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JPMorgan Chase & Co. (JPM)

  • Mar. 22, 2013, 3:26 PM
    The board of JPMorgan (JPM) "strongly endorses the continued role of Jamie Dimon as both Chairman and CEO." Dimon's salary, bonus, and stock option awards totalled $18.7M last year, down from $23.1M in 2011.
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  • Mar. 20, 2013, 4:20 PM
    JPMorgan (JPM) issues its first post-crisis private-label RMBS deal, a $616.3M package, with all tranches rating AAA by Fitch. Mortgages issued by the bank itself make up 48% of the security and the weighted average of the credit scores is 768. One concern noted by Fitch is high geographic concentration - more than 50% of the properties are in California.
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  • Mar. 20, 2013, 4:20 AM
    The Office of the Comptroller of the Currency reportedly downgraded JPMorgan's (JPM) management in the summer to "3" from "2" in a confidential scorecard - although clearly not all that confidential - following the $6B London Whaling Loss. The scale of the grading is 1-5, with three signifying that "the capabilities of management or the board of directors may be insufficient." JPM expressed surprised at the downgrade and promptly reshuffled its execs.
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  • Mar. 20, 2013, 3:56 AM
    Freddie Mac (FMCC.OB) has sued Bank of America (BAC) JPMorgan (JPM), Citigroup (C) and 12 other major banks for losses caused by the manipulation of the Libor rate. Freddie, which invested in mortgage bonds and swaps tied to U.S. dollar Libor, is seeking a whole gamut of damages for what it sees as fraud, antitrust violations and breach of contract. The FHFA has already calculated that Freddie and Fannie Mae lost $3B in total because of the Libor manipulation.
  • Mar. 20, 2013, 3:44 AM
    JPMorgan (JPM), one of MF Global's primary clearing banks, has reached a $546M settlement with James Giddens, the trustee who is overseeing the liquidation of the brokerage. Under the deal, JPM will pay MF $129M and release claims on $417M that it had already returned to Giddens. Meanwhile, the trustee plans to request court authorization for payments of $300M to former MF customers.
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  • Mar. 19, 2013, 5:18 PM
    JPMorgan Chase & Co. (JPM) declares dividend of $0.30/share for Q1, in line with previous. Forward yield 2.44%. For shareholders of record Apr. 05. Payable Apr. 30. Ex-div date Apr. 03. The board has declared to raise quarterly to $0.38/share effective 2Q, representing an annual dividend of 3.10%. (PR)
  • Mar. 18, 2013, 7:16 AM
    Jamie Dimon's (JPM) job is unlikely to be threatened by last week's London Whale revelations, but at least 2 board members were willing to leak their concerns to the NYT, and one shareholder has had hit with the CEO's "off-putting arrogance." Used to getting his way with regulators, Dimon is apparently losing sway with authorities.
  • Mar. 18, 2013, 5:48 AM
    JPMorgan (JPM)  owned asset manager Highbridge Capital Management has raised a $5B mezzanine debt fund, the largest such vehicle the firm has raised since the financial crisis. The fundraising comes as investors seek out high yields due to low interest rates, and follows Blackstone's raising of a similar $4B fund last year.
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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.
  • 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.
  • 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.
  • 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%.
  • 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.
  • 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.
  • 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.
  • 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.
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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