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JPMorgan Chase & Co. (JPM)

  • May 13, 2013, 12:03 PM
    JPMorgan (JPM) could fall 10% should Jamie Dimon follow through on a veiled threat and exit the bank if he is stripped of the chairman's role, says Mike Mayo, wondering who's standing in the wings to replace him. A fiery Ken Langone pronounces himself "terrified" at the thought of a Jamie Dimon-less JPMorgan.
    | May 13, 2013, 12:03 PM | 4 Comments
  • May 11, 2013, 5:05 PM
    Jamie Dimon is threatening to leave JPMorgan (JPM) if stripped of the Chairman role, sources say.
    | May 11, 2013, 5:05 PM | 82 Comments
  • May 10, 2013, 2:51 PM
    JPMorgan's (JPM) board opposes splitting the chairman and CEO roles, calling the change "disruptive ... not in the best interest of shareholders." The letter reminds that all directors are independent with the exception of Dimon. It's signed by presiding director Lee Raymond - formerly chairman and CEO of Exxon - and corporate governance chair Bill Weldon - formerly chairman and CEO of J&J.
    | May 10, 2013, 2:51 PM | 6 Comments
  • May 10, 2013, 9:14 AM
    U.K. shareholder adviser PIRC comes out in favor of splitting the Chairman and CEO roles at JPMorgan (JPM). This whole exercise is a bit silly, says James Altucher. Change Dimon's title to dishwasher if you like - is there any question about who's running the show? The greatest disservice "self-styled" pension guardians can do is to feign control and expertise when they have neither.
    | May 10, 2013, 9:14 AM | Comment!
  • May 9, 2013, 5:17 PM
    California AG Kamala Harris files suit against JPMorgan (JPM) for alleged "fraudulent and unlawful debt-collection practices" against ~100K credit card holders in the state. Chase's use of illegal robo-signing was "widespread," and "sewer service" litigation was used against borrowers, the suit alleges. (PR)
    | May 9, 2013, 5:17 PM | 3 Comments
  • May 8, 2013, 4:25 PM
    JPMorgan (JPM) has reportedly received a "Wells-type" notice from the FERC in regards to its probe into the bank's energy trading. The bank has already been sued the agency for alleged manipulation of energy markets, so it's unclear what this particular note is about.
    | May 8, 2013, 4:25 PM | Comment!
  • May 8, 2013, 11:52 AM
    Calpers is set to vote for splitting the chairman and CEO roles at JPMorgan (JPM +1.6%), reports the NYT - not a huge surprise as the fund voted in favor of the same proposal last year, and that was before the London Whale loss disclosure. Previous: The political knives are out for Dimon.
    | May 8, 2013, 11:52 AM | 2 Comments
  • May 8, 2013, 10:34 AM
    JPMorgan (JPM +1.1%) has named Erik Bisso to run the chief investment office (CIO) for North America, reports Bloomberg, citing an internal memo. Bisso previously ran MBS pass-trough trading for the bank. The move "demonstrates our ongoing commitment to developing senior talent and encouraging mobility across the firm," writes global CIO chief Craig Delany.
    | May 8, 2013, 10:34 AM | Comment!
  • May 8, 2013, 10:29 AM
    There's a "real chance" Jamie Dimon (JPM +1%) may have to drop his dual chairman and CEO roles, according to sources at the bank, reports Charlie Gasparino, lamenting what he calls a politically-based attack. The key may end up being BlackRock - a major shareholder whose CEO Larry Fink also happens to be chairman. Fink, however, has his eye on the Treasury Secretary's office and may "throw Dimon under the bus" to advance that goal.
    | May 8, 2013, 10:29 AM | 6 Comments
  • May 7, 2013, 7:20 AM
    Three of JPMorgan's (JPM) largest shareholders - BlackRock, Vanguard, and Fidelity controlling over 12% of the stock - remain undecided in the coming vote over whether to split the Chairman and CEO roles, reports the WSJ. The split proposal received 40% of the vote in 2012, when all 3 voted against it. The vote itself in nonbinding, but the board would likely face great pressure to act if it receives more than 50%. Update at 7:25: Proxy-adviser Glass Lewis comes out in support of splitting the roles (ISS yesterday).
    | May 7, 2013, 7:20 AM | 4 Comments
  • May 7, 2013, 7:14 AM
    JPMorgan (JPM) is planning commodity trader job cuts at its London and Dubai offices, reports Bloomberg. Commodities revenue at the 10 largest banks slumped 24% to $6B in 2012, according to one report. Toss in new regulations and capital rules and it's only natural some big players are looking to cut back.
    | May 7, 2013, 7:14 AM | 1 Comment
  • May 6, 2013, 11:46 AM
    ISS urges shareholders not only vote to split the Chairman and CEO roles at JPMorgan (JPM) - not a huge surprise - but also to boot 3 directors who sit on the board's risk policy committee. The shareholder advisory group notes it opposes directors only under "extraordinary circumstances." One of the three - Ellen Futter - is notable for having served on AIG's board when it blew up. Another - David Cote - is CEO of Honeywell, and lacking in risk management experience at a bank.
    | May 6, 2013, 11:46 AM | 1 Comment
  • May 3, 2013, 9:56 PM
    Jamie Dimon will hold a town hall-style meeting with junior bank examiners from the Office of the Comptroller of the Currency next week in an effort to "answer all staff inquiries." According to WSJ, the meeting comes on the heels of an earlier meeting with senior examiners during which Dimon was told that "regulators don't trust [the firm's] management" and believe JPM simply "isn't getting the message." Scrutiny seems to be coming to a head (I, II) lately just as Dimon is set to face shareholders this month.
    | May 3, 2013, 9:56 PM | 45 Comments
  • May 3, 2013, 3:50 PM
    Notably not sharing in the day's good vibes is JPMorgan (JPM -0.9%) as a concerted push seems underway to remove Jamie Dimon from the Chairman's role (I, II). The Oracle, however, has his back: "I'm 100% for Jamie," said Buffett in an interview ahead of Berkshire's annual meeting. Morgan's annual meeting is set for May 21.
    | May 3, 2013, 3:50 PM | 2 Comments
  • May 2, 2013, 11:38 PM
    JPMorgan (JPM) has "transitioned from model citizen to problem child" in the eyes of Washington, the NY Times says. The latest evidence of the shift is a government document (reviewed by the Times) which reportedly says the firm dreamed up "manipulative schemes" in order to wring profits from "money-losing power plants." The Federal Energy Regulatory Commission also says Blythe Masters (mother of the synthetic CDO) "falsely denied under oath her awareness of" certain activities allegedly undertaken by a group of Houston energy traders. It isn't clear whether actions will be taken against JPM, which will have a chance to respond to the allegations.
    | May 2, 2013, 11:38 PM | 10 Comments
  • Apr. 29, 2013, 10:26 AM
    Citigroup's (C) reluctance to pare its mortgage assets at fire-sale prices could pay off, says KBW, as it now stands to greatly benefit from rising home prices. It's a flow vs. stock argument as Citi - compared to WFC, JPM, or USB - does a relatively small amount of (now under profit-pressure) mortgage origination volume, but still has loads of questionable paper on its books. Also positioned to benefit is BAC.
    | Apr. 29, 2013, 10:26 AM | 3 Comments
Company Description
JPMorgan Chase & Co is a financial services firm and a banking institution. its segments are Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Management.
Sector: Financial
Country: United States