August 28, 2013 |
JPMorgan Chase is in talks with a group of regulators, including U.S. prosecutors, to settle probes of the bank's massive "London Whale" trading losses last year, according to a person familiar with the talks. Regulators, including the U.S. Securities and Exchange Commission and the U.K. Financial Conduct Authority, are in intense negotiations with lawyers for JPMorgan to reach a global settlement, the person familiar with the talks said. Prosecutors from U.S. Attorney Preet Bharara's office in New York were also...
July 6, 2012 |
JPMorgan Chase, run by charismatic chief executive Jamie Dimon, has enjoyed a reputation since the financial crisis for being different from other banks: smarter about risk-taking and less likely than its peers to be hauled before lawmakers for grillings on the Hill. Yet the nation's biggest bank is now facing investigations by a number of federal regulatory agencies that are subpoenaing internal documents related to everything from the bank's recent multibillion-dollar trading loss to whether the...
May 16, 2012 |
A class-action lawsuit was filed Tuesday against JPMorgan Chase on behalf of investors accusing the bank of misleading shareholders about the $2 billion in trading losses that have roiled the company this week. Lawyers said the bank did not fully disclose the risky nature of JPMorgan's trades. The lawsuit alleges the bank falsely told shareholders that its bets on financial instruments known as derivatives were "hedges" that would help the firm offset overall risk in its portfolio.
July 30, 2013 |
On March 14, 2011, Blythe Masters , head of JPMorgan Chase's global commodities group, asked one of her top deputies why California power officials were making ominous inquiries into the bank's arcane and lucrative business of selling electricity. Five months earlier, Masters had been given a spreadsheet predicting that this line of business would generate profits of $1.5 billion to $2 billion by 2018. Francis Dunleavy, the Houston-based executive in charge, replied in an...
May 13, 2012 |
The embarrassing losses at megabank JPMorgan Chase reverberated in Washington, Wall Street and on the campaign trail Sunday, with JPMorgan Chase chief executive Jamie Dimon acknowledging that the bank "made a terrible, egregious mistake" by dismissing worrisome signs earlier this year about the bank's trading strategy. JPMorgan, the largest U.S. bank, was poised on Sunday to accept the resignations of three executives involved in the botched...
September 16, 2013 |
Authorities in the United States and Britain are set to hand down roughly $750 million in fines against JPMorgan Chase over the bank's disastrous "London Whale" trading losses last year, according to people familiar with the negotiations. The settlements could be announced as soon as this week, said the people who were not authorized to speak publicly because the settlements have not been finalized. It would resolve a majority of the investigations that were...