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Bank chiefs should brace for a barrage of questions about economic uncertainty, if JPMorgan Chase's experience after releasing fourth-quarter results is any indication. Double-digit increases in loans and profits were not enough to stave off questions about the odds of recession, energy risks and adequacy of reserves.
January 14 -
WASHINGTON JPMorgan Chase and EverBank were released from business restrictions stemming from the foreclosure reviews that originated in 2011, but also face new civil money penalties for their earlier violations of those restrictions, the Office of the Comptroller of the Currency said Tuesday.
January 5 -
JPMorgan Chase will pay $920 million in regulatory fines related to its London Whale trading scandal, adding to the $6 billion in losses the bank already took as a result of the trades.
September 19
JPMorgan Chase won a judge's preliminary approval of a deal to pay $150 million to settle investor claims that it hid from them as much as $6.2 billion in losses caused by a trader dubbed the London Whale.
U.S. District Judge George Daniels in New York on Tuesday issued a ruling tentatively accepting the accord. After hearing from investors covered by the settlement, the judge will decide later whether to grant final approval.
"The settlement is fair, reasonable and adequate for this class," Daniels said.
A group of pension funds accused JPMorgan of turning its chief investment office in London into a "secret hedge fund" that caused the losses. The bank told investors that the office's primary role was managing risk when in fact it was engaging in trades to generate profit, they said.
Ohio pension funds and other plaintiffs in the case claim they incurred tens of millions of dollars of losses because their fund managers were given "false and misleading information." Bruno Iksil, who amassed positions in credit derivatives so big and market-moving he became known as the London Whale, made the trades for the bank.
