage bonds http://www.globalpost.com/dispatch/news/afp/130808/jpmorgan-faces-criminal-probe-mortgage-bonds <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>US banking giant JPMorgan Chase said Thursday it is facing parallel civil and criminal investigations over its sale of mortgage-backed securities before the financial crisis.</p> <p>JPMorgan disclosed in a securities filing that in May it was notified by the civil division of the US Attorney's Office for the Eastern District of California stating that it had preliminarily concluded that the bank "violated certain federal securities laws" in connection with the subprime mortgage-backed securities offered over 2005-2007.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130808/jpmorgan-faces-criminal-probe-mortgage-bonds" target="_blank">read more</a></p> Dow Jones Industrial Average Financial economics Investment JPMorgan Chase AFP Thu, 08 Aug 2013 17:49:14 +0000 Agence France-Presse 5905638 at http://www.globalpost.com JPMorgan discloses federal criminal investigation over sale of mortgage-backed securities http://www.globalpost.com/dispatch/news/the-canadian-press/130808/jpmorgan-discloses-federal-criminal-investigation-over-sale- <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>NEW YORK, N.Y. - The U.S. Justice Department is investigating JPMorgan Chase over mortgage-backed investments the bank sold in the run-up to the financial crisis.</p> <p>The New York-based bank said in a regulatory filing that it is responding to investigations by the civil and criminal divisions of the U.S. Attorney's office for the Eastern District of California. In May, the civil division informed JPMorgan that it had "preliminarily concluded" that the bank had violated federal securities laws in connection with certain mortgage-backed investments it sold from 2005 to 2007.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.globalpost.com/terms-use#cp">Copyright 2013 Canadian Press.</a></p> <p>All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/130808/jpmorgan-discloses-federal-criminal-investigation-over-sale-" target="_blank">read more</a></p> Business Financial economics Investment JPMorgan Chase Primary dealers The Canadian Press Thu, 08 Aug 2013 13:31:25 +0000 The Canadian Press 5905430 at http://www.globalpost.com JPMorgan to pay $920 mn fine in 'London whale' case http://www.globalpost.com/dispatch/news/afp/130919/jpmorgan-pay-920-mn-fine-london-whale-case-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Banking giant JPMorgan Chase agreed Thursday to pay $920 million in fines to US and British regulators over actions involved in last year's "London whale" trading debacle.</p> <p>The global settlement includes an admission by JPMorgan that it violated US securities laws.</p> <p>The admission is contained in a 15-page statement of facts in the case that JPMorgan, the biggest US bank by assets, said shows it "violated the federal securities laws."</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130919/jpmorgan-pay-920-mn-fine-london-whale-case-0" target="_blank">read more</a></p> Business House of Morgan Investment Investment banking JPMorgan Chase Labor Law AFP Thu, 19 Sep 2013 15:01:14 +0000 Agence France-Presse 5938802 at http://www.globalpost.com JPMorgan to pay $920 mn fine in 'London whale' case http://www.globalpost.com/dispatch/news/afp/130919/jpmorgan-pay-920-mn-fine-london-whale-case-1 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Banking giant JPMorgan Chase agreed Thursday to pay $920 million in fines to US and British regulators over actions involved in last year's "London whale" trading debacle.</p> <p>"JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses," the US Securities and Exchange Commission said in announcing the settlement.</p> <p>JPMorgan, the largest US bank by assets, lost about $6.2 billion in 2012 on the soured trading bets.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130919/jpmorgan-pay-920-mn-fine-london-whale-case-1" target="_blank">read more</a></p> Business House of Morgan Investment Investment banking JPMorgan Chase Labor Law AFP Thu, 19 Sep 2013 17:39:47 +0000 Agence France-Presse 5939027 at http://www.globalpost.com JPMorgan fined $920 mn in'London whale' case http://www.globalpost.com/dispatch/news/afp/130919/jpmorgan-fined-920-mn-inlondon-whale-case <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>Banking giant JPMorgan Chase agreed Thursday to pay $920 million in fines to US and British regulators over actions involved in last year's "London whale" trading debacle.</p> <p>"JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses," the US Securities and Exchange Commission said in announcing the settlement.</p> <p>JPMorgan, the largest US bank by assets, lost about $6.2 billion in 2012 on the soured trading bets.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130919/jpmorgan-fined-920-mn-inlondon-whale-case" target="_blank">read more</a></p> Business House of Morgan Investment Investment banking JPMorgan Chase Labor Law AFP Thu, 19 Sep 2013 20:32:32 +0000 Agence France-Presse 5939207 at http://www.globalpost.com JPMorgan offers $3 bn to settle Justice probes http://www.globalpost.com/dispatch/news/afp/130924/jpmorgan-offers-3-bn-settle-justice-probes <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>JPMorgan Chase has offered to pay about $3 billion to settle an array of pending Justice Department probes, The Wall Street Journal reported Tuesday, citing a person familiar with the discussions.</p> <p>The Justice Department argued JPMorgan would need to pay billions above the $3 billion offer to settle the cases, according to the person.</p> <p>The newspaper, citing people familiar with the matter, said that JPMorgan, the biggest US bank by assets, and the Justice Department had expanded the settlement talks to include an array of cases.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130924/jpmorgan-offers-3-bn-settle-justice-probes" target="_blank">read more</a></p> House of Morgan Investment Investment banking JPMorgan Chase AFP Tue, 24 Sep 2013 22:17:11 +0000 Agence France-Presse 5943604 at http://www.globalpost.com JPMorgan Chase sells off short-term US government debt out of its money market funds http://www.globalpost.com/dispatch/news/the-canadian-press/131010/jpmorgan-chase-sells-short-term-us-government-debt-out-its-m <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>NEW YORK, N.Y. - Investment banking giant JPMorgan Chase said Thursday it has sold all of its exposure to short-term U.S. government debt out of its money market funds, following a similar move by other money market mutual fund managers.</p> <p>The announcement comes a day after Fidelity Investments, the nation's largest manager of money market mutual funds, said it no longer holds any U.S. government debt that comes due around the time the nation could hit its borrowing limit.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.globalpost.com/terms-use#cp">Copyright 2013 Canadian Press.</a></p> <p>All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/131010/jpmorgan-chase-sells-short-term-us-government-debt-out-its-m" target="_blank">read more</a></p> Financial economics Investment JPMorgan Chase Subprime mortgage crisis Technology The Canadian Press Thu, 10 Oct 2013 23:32:36 +0000 The Canadian Press 5957861 at http://www.globalpost.com JPMorgan Chase sells off short-term US government debt out of its money market funds http://www.globalpost.com/dispatch/news/the-canadian-press/131011/jpmorgan-chase-sells-short-term-us-government-debt-out-its-m <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>NEW YORK, N.Y. - Investment banking giant JPMorgan Chase said Thursday it has sold all of its exposure to short-term U.S. government debt out of its money market funds, following a similar move by other money market mutual fund managers.</p> <p>The announcement comes a day after Fidelity Investments, the largest U.S. manager of money market mutual funds, said it no longer holds any U.S. government debt that comes due around the time the nation could hit its borrowing limit.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.globalpost.com/terms-use#cp">Copyright 2013 Canadian Press.</a></p> <p>All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/131011/jpmorgan-chase-sells-short-term-us-government-debt-out-its-m" target="_blank">read more</a></p> Financial economics Investment JPMorgan Chase Subprime mortgage crisis Technology The Canadian Press Fri, 11 Oct 2013 12:46:27 +0000 The Canadian Press 5958258 at http://www.globalpost.com CFTC fines JPMorgan $100 mn over 'London whale' trades http://www.globalpost.com/dispatch/news/afp/131016/cftc-fines-jpmorgan-100-mn-over-london-whale-trades <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>US regulators on Wednesday fined banking giant JPMorgan Chase $100 million for manipulating trade in the "London whale" trading debacle.</p> <p>The US Commodity Futures Trading Commission said that JPMorgan had agreed to pay the civil penalty to settle the 17-month probe of the 2012 trading debacle that lost the bank $6.2 billion.</p> <p>Shares in JPMorgan, a Dow component, were up 2.9 percent at $53.84 in late-morning trade in New York.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/131016/cftc-fines-jpmorgan-100-mn-over-london-whale-trades" target="_blank">read more</a></p> Business Financial economics Investment JPMorgan Chase Labor Law Primary dealers AFP Wed, 16 Oct 2013 15:49:11 +0000 Agence France-Presse 5962533 at http://www.globalpost.com JPMorgan paying $100M, admitting manipulation of prices in settlement over $6B trading loss http://www.globalpost.com/dispatch/news/the-canadian-press/131016/jpmorgan-paying-100m-admitting-manipulation-prices-settlemen <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>WASHINGTON - JPMorgan Chase </p> <p>The settlement announced Wednesday by the Commodity Futures Trading Commission comes less than a month after JPMorgan, the nation's largest bank, agreed to pay $920 million and admit fault in a deal with the Securities and Exchange Commission and other U.S. and British regulators.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.globalpost.com/terms-use#cp">Copyright 2013 Canadian Press.</a></p> <p>All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.</p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/131016/jpmorgan-paying-100m-admitting-manipulation-prices-settlemen" target="_blank">read more</a></p> Economics Financial economics Investment JPMorgan Chase Politics The Canadian Press Wed, 16 Oct 2013 16:49:23 +0000 The Canadian Press 5962624 at http://www.globalpost.com