Mon, Jul. 13, 5:30 PM
Wed, Jul. 8, 7:49 AM
Tue, Jul. 7, 8:55 PM
- JPMorgan Chase (NYSE:JPM) has agreed to pay at least $125M to settle investigations by U.S. state and federal authorities that it sought to improperly collect and sell consumer credit card debt, Reuters reports.
- The U.S. Consumer Financial Protection Bureau, 47 states and D. C. are expected to announce the settlements as soon as tomorrow, with the states splitting ~$95M and the CFPB getting ~$30M, according to the report.
- JPM has been accused of relying on robo-signing and other ways of going after consumers for debts they may not have owed and for providing inaccurate information to debt buyers.
Mon, Jul. 6, 4:41 PM
- Last year, the Fed and FDIC found most of wind-down plans submitted by twelve of the largest U.S. banks (or U.S. units of overseas banks) had numerous deficiencies, and sent the lenders back to the drawing board.
- The two government agencies today posted public sections of the latest versions of the living wills, and said they will begin reviewing. Feedback is expected before year-end.
- The lucky 12: BAC, BK, C, GS, JPM, MS, STT, UBS, WFC, BCS, CS, DB.
Mon, Jul. 6, 4:31 PM
Mon, Jul. 6, 3:59 PM
- Former director of enforcement for the SEC Stephen Cutler may have had the busiest job in banking since joining JPMorgan (NYSE:JPM) as its general counsel in 2007. With the long hours and never-ending string of settlements taking too much of a toll, Cutler is moving on to become the bank's vice chairman next year.
- He'll be replaced by Stacey Friedman, who joined JPMorgan three years ago from Sullivan & Cromwell.
Mon, Jul. 6, 1:31 PM
- It was a rough start to the year for the financial sector, but at about the mid-point of 2015, the XLF is ahead 9.7%, easily outpacing the S&P 500's 1.8% rise.
- Calling U.S. Treasury yields "considerably more resilient" today than in 2012 thanks to the strength of the economy, Erika Najarian and team don't expect the Greek crisis to impact the 10-year yield or the timing of the first Fed rate hike.
- The bottom line, says Najarian, is to expect continued rotation into the financial names, with solid loan performance in Q2 a catalyst on top of the improved interest rate picture.
- Najarian and team are sticking with their Buy-list of rate-sensitive names: JPMorgan (NYSE:JPM), Wells Fargo (NYSE:WFC), Comerica (NYSE:CMA), KeyCorp (NYSE:KEY), Regions Financial (NYSE:RF), SVB Financial (NASDAQ:SIVB), East West Bancorp (NASDAQ:EWBC), and Texas Capital Bancshares (NASDAQ:TCBI).
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, RWW, RYF, FINZ
Thu, Jul. 2, 6:42 PM
- An Italian regulatory filing shows that J.P. Morgan (JPM -0.9%) has a 7% stake in Telecom Italia (TI -0.9%) -- the result, for now, of an equity swap deal with Telefonica (TEF +0.4%).
- The Spanish provider issued a €750M exchangeable bond, maturing in 2017, that converts into TI shares, and did a total return equity swap with J.P. Morgan giving it the TI stake.
- Telefonica will reclaim the shares from the bank, though, at maturity, and give them to the bond's investors.
Thu, Jun. 25, 3:54 AM
- JPMorgan (NYSE:JPM) is in talks with the Securities and Exchange Commission to settle a probe into whether the bank inappropriately steered its private-banking clients toward its own investment products, WSJ reports.
- JPMorgan said in a regulatory filing last month that other government authorities have also sought information about the bank's use of proprietary products in its wealth-management business.
- A settlement including a fine could happen as early as this summer.
Wed, Jun. 24, 3:00 PM
- Brian Truesdale is coming over from Deutsche Bank and marks the first new hire in tech coverage for JPMorgan (NYSE:JPM) since Michael Millman became head of North American tech banking in September.
- Truesdale - who worked on deals such as SAP's $8.3B purchase of Concur Technologies - will be advising tech companies and P-E firms.
- JPMorgan also recently brought in a new M&A banker for Internet companies from Citigroup, and a new head of private-stock placements from Barclays.
Wed, Jun. 24, 11:58 AM
- The corporate brokerage business can be considered sort of a loss-leader, as banks do the work for minimal fees in the expectation of winning more lucrative investment banking business.
- Credit Suisse (NYSE:CS) had been the broker to Barclays for 25 years, but the business was put up for grabs amid a review of bank performance by new Chairman John McFarlane. Already Barclays' top adviser for M&A globally, JPMorgan (NYSE:JPM) won the mandate, also beating out Bank of America, Goldman Sachs, and UBS.
Fri, Jun. 19, 7:51 AM
- Goldman Sachs (NYSE:GS) has been hired to replace JPMorgan (NYSE:JPM) as the U.K. government's adviser for the privatization of Royal Bank of Scotland (NYSE:RBS), reports Bloomberg.
- JPMorgan was hired in 2013 with the expectation that the role would come up for review from time to time.
- The government owns about 79% of RBS.
- Goldman's winning of the business comes as the bank bids for more than $20B in mortgages being sold by U.K. Asset Resolution, Ltd. JPMorgan bought about $4B in mortgages from the operation late last year.
Wed, Jun. 17, 3:05 PM
- JPMorgan (NYSE:JPM) Vice Chairman Jimmy Lee formerly led the company's investment banking arm. He was 62 years old.
- A big-time rainmaker in M&A, Lee most recently advised Comcast on its attempted acquisition of Time Warner.
- Jamie Dimon: "Jimmy was a master of his craft, but he was so much more he was an incomparable force of nature."
- Source: Press Release
Wed, Jun. 17, 12:26 PM
- It's Q1 data, so pretty old news, but JPMorgan (NYSE:JPM) jumped to the number one spot in the global FICC league table, according to Coalition. Tied for second were Goldman Sachs, Deutsche Bank, and Citigroup. One year ago, the Bank of Dimon was tied for first with Deutshce and Citi.
- JPMorgan reported a 20% Y/Y increase in FICC revenue in Q1 versus 10% at Goldman, 9% at Deutsche, and an 11% decline at Citi.
- Looking for Q2 clues, Bank of America chief Brian Moynihan says markets action is likely to be flattish to down Y/Y, while Jamie Dimon expects business to be flat.
- Earlier this week, Jefferies (whose FQ2 ended May 31) reported fixed-income revenue down 29% Y/Y.
Wed, Jun. 17, 11:30 AM
- While the OCC lifted consent orders against Bank of America (NYSE:BAC), Citibank (NYSE:C), and PNC Financial (NYSE:PNC) after finding unsafe and unsound mortgage-servicing and foreclosure practices back in 2011, Wells Fargo (NYSE:WFC) is part of a group facing new restrictions.
- Among other items, report Deon Roberts and Rick Rothacker, Wells Fargo is banned from entering new contacts to perform mortgage servicing for other lenders. The bank may still make and service new mortgages.
- OCC Deputy Controller Morris Morgan expects corrections from the group to be made in months, not years. “We have reserved the ability to take additional action against the six, and we plan to do so based on how quickly and effectively they remediate the remaining actions."
- The other five: JPMorgan (NYSE:JPM), HSBC Bank USA (NYSE:HSBC), Santander Bank (NYSE:SAN), U.S. Bank (NYSE:USB), and EverBank (NYSE:EVER)
Tue, Jun. 16, 8:22 AM
- FQ2 (ending May 31) fixed-income net revenue at Jefferies (NYSE:LUK) jumped 56% from a slow Q1, but fell 29% from a year ago. Total net revenue of $792M climbed 9.4% Y/Y.
- CEO Richard Handler notes fixed-income results improved each month during the quarter.
- Jefferies results often provide clues about how larger rivals like JPMorgan (NYSE:JPM), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS) may fare when they report their Q2s next month.
- Source: Press Release
- ETFs: XLF, FAS, FAZ, UYG, VFH, IYF, BTO, SEF, IYG, FXO, FNCL, FINU, KCE, RWW, RYF, KBWC, FINZ
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