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JPMorgan Chase & Co. (JPM)

  • Apr. 9, 2013, 11:29 AM
    Banks this Friday will begin making payments to ~4.2M borrowers whose homes were in any stage of foreclosure in 2009-10. The payments, which will range from $300 to $125K, are compensation for the robo-signing scandal when bank employees said foreclosure documents were correct without reviewing them. Part of the settlement: BAC, C, GS, HBC, JPM, MET, MS, PNC, SAN, STI, USB, WFC.
  • Apr. 9, 2013, 9:48 AM
    JPMorgan Chase (JPM) will lead big U.S. banks in job cuts with 17K expected through 2014, according to Bloomberg, after the six largest U.S. banks announced cuts to 1.8%, or 21K positions, during Q1. The housing rebound means many of the cuts will come in foreclosure units. Banks may tell more about their personnel plans starting this Friday when JPM and Wells Fargo (WFC) report Q1 results.
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  • Apr. 8, 2013, 4:44 PM
    JPMorgan (JPM) announces the redemption of about $5B in trust preferred stock. Banks have been in the process of redeeming this high-yielding paper for several months as new capital rules no longer allow it to be counted as equity in capital calculations. (PR)
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  • Apr. 8, 2013, 11:23 AM
    Stripping CEO Jamie Dimon of his chairman role at JPMorgan (JPM) is likely to hasten his retirement from the bank, writes Charles Peabody, and shareholders might find the stock losing its premium valuation. "Is there someone with Mr. Dimon's talents capable of stepping into the breach?"
  • Apr. 7, 2013, 4:19 AM
    A bipartisan Senate bill would force all banks to hold capital of 10% and those with over $400B in assets an extra 5%. The strictest provisions would hit six banks: JPMorgan (JPM), BofA (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS). Analysts reckon the bill has little chance of becoming law, although its authors reckon support for the measures are growing.
  • Apr. 6, 2013, 7:29 PM
    Next month, shareholders will decide whether to support a proposal to strip Jamie Dimon of his chairmanship (I, II, III). Supporters of the plan to split the CEO and chairman roles will lobby major shareholders prior to May's JPMorgan (JPM) shareholder meeting, while Dimon's supporters have already engaged large JPM shareholders such as Blackrock, T. Rowe Price, and Vanguard. "I can't think of another company where independent board leadership would be a more useful correction for CEO hubris," says AFL-CIO's head of investment Brandon Rees. 
  • Apr. 5, 2013, 7:37 AM
    JPMorgan (JPM) is upgraded to Buy with $55 price target at Evercore Partners which says the bank has the cheapest valuation among the TBTFs. Shares -0.6% premarket as the broader market looks set to tumble at the open.
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  • Apr. 5, 2013, 12:45 AM
    According to WSJ, JPMorgan (JPM) has lost its chairman of Asian equity capital markets as Kester Ng, a 20-year investment banking veteran, leaves the industry. Ng worked at JPM for seven years. 
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  • Apr. 3, 2013, 2:34 PM
    JPMorgan notches a significant legal victory, winning dismissal of 60 of 65 claims filed by Dexia accusing the House of Dimon of misleading the Belgian bank into buying more than $1.8B in troubled MBS back in the day. JPM still faces the grandaddy of suits - a claim over $33B in MBS brought by the FHFA.
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  • Apr. 3, 2013, 2:11 PM
    Stocks are at session lows 2 hours before the bell, SPY -1.1%, QQQ -1%. Most sectors are lit up bright red, but financials - BAC -3.2%, JPM -2.7%, C -3.3% - lead the way down. Energy (XLE -2%) and resource stocks (XLB -1.3%) tumble along with commodity prices. Port in a storm, Apple gains 0.3%.
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  • Apr. 1, 2013, 4:02 PM
    The bank stock rally has paused since the results of the Fed's capital-review tests, but improving underlying fundamentals continue, says Sterne Agee. Warnings about lower mortgage profits should be offset by stronger lending demand elsewhere. Favorites heading into earnings: BAC, C, JPM, KEY, PACW, PNC, BPOP, OFG.
  • Mar. 28, 2013, 4:42 PM
    JPMorgan (JPM) gets letter from CtW Investment Group calling for an overhaul of the board risk committee. CtW recommends the dismissal of three committee members including chair James Crown on the grounds they "lack professional experience relevant to overseeing risk management at a large financial institution [with] significant trading activity." 
  • Mar. 28, 2013, 7:08 AM
    The London Whale incident and credit-related fears fading, JPMorgan's (JPM) outlook is upgraded to Stable from Negative at S&P. The bank "has successfully addressed our concerns related to its Chief Investment Office losses, risk management practices, and governance issues ... missteps were isolated to the CIO unit and (the bank) has properly remediated them."
  • Mar. 27, 2013, 2:44 PM
    JPMorgan (JPM -1.8%) drags on the Dow (now down just 30 points) as the Feds are investigating whether the bank was more or less complicit with Bernie Madoff. Meanwhile, Madoff pens a letter from the clink saying banks he dealt with had to have known about his Ponzi scheme. The NYT adds it up and finds 8 federal agencies are investigating the Bank of Dimon.
  • Mar. 27, 2013, 4:05 AM
    Federal prosecutors are reportedly investigating whether JPMorgan (JPM) breached the law by not fully alerting authorities about suspicions related to Bernard Madoff. The probe adds to several others JPMorgan is facing, with eight federal agencies investigating the company. In April, the FBI and other authorities are due to interview executives, including CEO Jamie Dimon, about whether JPMorgan misled investors and regulators over the London Whaling loss.
  • Mar. 25, 2013, 1:45 PM
    JPMorgan's (JPM) new private-label RMBS - its first since the crisis - likely wouldn't earn a AAA, says Moody's. The move is part of a continuing battle between issuers and insurers over who should bear the losses for bad loans. Fitch and DBRS have blessed the paper with a AAA. The only other RMBS issuer of note since the crisis - Redwood Trust (RWT) - remains en fuego.
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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