Three of America’s largest banks are getting smaller. And that pattern is not likely to change anytime soon.
“Banks are under assault” from government regulators, CEO Jamie Dimon told reporters today. Amid the onslaught, the bank will “try to stop stepping in dog shit, which we do every now and then.”
Dimon was diagnosed with throat cancer over the summer and had a much-reduced work schedule while going through treatment.
British, American, and Swiss regulators extract the first penalty. It won’t be the last.
Just like Citigroup, it adjusted its reported earnings because of an investigation into its foreign exchange business. The charge turned Bank of America’s $168 million profit for the quarter into a $232 million loss.
The announcement follows a similar disclosure by Citigroup, as authorities take a closer look at the suspect trading in the foreign exchange market.
In July, the Wall Street CEO said he had been diagnosed with throat cancer. “It knocks the hell out of you,” he said today, discussing his weeks of radiation and chemotherapy.
The New York Fed’s president tells bankers: reform your culture or get broken up.
While US markets almost recovered from a steep drop today, investors all over the globe are freaking out about economic growth.
But the bank is still paying an extra $1 billion for legal expenses.
The hack was first reported more than a month ago.
The Treasury Department is trying to stem the tide of deals that take U.S. companies overseas for tax purposes.
With volatilty at record lows and fixed income revenue dropping across Wall Street, bank executives say there may be some light at the end of the tunnel.
The chief financial officer of the country’s biggest credit card issuer said at a conference today that the Apple Pay product is “the future, so it’s great.”
But they don’t like them that much, either.
The FBI is investigating a wave of coordinated cyberattacks that have hit JPMorgan Chase and other U.S. firms in the past month.
Come on, the CEO of JPMorgan did not just join Twitter.
The history of SACO 2006-8, as told through court documents dating back more than six years, provides a view into how the mortgage-backed security industry was built up and spectacularly collapsed. For JPMorgan, it has become the mortgage-backed security from hell.
The Federal Reserve and FDIC said today that plans submitted by large banks showing how they could be dismantled in the case of failure were “unrealistic.”
A new study by the Government Accountability Office said that large banks were able to borrow money for less during the financial crisis because investors thought the government would support them, but that the funding advantage “may have declined or reversed.”
Greenberg was named CEO of Bear Stearns in 1978 and took the company public. He was the chairman of its executive committee when the bank, on the brink of collapse, was bought out by JPMorgan Chase in 2008.
But the bank’s core trading and sales business still shrank in revenue, fulfilling a warning made by the firm in May.
Despite declines in revenues from mortgages and trading, the largest bank in the country beat out analysts’ expectations with $6 billion in profits. In his first public comments since being diagnosed with throat cancer, CEO Jamie Dimon said he was “feeling great.”
Citi barely ekes out a second-quarter profit of $181 million, after a $3.8 billion charge to help pay its settlement over mortgage-backed securities sold before the financial crisis.
Dimon says his prognosis is “excellent, the cancer was caught quickly, and my condition is curable.”
Attorney General Eric Holder said BNP Paribas was “conspiring with other entities to deliberately and repeatedly violate longstanding U.S. sanctions against Sudan, Cuba, and Iran.”
Overdraft fees, which amount to around $32 billion a year, generate massive revenue for banks but confuse and anger many consumers. New rules mandate that consumers opt-in to overdraft programs.
The bank’s chief financial officer said that stock and bond trading revenues are expected to drop by up to a quarter. “We kind of have the market that we’ve got. I wish I had a better answer.”
And almost three quarters of young people would bank with a non-bank company if they could.
The former Treasury Secretary doesn’t expect his book, Stress Test, to change the minds, but he hopes it can serve as a warning for the next financial crisis.