Bank of America Corp, JPMorgan Chase & Co and U.S. Bancorp and other major U.S. banks seem to have stopped a group of hacker activists from seriously disrupting their online banking operations.
Losses from JPMorgan's derivative trading is expected to amount to $4 billion to $6 billion which is higher than the estimated $2 billion. The company is still confident of posting "solid profits".
Five of the biggest US banks including JPMorgan Chase, Bank of America Corp , Citigroup Inc , Goldman Sachs are planning their 'living wills' a contingency plan in case of bankruptcy.
According to analysts, outsourcing of work to countries like India and the Philippines is a fait accompli in customer service, direct marketing, clinical research and information technology.
JPMorgan Chase's head Jamie Dimon said that the bank informed its investors about the losses when it was incurred. While he apologised for the losses, he did not claim responsibility.
Post the 2007-2009 economic crisis believed to have led by banks, the G20 approved a principle which dissuades banks from giving bonuses to excessive risk-takers. A new study finds that banks are failing to comply with this.
Starting late last year, JPMorgan Chase & Co reduced the amount of hedging it was doing to contain potential losses, according to a top federal regulator.
The Bank sold profitable securities to offset losses to avoid a hit in the second quarter earnings. But experts believe that they made a stupid mistake by taking risks with derivatives they did not understand.
Foreign banks, including HSBC and Singapore's DBS Group, have either injected or are planning to pump in capital into their China units which are expected to grow rapidly over the coming years
In the run-up to Facebook's $16 billion IPO, Morgan Stanley , the lead underwriter, unexpectedly delivered some negative news to major clients.The bank's consumer Internet analyst reduced revenue forecasts for the company.
Though investors mostly gave Dimon a pass, pressure mounted on the bank to reclaim some of the millions of dollars it paid to the executives who oversaw the trades.
JPMorgan's $2 billion-plus trading loss raises serious questions about whether the regulators were asleep at the wheel or whether it is too much to expect them to keep up with the financial engineering conducted by complex institutions with diverse, global operations.
Three high-ranking executives at the bank are to leave their jobs this week, the Wall Street Journal reports. The bank's losses could potentially rise to $4 billion.
The loss embarrassed chief executive Jamie Dimon, a leader lauded for steering his bank through the fallout from the 2008 financial crisis without reporting a loss.
For a bank lauded for navigating the fallout from the 2008 financial crisis without reporting a loss, the errors are embarrassing, given Dimon's criticism of the Volcker rule to ban proprietary trading by big banks.