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JPMorgan Chase & Co. (JPM)

  • 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, 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.
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  • 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 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, 7:14 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.
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  • 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.
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  • 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, 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 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.
  • 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. 28, 2013, 8:58 PM
    A top JPMorgan (JPM) executive leaves the company, marking the ninth high profile departure in the past eighteen months. Co-chief operating officer Frank Bisignano, a long-time associate of Jamie Dimon, will become chief executive of First Data Corp. in Atlanta, WSJ says. Matt Zames, who helped clean up the chief investment office after last year's $6B trading blunder, is promoted to sole COO.
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  • Apr. 24, 2013, 3:58 PM
    Richard Pzena (PZN) - still heavily overweight financials (XLF) and mature tech (XLK) - makes his case for global banks in today's earnings call (transcript): With capital levels of 11-13% at JPM, C, and BCS double what they were pre-crisis, will regulators allow banks to earn a decent return on said capital? A definite "yes," says Pzena, seeing no reason demand for financial products won't continue to grow faster than GDP, and noting bank managers' "laser-like focus" on improving returns. An average price-to-book ratio of 0.7x combined with a modest ROE of 12-13% suggests fair value more than double current prices.
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  • Apr. 18, 2013, 5:08 AM
    Italian police have visited JPMorgan (JPM) offices in Milan as part of an investigation into the acquisition by troubled bank Monte dei Paschi di Siena of rival Antonveneta in 2007. The police were "carrying out a (court) order to provide documents," a source says.
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  • Apr. 17, 2013, 1:38 PM
    "Too little has been changed to avoid a repeat of the problem," says the Boston Fed's Eric Rosengren, arguing banks with broker-dealer units continue to hold too little capital. "The status quo represents an ongoing financial stability risk." The largest ones still standing are MS, UBS, GS, C, DB, CS, BAC, BCS, and JPM, and each of the U.S. ones passed the Fed stress test and are returning capital.
  • Apr. 15, 2013, 4:28 PM
    JPMorgan (JPM) is reportedly set to be pinned by regulators for failing to conduct adequate due diligence and report suspicious activity in its dealings as Bernie Madoff's main bank for two decades. The OCC will likely this year issue a cease-and-desist order to have the bank correct failings in its anti-money laundering practices.
  • Apr. 15, 2013, 12:28 PM
    The Brown/Vitter bill being rolled out in Congress is essentially Armageddon to the TBTF banks, says Goldman, seeing it as mandating another $1.1T in equity for the banking system. Banks would need 12 years of earnings to build this amount organically, though the bill would give just 5 - say goodbye to lending. Break up the banks? BAC, C, JPM, and WFC all have multiple divisions with more than $400M in assets - the level at which the bill gets tough on lenders.
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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