U.S. stocks were poised to open higher Friday in the wake of JPMorgan's second-quarter earnings and disclosure that it has lost $5.8 billion on a trading blunder so far this year.
U.S. stocks were set to open lower, as investors react to a disappointing producer prices report and await new details about Europe and trading losses at JPMorgan Chase.
updated: Fri May 18 2012 08:36:00
Jessica Yellin and Bob Lenzner discuss the huge JPMorgan Chase loss, new investigations, and the company's CEO.
updated: Mon May 14 2012 17:47:00
The decisions of former JP Morgan Chief Investment officer Ina Drew that cost the nation's largest bank $2 billion.
JPMorgan Chase can be considered a systemically dangerous institution, which means that it is "too big to fail" because the government fears that its collapse would cause a global financial crisis.
All three U.S. stock indexes closed down roughly 1% Monday. Investors sold out of stocks on worries over the political and economic stability of the eurozone and the safety of the U.S. banking sector.
Looks like Twitter isn't the only company with a fail whale.
Stocks finished lower Friday, ending a down week for the major indexes, as weakness in the banking sector weighed on the market.
U.S. stocks were set to open lower Friday on worries sparked by a $2 billion trading loss at banking giant JPMorgan Chase.
China is slowing, inflation is sleeping, bank stocks are slipping and Google is splitting. Got all that?
U.S. stocks closed sharply lower Monday, the first trading day following a disappointing jobs report last week.
Will European investors respond to the S&P's downgrade of nine European Union nations or follow the relative calm of U.S. investors?
Bank stocks surged Tuesday ... before the Federal Reserve officially handed out gold stars and demerit badges to the top 19 financial institutions.
Five big U.S. banks were among 17 global institutions placed under review for downgrades Thursday by the rating agency Moody's, reflecting the ongoing economic pressures from Europe's fiscal crisis.
Some relief for more than a million beleaguered homeowners appears to be at hand, as New York and California will join just about all the other states in a $26 billion foreclosure settlement with the nation's largest banks, according to a person familiar with negotiations.
There was a whiff of inevitability about the decision by Stephen Hester, the Royal Bank of Scotland chief executive, to waive his £1M ($1.57M) bonus late last night, as the political and media furor mounted.
updated: Fri Jan 27 2012 15:23:00
A rare interview with the CEO of JPMorgan Chase, Jamie Dimon.
The chief executive of JPMorgan says he can understand some of the grievances of the Occupy movement, describing some of Wall Street's actions as "a total disgrace."
Citigroup reported quarterly profit and revenue that fell short of forecasts, driven by ongoing weakness in trading and the unwinding of Citi Holdings, which includes Citi's mortgage servicing business.
Shares of Carnival plummeted in U.S. trading Tuesday after the cruise line operator said it may suffer a more than $100 million hit to its profit from the grounding of the Costa Concordia.
U.S. stocks finished in the red Friday as anxious investors braced for a string of credit rating downgrades for eurozone countries.
JPMorgan said Friday that it plans to keep expanding, even as its latest quarterly earnings took a big hit from losses in investment banking and trading.
JPMorgan Chase's disappointing fourth-quarter earnings could weigh on U.S. stocks when markets open Friday.
U.S. stocks were headed for a higher open Tuesday, following some upbeat comments about Europe and a mildly decent start to quarterly earnings reports.
The Federal Reserve is expected this week to release a set of proposed rules detailing how much reserve capital big banks will need to keep on hand in the future.
Standard and Poor's downgraded the credit ratings of 15 banks Tuesday, after applying new criteria to the world's 37 largest banks.
As protesters find new ways to "Occupy Wall Street", major financial firms have been busy handing out pink slips this week.
Superstar investors may be scrambling to buy up shares of beaten down bank stocks. But should you?
Two investors who lost their money to Bernard Madoff are suing JPMorgan Chase for $19 billion, accusing the firm of aiding and abetting the Ponzi schemer.
MF Global executives pled in bankruptcy court Tuesday for access to enough money to keep the company afloat.
Occupy Wall Street is getting personal.
Another Monday, another bankruptcy in the financial industry.
Big banks are engaging in a kind of accounting doublespeak that would make George Orwell blush.
If a company discloses that its profits plunged by nearly 75%, why are its compensation expenses only down about 25%?
Stock market investors finally broke even for 2011, after a choppy trading week.
U.S. stocks ended mixed Thursday, as investors took a breather from the recent rallies and turned cautious after a lackluster earnings report from JPMorgan Chase.
Financial stocks weighed on the market Thursday after JPMorgan Chase reported disappointing results.
JPMorgan reported declining profits and sales figures Thursday as volatile financial markets hit the company's trading and investment banking operations.
U.S. stocks were set for a weak open Thursday, as investors monitored the latest developments in Europe's debt crisis, digested JPMorgan Chase's earnings and latest job market data.
August and September's see-sawing stock market may have induced nausea among investors, but for Wall Street's major investment banks, this volatility has most likely taken a huge toll on profits.
So finally, after long drawn out negotiations, German Chancellor Angela Merkel and French President Nicolas Sarkozy seem to have reached some consensus on the recapitalization of European banks.
Investors are funnelling more assets to hedge funds that protect them against extreme events amid the European sovereign debt crisis and global economic recession.
If there's an upside to the embattled Dodd-Frank laws, it's made it less likely that a rogue trader could topple a major U.S. financial institution.
Wall Street should brace for an autumn of upward revisions among the big banks. Not for profits or revenue, but in the number of layoffs to come.
Bank stocks sank Friday amid reports that federal housing authorities were planning to sue several financial firms for allegedly misrepresenting the value of mortgage-backed securities. And indeed, after the market closed the government agency that oversees Fannie Mae and Freddie Mac filed suit against 17 big financial institutions.
More than a dozen banks are expected to face lawsuits from a federal housing agency accusing them of misrepresenting the value of mortgage-backed securities.
Investors were more optimistic Tuesday afternoon after the Federal Reserve's minutes from its most recent meeting indicated that some Fed members favored more stimulus.
JPMorgan Chase has reached a settlement with the government that will cost the company $88.3 million over apparent violations of sanctions rules.
Stocks sold off sharply Monday and gold prices rose, as worries about Europe's debt crisis and uncertainty over the U.S. debt ceiling kept investors on edge.
U.S. stocks were headed for slight gains at Thursday's open, despite a warning from Moody's of a possible downgrade to U.S. debt that is sure to weigh on markets.
After spending two months focused largely on the state of the U.S. economy, investors will get a chance to turn their eyes back to Corporate America this week.
JPMorgan Chase will pay $228 million in a setttlement of charges that the bank's securities division rigged the market for municipal bond derivatives, state and federal regulators announced Thursday.
The trustee in the Bernie Madoff case filed an amended complaint against JPMorgan Chase on Friday, upping the damages sought from $5.4 billion to $19 billion for the bank's alleged role in the Ponzi scheme.
The new big fight among Wall Street banks and their regulators is about how much extra cash banks should keep around for rainy days.
JPMorgan has agreed to pay $153.6 million to settle charges it misled investors in the sale of a complex mortgage-backed security, the Securities and Exchange Commission announced Tuesday.
A federal watchdog for the credit union industry has sued JPMorgan and the Royal Bank of Scotland for allegedly misrepresenting the value of the mortgage-backed securities that they sold in recent years, triggering the failure of five credit unions.
As the son and grandson of investing legends, both named Shelby Davis, Chris Davis is to the mutual fund born. He took a few detours -- at various times considering the priesthood and the CIA -- but years ago found his way into the family business. At 45, he's been chairman of Davis Advisors for 13 years and is committed to the tenets laid out by his forebears: He seeks bargain-priced shares of established companies (often financials) and holds them ... and holds them.
Stocks ended higher Wednesday, thanks to a late-afternoon turnaround following President Obama's speech unveiling his plan to cut the U.S. budget deficit by $4 trillion over 12 years.
JPMorgan Chase CEO Jamie Dimon, who is critical of a key provision in the financial reform law, has been taken to task by a U.S. senator in a scathing letter.
U.S. stocks were poised for gains Wednesday after JPMorgan Chase reported solid earnings, but cautioned that mortgage losses would continue.
So much for the notion that financial stocks need to rally in order for the entire market to head higher.
For bond fund investors, there's little good news. The decades-long decline in interest rates, which pumped up returns, has hit rock bottom. Inflation and higher rates must loom ahead -- and when rates rise, bond prices fall. Is there anything you can do besides accept a future of lousy returns?
A JPMorgan Chase executive admitted to Congress that the bank did a "terrible job" of dealing with military home loans.
JPMorgan Chase accused the court-appointed trustee in the Bernard Madoff Ponzi case of overstepping his bounds with his $6 billion lawsuit against the financial services company.
JPMorgan Chase executives suspected that Bernard Madoff's investment strategy was actually a Ponzi scheme years prior to its collapse, but did nothing to stop it, according to the court-appointed trustee trying to recove assets stolen by Madoff.
JPMorgan Chase & Co. admits that it overcharged 4,000 members of the U.S. military on their mortgages and accidently foreclosed on 14 homes, mistakes that it is working to resolve.
U.S. stocks ended moderately higher Friday, as investors shrugged off lackluster economic data and shifted focus to next week's avalanche of corporate reports.
U.S. stocks were headed for a lower open as investors mulled over earnings results from JPMorgan and government reports on inflation and retail sales.
The sheriff of Cook County, Illinois says he will stop evicting residents from foreclosed properties unless he is assured that the foreclosures are legitimate.
Bank stocks have been shellacked lately as investors worry about what impact the foreclosure scandal will have on the results for the nation's largest financial institutions.
The top prosecutors in all 50 states announced Wednesday a coordinated probe into improper foreclosures by the nation's largest loan servicers, but stopped short of calling for a freeze on all foreclosures.
Stocks rallied Wednesday as investors bet that the Federal Reserve is moving toward a more accommodative policy.
JPMorgan Chase said it earned $4.4 billion during the third quarter on Wednesday, an increase of 23% from a year ago, as loan loss reserves continued to decline.
JPMorgan Chase is expanding its review of foreclosure documents, according to a person close to the bank.
updated: Sun Oct 10 2010 22:31:00
Dominique Strauss-Kahn, IMF managing director, talks to CNN's Maggie Lake about the economic crisis.
Bank of America is halting foreclosure sales in all 50 states as part of a widening investigation into flaws in the process, the company announced Friday.
Pressure is mounting on U.S. banks to halt more foreclosures amid widespread allegations that loan servicers failed to verify legal documents in what could be hundreds of thousands of cases.
Have you looked at how big bank stocks have done in the past few months? If so, you can be forgiven if you break into a cold sweat and start worrying about a repeat of the fall of 2008.
Personally, I have no idea whether the economy is headed for a double-dip downturn, as some now predict. And frankly, no one else does either.
That was fast, even by Wall Street standards. Just a year after joining JPMorgan Chase from Merrill Lynch, star coal trader (yes, there is such a thing!) Chan Bhima is exiting the House of Dimon in disgrace. The man reportedly lost $130 million on a wrong-way bet on European coal prices in the second quarter.
Stocks end little changed Thursday, erasing bigger losses after weaker than expected reports on the economy revived worries about growth.
JPMorgan Chase said it earned $4.8 billion during the second quarter on Thursday, as business tied to banking with American consumers more than offset a slowdown on Wall Street.
U.S. stocks were poised for a higher open Thursday after JPMorgan Chase reported better-than-expected earnings and weekly jobless claims fell to the lowest level in almost two years.
For the nation's top banks, their latest results may be more about their ability to deliver answers rather than actual profits.
Stocks rallied Friday, finding momentum at the end of a choppy session ahead of the first wave of quarterly corporate results due out next week.
It's a brave new world for the derivatives market. Or is it?
Several banks are gearing up to do a whole lot more mortgage lending in the future.
Last October the Federal Reserve issued proposed guidance to banks on the structure of bank pay. The reason for the guidance was the need for banks to change pay so it would no longer encourage the excessive risk taking that led to the financial crisis.
With all the public fury aimed at Goldman Sachs these days, it should come as no surprise that an employee or two of the storied investment bank wishes that things were somehow ... different.
Wall Street's winning streak was good while it lasted.
Lehman Brothers' bankruptcy estate filed suit against JPMorgan Chase Wednesday, alleging that the bank demanded billions of dollars more than it needed in the firm's final days contributing to Lehman's ultimate demise.
The number of troubled homeowners falling out of President Obama's foreclosure rescue plan soared in April.
Like sharks drawn to fresh blood in the water, it seems that federal regulators have a ravenous appetite and they are set to pounce on big banks.
Jes Staley is a throwback to an old idea of what a banker ought to be. Soft-spoken and client-focused, he has spent his entire career at one company. He's so far below the radar that most people outside finance have never heard of him.
Stocks rallied Wednesday, with the Standard & Poor's 500 and Nasdaq composite indexes crossing significant milestones for the first time in more than a year and a-half, after quarterly results from JPMorgan Chase and Intel and strong retail sales figures.
President Obama's foreclosure prevention plan has helped nearly 228,000 delinquent borrowers keep their homes, the administration said Wednesday.
The Obama administration's mortgage-modification program is not keeping pace with the deluge of foreclosures hitting the market, a government watchdog found.
Profits at JPMorgan Chase jumped 55% from a year ago to $3.3 billion on the back of the bank's Wall Street business and an improvement in the overall economy.
U.S. stocks were set to move higher at Wednesday's open after JPMorgan Chase and Intel reported strong first-quarter results and investors awaited a batch of economic data.
Investors return to work this week with the Dow just short of 11,000, the Nasdaq nearing a two-year high and the first-quarter reporting period set to take off.
© 2013 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
|