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JPM

JPMorgan Chase & Co.

6/18/2013, 1:31 AM ET

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Monday, June 17, 12:27 PM "It could be a shockwave when the bond market eventually turns," new JPMorgan (JPM) chief risk officer Ashley Bacon tells Tom Braithwaite. The reversal in the bond bull market has to be the most anticipated financial event ever, writes Braithwaite, but it's still likely to ensnare at least one bank. Will it rise up the pyramid to touch the giants? 1 Comment [Financials, U.S. Economy]
Monday, June 17, 10:12 AM Deutsche Bank (DB) is leading a wave of big banks ramping up exposure to single-family housing by extending credit to Wall Street firms so they can buy up homes to turn them into rentals. The bank reportedly just lent another $1.5B to Blackstone (BX) after an earlier $2.1B line got used up. Wayne Hughes' American Homes 4 Rent has as much as a $1B line from Wells Fargo (WFC), and SilverBay Realty (SBY) just inked a $200M facility from Bank of America (BAC) and JPMorgan (JPM). 5 Comments [Financials]
Monday, June 17, 8:20 AM JPMorgan (JPM) ups its money-market funds' transparency, beginning on Tuesday to disclose the amount of liquid assets held in its money-market funds. The move follows similar actions by Goldman and BlackRock and comes amid the SEC's new rules regulating the industry. Comment! [Financials]
Friday, June 14, 9:45 AM JPMorgan (JPM -0.6%) says its private-equity unit One Equity Partners will become independent and will raise its next fund from an external group of limited partners. The group will continue to manage existing portfolio companies for the bank. (PR) Comment! [Financials]
Thursday, June 13, 12:10 PM JPMorgan (JPM) chief risk officer John Hogan - who took office just as the London Whale trades were beginning to lose billions - will be replaced by Ashley Bacon, reports Reuters. Bacon has been filling the role on an interim basis for Hogan who has been on leave since January. Comment! [Financials]
Wednesday, June 12, 9:12 PM JPMorgan (JPM) continues to move on its plan to cut 17K jobs - with most coming from the mortgage servicing unit - announcing to employees the elimination of 1.8K positions, reports CNBC. Improving mortgage credit (see CoreLogic data from earlier) means fewer are needed to service the loans, and the bank is ahead of its schedule to complete the cuts by the end of 2014. Comment! [Financials]
Tuesday, June 11, 3:39 PM JPMorgan (JPM -1.6%) will make an additional $2B should Treasury yields rise 100 bps, says Jamie Dimon - "all else being equal" - and stands to make $5B extra should they rise 300 bps. With mortgage delinquencies declining fast (earlier) and the improving economy, the bank expects to release $1B in mortgage reserves in Q2 and $1B in consumer credit reserves (total profit in Q1 was about $6B). Comment! [Financials]
Tuesday, June 11, 1:26 PM "U.S. housing has turned the corner in every way, shape, or form," says Jamie Dimon (JPM), speaking at the Morgan Stanley conference. The corporate world is in great shape in terms of liquidity, and small business is kind of back to where it was, but the political environment is a "wet blanket" on the economy. On reserve releases: We don't do it to prop earnings, we're forced to do it. "I'd love to leave them up." 16 Comments [Financials, Breaking News]
Tuesday, June 11, 10:34 AM JPMorgan's (JPM) "A" credit rating outlook is revised to negative from stable at S&P, bringing things into line with other TBTFs like Goldman and Bank of America. The catalyst is progress regulators are making on orderly liquidation plans for these giants in event of another crisis. Comment! [Financials]
Tuesday, June 11, 9:33 AM Bank (C, BAC, JPM, WFC) overdraft protection raises the eyebrows of the CFPB, which questions how lenders are selling this product and whether fees can really be anticipated and thus avoided. The bureau notes consumers who opt in to such programs end up paying more in costs. "What is ofter marketed as overdraft protection may actually be putting consumers at greater risk." As of yet, no action or fines have been announced. 7 Comments [Financials]
Monday, June 10, 3:45 AM Facing $31M in interest payments in August and the maturity of almost $52M in convertible debt a month later, Exide Technologies (XIDE) has filed for bankruptcy protection with liabilities of $1.14B and assets of over $1.89B. It's the lead-acid battery company's second filing in 11 years. Exide cited rising costs, Europe's slowdown and intense competition as reasons for its current problems. Exide has obtained a $500M bankruptcy loan from JPMorgan (JPM). (PR) 4 Comments
Friday, June 7, 7:35 AM JPMorgan (JPM) is also part of Macquarie's coverage of big-cap financials and it's downgraded to Hold with price target of $57, the analysts citing the bank's lofty relative valuation. (Earlier: C, MS, BAC). Comment! [Financials]
Thursday, June 6, 6:55 AM "We should all hope for a normalization of interest rates," says Jamie Dimon (JPM), speaking in China. "As we go back to normal, it's going to be scary, and it's going to be volatile ... I am going to look at every word the Fed says." 16 Comments [Financials]
Thursday, June 6, 6:50 AM National Australia Bank (NABZY.PK) - Oz's largest - and Wells Fargo (WFC) are exploring a joint venture to bring Australian borrowers to the U.S. term loan B (TLB) market, reports Reuters. The TLB market is basically junk bonds, and the lucrative business is currently dominated by global banks such as JPMorgan (JPM) and Bank of America (BAC). 3 Comments [Financials]
Thursday, June 6, 2:48 AM Working in partnership with the FBI and authorities in over 80 countries, Microsoft's (MSFT) Digital Crimes Unit has launched a successful attack on one of the world's biggest cyber-crime rings. Microsoft forced the closure of at least 1,000 out of an estimated 1,400 malicious networks known as Citadel Botnets, which are believed to have stolen over $500M from accounts at financial companies such as American Express (AXP), PayPal (eBay), HSBC (HBC), JPMorgan (JPM), Royal Bank of Canada (RY) and Wells Fargo (WFC). 6 Comments [Top Stories, Financials, Tech, Consumer]
Wednesday, June 5, 7:56 AM More on Mortgage applications: The refinance index dove 15% to its lowest level since November 2011 as the average 30-year fixed-rate mortgage jumped 17 bps to 4.07%, the highest in more than a year. The index is now off about 40% in a month. Mortgage REITs (MORT,, REM) certainly face a few issues at the moment, but prepayment risk is no longer one of them. Struggling enough finding growth, the refinancing cash cow benefitting the big banks (WFC, BAC, JPM, C isn't producing at the moment. 11 Comments [U.S. Economy, Financials]

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