JPMorgan Chase & Co.

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  • May 24, 2013, 8:33 AM

    What's Fannie Mae (FNMA.OB) up to? It's snatching profits away from banks as it increasingly purchases loans directly from lenders, cutting out those used to making good money by packaging mortgages into securities. "We don't play this big of a role because we want to," modestly says CEO Tim Mayopoulos. "(We have) no goal relative to market share, except to reduce it," says another spokesman. The lenders (JPM, WFC) seeing profits vanish aren't so sure.

    | May 24, 2013, 8:33 AM | 12 Comments
  • May 23, 2013, 7:35 AM

    Following Dimon's big victory, it's back to business at JPMorgan (JPM) and a subsidiary - JPMorgan International Bank - is today fined £3.1M (not a typo) by U.K. authorities for systems and controls failings related to its provision of retail-investment advice and portfolio-investment services. Shares -1.2% premarket, inline with the broader market swoon.

    | May 23, 2013, 7:35 AM
  • May 22, 2013, 3:04 PM
    Don't look for immediate changes to JPMorgan's (JPM +1.6%) board, according to bank sources, following lead director Lee Raymond's hint to "stay tuned" at yesterday's annual meeting. Three of the bank's 4 risk committee members squeaked by with less than 60% of the vote. The stock hits a 52-week high today as investors applaud shareholders backing away from the ledge by not coming anywhere near separating the Chairman and CEO roles.
    | May 22, 2013, 3:04 PM
  • May 22, 2013, 11:07 AM
    AIG remains at the top Goldman's list of hedge fund hotels (the 50 stocks appearing most frequently among hedge fund top 10 holdings). Google (GOOG) retains its #2 position. Apple (APPL) - in the top spot for 3 years until February - remains at #3. Goldman notes the basket has outperformed the S&P a bit this year and the top 20 has done better by more than 1000 basis points. We smell an ETF offering. The rest of the top 20: C, GM, PCLN, VMED, NWSA, MSFT, HTZ, JPM, APC, PFE, QCOM, CHTR, HES, CBS, EBAY, DAL, EQIX.
    | May 22, 2013, 11:07 AM | 4 Comments
  • May 21, 2013, 3:26 PM
    JPMorgan Chase (JPM) declares $0.38/share quarterly dividend, 26% increase from prior dividend of $0.30. Forward yield 2.85%. For shareholders of record July 5. Payable July 31. Ex-div date July 3. (PR)
    | May 21, 2013, 3:26 PM
  • May 21, 2013, 12:24 PM

    Low rates and sluggish loan growth will continue to pressure profits of the big banks in 2013, writes Credit Suisse. At the top of the list of those best-positioned to grow revenue, manage expenses, and deploy capital: Citigroup (C), JPMorgan (JPM), and U.S. Bancorp (USB). JPMorgan has already tipped that trading results are looking good in Q2. Look to upcoming investor conferences for more pre-earnings clues.

    | May 21, 2013, 12:24 PM
  • May 21, 2013, 11:49 AM
    As leaked earlier, Jamie Dimon will keep both jobs at JPMorgan (JPM +2.1%) as the vote to separate the Chairman and CEO roles receives only about 32% support (got 40% last year). Additionally, all board members are re-elected, including risk-committee member Ellen Futter, who got 53.1% of the vote.
    | May 21, 2013, 11:49 AM | 6 Comments
  • May 21, 2013, 11:00 AM

    I've got 25 years in the business and sometimes I can't figure out what's going on with a $2T bank balance sheet, says Mike Mayo at the JPMorgan (JPM +1.1%) annual meeting. What about your risk committee gives it the experience to do the proper job, he asks Jamie Dimon. Passing on a chance to respond with a zinger (that's why you're an analyst, not banker), Dimon notes it's the same committee that helped steer the bank before and during the financial crisis.

    | May 21, 2013, 11:00 AM | 2 Comments
  • May 21, 2013, 10:22 AM
    The JPMorgan (JPM +1.1%) annual meeting is underway (webcast) (blog). Following an introductory movie, Jamie Dimon is speaking about bank performance. A tell? Director Ellen Futter - who's drawn plenty of scrutiny over her qualifications to sit on the risk committee - is a no-show.
    | May 21, 2013, 10:22 AM
  • May 21, 2013, 8:59 AM

    The effort to split the Chairman and CEO jobs at JPMorgan (JPM) appears to have failed, reports the NYT, citing sources who have seen the early tallies. The 3 members of the board's risk committee also look to have survived (an earlier leak says the 3 may be going no matter the vote outcome). The annual meeting begins at 10 ET. Shares +0.9% premarket.

    | May 21, 2013, 8:59 AM | 1 Comment
  • May 21, 2013, 7:36 AM
    JPMorgan (JPM) plans a shake-up of its board even if every director wins reelection and Jamie Dimon keeps his dual role, reports the WSJ. If the story is to be believed, it could mean Ellen Futter, David Cote, and Jim Crown - who sit on the bank's risk policy committee and who barely squeaked by last year - are on their way out. The 3 are notable for either having litte or negative bank risk-management experience on their resumes. Annual meeting begins at 10 ET.
    | May 21, 2013, 7:36 AM | 2 Comments
  • May 20, 2013, 3:48 PM

    Competing articles on the JPMorgan (JPM) vote: The WSJ reports analysts saying the vote to split the Chairman CEO roles is too close to call, but Marketwatch has analysts saying Dimon is likely to keep both jobs. The vote is set to be tallied at the annual meeting tomorrow. Last year, the break-up proposal received 40% of the votes.

    | May 20, 2013, 3:48 PM | 3 Comments
  • May 17, 2013, 2:59 PM

    Wells Fargo (WFC) and Citigroup (C) have halted the vast majority of foreclosure sales in numerous states following the release of new standards from the OCC, reports the American Banker. Harkening back to the days of the robo-signing scandal, Wells' foreclosure sales across 5 westerns states dropped to fewer than 10 per day in April from more than 300 previously. JPMorgan (JPM) also slowed sales, but has returned to normal activity. BofA (BAC) is proceeding as usual.

    | May 17, 2013, 2:59 PM | 1 Comment
  • May 17, 2013, 11:22 AM

    In a late bit of campaigning, JPMorgan's (JPM) board sends a letter to shareholders urging they vote against the proposal to split the Chairman and CEO roles. The directors also endorse the re-election of ... themselves. One large fence-sitter - T. Rowe Price - will vote against the split, with fund manager Brian Rogers suggesting a look at the scoreboard says Dimon and his team know what they're doing. The annual meeting is set for Tuesday.

    | May 17, 2013, 11:22 AM
  • May 16, 2013, 3:55 PM

    Described as a win for Wall Street's biggest swaps dealers - JPM, BAC, C, MS, and GS - the CFTC approves new swap trading rules 3 years after the passage of Dodd-Frank. The rules mandate new trading platforms making bids and offers public, but require traders send request for bids to just two firms before execution rather than the five some had called for. Smaller exchanges aren't sweating it, instead happy they now have a defined system to operate under.

    | May 16, 2013, 3:55 PM | 1 Comment
  • May 15, 2013, 3:01 PM
    Commodity trading revenue at the top 10 global investment banks plunged 54% Y/Y to just $1.2B, according to Coalition. The outliers are Goldman Sachs (GS) and JPMorgan (JPM), both of which reported slight increases in activity (Q2 looking decent at JPM as well). Leading on the downside was a 77% drop at Morgan Stanley (MS), whose commodity desk has been alternatively on the block or set for restructuring.
    | May 15, 2013, 3:01 PM | 1 Comment
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