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JPMorgan Chase & Co. (JPM)

  • Jan. 8, 2013, 2:46 PM
    The revolving door spins and out steps Securities Industry and Financial Markets CEO Tim Ryan, who is named to run JPMorgan's (JPM) global regulatory strategy and policy. It's Ryan's second stint at the bank, where he was an executive before leaving to join SIFMA in 2008. Prior to JPMorgan, Ryan ran the Office of Thrift Supervision.
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  • Jan. 8, 2013, 11:30 AM
    Former JPMorgan Investment Banking chief Jes Staley parachutes into BlueMountain Capital, whose co-founder is a former JPM executive. BlueMountain gained more than 10% in 2012, partly on the profits it made taking the other side of JPMorgan's "London Whale" trades. Staley lost his job at the bank because of those trades. Can't make this stuff up.
  • Jan. 7, 2013, 11:14 AM
    Ten banks agree to pay more than $8.5B to settle foreclosure abuses, with $3.3B going to those who have already been foreclosed upon and $5.2B going to homeowners in danger of losing their homes. Compensation will range from hundreds of dollars up to $125K. Those involved include: BAC, C, JPM, MET, WFC, STI, PNC, USB.
  • Jan. 7, 2013, 3:01 AM
    A $10B settlement between 14 large banks and regulators over abusive foreclosure practices could reportedly be announced today after the Fed gave its approval. The central bank had held up the deal over the weekend over an extra $300M that it wanted firms to pay, but backed down when they balked.
  • Jan. 6, 2013, 2:56 AM
    The Fed is reportedly holding up a $10B deal between 14 large banks and the Office of the Comptroller of the Currency to settle abusive foreclosure practices in 2009-2010. While the banks and the OCC want to finalize the agreement ahead of the start of earnings season this week, the Fed is unhappy about the way payments to consumers under the settlement would be determined. Smaller banks also oppose the deal.
  • Jan. 4, 2013, 8:11 PM
    The National Credit Union Administration has filed a suit against J.P. Morgan (JPM) as successor-in-interest to Washington Mutual Bank, alleging it violated federal and state securities laws in connection with the underwriting and subsequent sale of $2.2B in mortgage-backed securities to three corporate credit unions. The complaint alleges the firms made numerous misrepresentations and omissions of material facts in the Offering Documents of the securities sold to the institutions, which ultimately led to their failure.
  • Jan. 4, 2013, 8:04 PM
    Citigroup (C) plans to ask permission for a "minimal" buyback of its shares as part of the latest Fed stress test. The 19 largest U.S. banks are due to put forward their plans to return capital to shareholders as part of an annual Fed-supervised exercise, and due by Monday. Speculation is that, among other plans outlined for the remaining banks, JPMorgan (JPM) will seek a dividend increase and a share repurchase program.
  • Jan. 4, 2013, 10:47 AM
    Big-cap bank bulls worried about a little too much love being shown for the hot sector may take comfort from an Atlantic cover and story entitled "What's Inside America's Banks?" It rehashes worries about the opaqueness of bank balance sheets and seems to draw quite a bit from a frustrated Bill Ackman who unloaded his Citigroup stake at a big loss right around the bottom last summer.
  • Jan. 4, 2013, 7:09 AM
    JPMorgan is removed from Goldman's Conviction Buy list, with analysts citing a lack of earnings catalysts and the stock's high valuation when compared to its big bank brethren. The shares are now rated a Buy. JPM -0.8% premarket.
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  • Jan. 2, 2013, 12:12 PM
    "Time is running out" for bank managements to prove their low stock valuations are only short-term, says Mike Mayo. He again suggests breaking up the big banks will improve their stock prices, citing surging price-to-book values following the introduction of Glass-Steagall in 1933.
  • Dec. 31, 2012, 2:37 AM
    Fourteen banks are reportedly set to reach a $10B settlement with regulators over abusive foreclosure practices such as incorrect paperwork and excessive charges. The banks include the five that agreed to pay $26B in another deal earlier this year - JPMorgan (JPM), Bank of America (BAC), Wells Fargo (WFC), Citigroup (C) and Ally Financial. The latest settlement will allow banks to end a review of 4M loan files that has cost 1.5B so far.
  • Dec. 21, 2012, 8:56 AM
    The OCC is on the case and expected to take formal action demanding JPMorgan (JPM) shore up its risk controls in wake of the London Whale trading losses (we forget, did these hit this year or last?). JPMorgan, of course, has spent months rejiggering its organizational chart to prevent another occurrence.
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  • Dec. 20, 2012, 2:52 PM
    JPMorgan (JPM) has reportedly purchased online coupon firm Bloomspot for $35M, and will roll the Groupon competitor's roughly 100 employees into its credit card unit. Things have calmed down in this arena - Bloomspot's investors will get back about two-thirds of their invested capital.
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  • Dec. 19, 2012, 1:16 PM
    Morgan Stanley is out with mostly positive calls on a slew of big-cap banks, with C, JPM, COF, and STI their top picks. Downgraded to Neutral, however, are WFC, USB, and BBT.
  • Dec. 19, 2012, 12:14 PM
    Are Jefferson County and a dozen other U.S. municipalities listening? In Italy, Deutsche Bank (DB), JPMorgan (JPM), and UBS are among the 4 banks fined €1M each and having employees sent to prison for fraud in the sale of derivative products linked to a Milan bond issue. The case could be a precedent-setting one as cases involving other local Italian governments are in the works.
  • Dec. 19, 2012, 10:29 AM
    JPMorgan's market share slips to 7.6% from 8.1% this year, but it continues to rank first in the investment banking business, according to Dealogic. Of $63.6B in global IB in 2012 (-9% Y/Y), JPM garnered $4.8B, 17% more than 2nd place BAML. Rounding out the top 4 are Goldman Sachs and Morgan Stanley.
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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