Jp Morgan Chase | featured news

The CEO of JPMorgan Chase, which disclosed a $2 billion loss last week, said he was "dead wrong" when he dismissed concerns about the bank's trading last month.

Stocks dropped right out of the gate following JPMorgan  &  Chase Co.’s stunning disclosure that the bank lost $2 billion in “egregious” trading losses.

How much is a decimal point worth? Trader Kai Herbert plans to find out. Herbert brought suit against JPMorgan Chase & Co.

The Federal Reserve also said on Tuesday that JPMorgan Chase, Wells Fargo, U.S. Bancorp and others could raise dividends or buy back stock.

The discovery comes after days of intensifying regulatory scrutiny at MF Global, which filed for bankruptcy on Monday.

Bank of America Corp. is scrapping its plan to charge a $5 monthly debit card fee. The bank's decision to drop the fee came after a roar of customer outrage in recent weeks over the fee. Other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., already canceled tests of similar debit card fees last week.

JPMorgan Chase & Co and Bank of America Corp were hit with new lawsuits by investors seeking to recover losses on $4.5 billion of soured mortgage debt, expanding the litigation targeting the two largest U.S. banks.

JPMorgan Chase & Co, the second largest U.S. bank by assets, led a broader decline in bank share prices, as investors feared lenders face a growing list of lawsuits due to problem mortgages.

JPMorgan Chase & Co has pushed out its head of home lending, David Lowman, who was sidelined in February after the bank racked up billions of dollars in losses on soured mortgages and became mired in litigation over a wave of foreclosures.

Three of the nation's four largest banks are launching a system that lets customers transfer money from their checking accounts using only a mobile number or e-mail address.