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JPMorgan Chase & Co. (JPM)

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  • Mar. 15, 2013, 7:05 PM
    Morgan Stanley selects 20 stocks for the long term, based on "competitive advantages, business model, pricing power, cost efficiency and growth": AMZN, AMT, BLK, CPN, CP, CVX, COST, EL, GILD, HON, JPM, LTD, MON, NWSA, PM, RPM, SBUX, SYMC, TMO, WMB.
    | 13 Comments
  • Mar. 15, 2013, 11:34 AM
    "The workers did it" is becoming the new "I can't recall." Former JPMorgan (JPM -2%) CIO Ina Drew blames traders and managers who reported to her for bets that led to $6B in losses, telling senators that her team changed projected losses and hid information from her. Drew defends her oversight as "reasonable and diligent" and says she shouldn't be held personally responsible for the losses.
    | 16 Comments
  • Mar. 14, 2013, 5:44 PM
    Not helping JPMorgan (JPM) is the rehashing of the London Whale saga, with a just-released Senate report claiming Jamie Dimon withheld critical data from regulators. A hearing is set for tomorrow (Dimon will not testify), and it's possible the DOJ will be called upon to investigate further. It's hard to believe the Fed request for JPM to "address weaknesses" and the London Whale incident aren't linked. Shares -2.1% AH.
    | 11 Comments
  • Mar. 14, 2013, 5:14 PM
    After hours movers in the banks: JPM -2.5% and GS -2.1% after the two had their capital proposals approved but were asked to submit new plans "to address weakness in their capital planning processes." WFC +0.4%, BAC +3.8% after no dividend hike, but a whopping $10.5B in share repurchases and redemption of high-yielding preferreds. Morgan Stanley +0.9%. The XLF +0.1%.
    | 18 Comments
  • Mar. 14, 2013, 4:54 PM
    More on bank capital return plans: JPMorgan (JPM) an increase in the dividend to $0.38 from $0.30 and $6B in share repurchases over the next year (the plan was approved, but the Fed has asked for a resubmission this year). Bank of America (BAC) no increase in the dividend, but share repurchases of $5B and the redemption of $5.5B in preferred stock.
    | 27 Comments
  • Mar. 14, 2013, 4:35 PM
    The Fed approves the capital return plans of 14 financial institutions, with two - Ally and BBT - having their proposals rejected, and two - GS and JPM - receiving conditional approval, and asked to resubmit their plans by the end of Q3.
    | 5 Comments
  • Mar. 14, 2013, 7:57 AM
    A Dallas Fed plan to cap assets at FDIC-insured banks at $250B would force most of the TBTFs to more than halve their consumer and business-lending units. Such a limit, says Dallas Fed EVP Rosenblum, is required to allow the FDIC to shut them down without using taxpayer funds. The Dallas proposal isn't becoming law anytime soon, but it is driving the debate in D.C.
    | 6 Comments
  • Mar. 14, 2013, 4:48 AM
    The SEC has said that JPMorgan (JPM), Bank of America (BAC) and Morgan Stanley (MS), as well as Citigroup (C), don't have to hold votes at their annual meetings on motions that would require them to consider "extraordinary transactions," including being broken up. The proposals came from labor and religious groups, with a motion from the AFL-CIO, for example, saying that JPM's $6B whaling loss had shown that it had become too big to manage.
    | 10 Comments
  • Mar. 8, 2013, 7:40 AM
    A check of the largest banks premarket after last night's stress test results: C +2.1%, JPM -0.8%, BAC +0.3%, WFC +0.5%, MS -1.6%, GS -0.3%. The XLF +0.6%.
    | Comment!
  • Mar. 7, 2013, 4:50 PM
    More on the Fed Stress Tests: The exams measured to make sure banks' Tier 1 Common Ratio remained above 5% in the Fed's "severely adverse" economic scenario - GDP falling 5%, the UE rate rising to 12%, a 50% fall in stocks, and recessions overseas, among a number of other variables. This table shows the results, with GS and MS just passing, and BAC, C, WFC, and JPM getting by with a little more room.
    | 6 Comments
  • Mar. 7, 2013, 4:37 PM
    Fed Stress Tests: Ally Financial is the only bank not meeting the Fed standards.  All of the other 18 holding companies showed a Tier 1 Common Ratio higher than 5% under the central bank's severe loss scenario.
    | 24 Comments
  • Mar. 7, 2013, 11:01 AM
    The big U.S. banks are considering defying the Fed and announcing capital return plans shortly after stress tests are released this afternoon, reports Bloomberg. The Fed wants the lenders to wait another week, but bank lawyers worry the plans will leak out. It's under discussion, JPM CFO Lake told an investor conference (transcript) Tuesday. XLF +0.6%.
    | 34 Comments
  • Mar. 5, 2013, 7:39 AM
    KeyCorp (KEY), State Street (STT), Goldman Sachs (GS), JPMorgan (JPM), and BB&T (BBT) make RBC's list of best-capitalized banks - those that the Fed this month should allow dividends/buybacks of 75-100% of earnings. WFC, FITB, and MTB are in the middle of the pack and should be allowed payouts of 50-75%. Capital laggards - BAC, C, and COF - may only be allowed payouts of 10-30% of earnings.
    | 6 Comments
  • Mar. 5, 2013, 5:58 AM
    A report from a Senate panel about JPMorgan's (JPM) London Whaling loss reportedly finds that the problems involved the bank's senior executives, including former CFO Douglas Braunstein, who is now vice chairman. The report, which is due to be released on March 15, criticizes JPMorgan for building its positions without warning regulators and investors, who themselves don't escape scrutiny. The panel also seizes on warnings from London about the growing losses prior to the big blowout.
    | Comment!
  • Mar. 4, 2013, 3:39 PM
    At its current pace, JPMorgan (JPM) may run out of HARP loans to refinance by September, says Bank of America. Chase has the most capacity of all major servicers and was early and aggressive in getting customers refinanced. The capacity is on the way out as last week, the bank said it will cut 13-15K jobs at its mortgage banking unit by 2014's end.
    | 1 Comment
  • Mar. 4, 2013, 11:55 AM
    Expect gradual, but not outsized jumps in capital returns from the banks this year, says Goldman (stress tests results are due Thursday, capital return decisions due March 14). Management teams are likely to be conservative in their requests from the Fed as "taking a mulligan" - i.e., resubmitting a plan after being shot down - is not seen as a viable option.
    | 6 Comments
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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