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JPMorgan Chase & Co. (JPM)

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  • Mar. 3, 2013, 8:30 AM
    The NYT takes a look at how JPMorgan's (JPM) Chase Private Client division operates, finding that the wealth-management department allegedly pressures its financial advisers to push the bank's own products. Those who preferred to steer clients to third-party investments that have better returns have been pushed out. "You are not a money manager; you are an asset gatherer," brokers were told.
  • Feb. 26, 2013, 3:40 PM
    More Dimon (previous): "If I could borrow at 4% after-tax, I'd be buying up huge chunks of corporate America right now." It might be sage advice from the man who called JPMorgan (JPM) shares a "no-brainer" as they sank to the low $30s in wake of the London Whale affair last year.
  • Feb. 26, 2013, 3:31 PM
    "My board has 11 people and 6 of them could fire me tomorrow," says Jamie Dimon (JPM), wrapping up the JPMorgan's investor day. He calls splitting the Chairman/CEO role a "sideshow" drummed up by unions. Such splits put the CEO and Chairman in cahoots, he argues, and leave the board too intimidated to ever speak up.
  • Feb. 26, 2013, 10:42 AM
    More on JPMorgan's investor day (previous): Some see JPM's plan to cut 13-15K in its mortgage banking unit as a signal of employment losses or weakening housing. The cuts, however, are coming in the servicing area, not production. It's old news that the big banks - not wishing to tie up capital - are selling servicing assets to the likes of OCN, NSM, NCT, and WAC among others, who, no doubt, are busy hiring.
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  • Feb. 26, 2013, 10:27 AM
    More from JPMorgan's investor day (previous): The bank says its bid for AMEX (AXP) customers is paying off, with a 2.1% increase in card sales over the last 2-years vs. just 1.3% for AMEX. JPM also announces a joint venture with Visa (V) to build its own payment network.
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  • Feb. 26, 2013, 9:07 AM
    "This bank is anti-fragile, we actually benefit from downturns," says Jamie Dimon, speaking ahead of JPMorgan's (JPM) investor day (presentations and webcast). Still continuing to cut costs, the bank expects headcount reduction of 13-15K in its mortgage banking unit by the end of 2014. Shares +1% premarket.
  • Feb. 26, 2013, 8:08 AM
    JPMorgan (JPM) expects headcount to drop by about 4K in 2013, reports Bloomberg. This compares to total company headcount of about 260K. The world continues on its axis. Somewhere here, there's a lesson for the federal government.
  • Feb. 25, 2013, 8:54 AM
    A big player in M&A, JPMorgan's (JPM) Jim Woolery is leaving the bank to become deputy chairman of law firm Cadwalader, Wickersham & Taft. It' an interesting move leaving M&A banking for law just as business is starting to pick up.
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  • Feb. 24, 2013, 4:52 AM
    Federal and state regulators are reportedly investigating the role of major banks in facilitating the activities of online payday lenders that make short-term loans at exorbitant interest rates. The banks, which can earn lucrative overdraft and other fees, allow the lenders to automatically withdraw cash from debtor accounts, even in states where such loans are banned.
  • Feb. 22, 2013, 3:04 AM
    EU regulators are reportedly looking at reaching a settlement with banks over the rigging over inter-bank interest rates, although some firms don't want to open talks, as they believe that allegations of wrongdoing have no merit. The EU is carrying out three separate probes into at least a dozen banks and inter-dealer brokers.
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  • Feb. 20, 2013, 3:43 PM
    JPMorgan (JPM) is prepping its first sale of private-label mortgages since the financial crisis, reports Bloomberg. The revival of non-agency MBS can be seen in the stock price of Redwood Trust (RWT) - other than Credit Suisse - the only issuer of such since 2008. Not subprime, these bonds are backed by good credits on jumbo loans bigger than what the GSEs will accept.
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  • Feb. 20, 2013, 12:56 PM
    A coalition of union and state pension funds are backing a resolution to split the CEO and chairman's roles at JPMorgan (JPM). A similar proposal garnered 40% of the votes last year, but that was 36% ago for the stock. Given the performance, Dimon may be more likely to get a medal rather than stripped of his chairmanship.
  • Feb. 20, 2013, 7:07 AM
    The average-loan-to-deposit ratio at the 8 largest U.S. banks fell to 84% in Q4 from 87% a year earlier and 101% in 2007, according to Credit Suisse. At just 61%, JPMorgan (JPM) had the lowest ratio (now we know why the London Whale was so busy; who's putting that money to work now?). "Bankers out there are drowning in liquidity," says the ABA VP. "We're dying to make loans."
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  • Feb. 19, 2013, 3:19 PM
    Senate hearings on the JPMorgan (JPM) "London Whale" loss may be coming soon, according to the WSJ, which says Sen. Carl Levin is weighing the idea. Jamie Dimon was already subject to a public grilling over the matter shortly after its disclosure last May.
  • Feb. 15, 2013, 7:38 AM
    "The Goldilocks era of post-crisis M&A has never been an if, but a when," says JPMorgan (JPM) vice-chair James Lee. "CEOs are declaring that day has come." Including the Berkshire buy, $40B in deals were announced yesterday and $140B this month. Transaction volume is up 27% Y/Y vs. an 8% slump for 2012. It should mean sweet profits for the newly lean banks.
  • Feb. 14, 2013, 2:50 PM
    JPMorgan (JPM) has about 2 dozen fewer employees in its U.S equity trading unit - some leaving after small bonuses, others cut - amid declining revenue (down 1.8% in 2012). Among those gone are 3 managing directors and 18 executive directors.
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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