Jp Morgan Chase, Financial Institution | featured news

A Senate panel has issued a scathing assessment of JPMorgan's $6.2 billion trading loss last year. The investigation found that bank officials ignored growing risks and hid losses from investors and federal regulators.

US bank JP Morgan Chase reveals plans to cut up to 19,000 jobs by the end of next year in its mortgage and community banking businesses.

Finally moving beyond a trading debacle that has stained his once-stellar reputation, Jamie Dimon, JPMorgan Chase’s chief executive, on Friday trumpeted a strong quarter of earnings stemming from a surge in mortgage lending.

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

Regulators, led by the Office of the Comptroller of the Currency, are said to be close to taking action against JPMorgan Chase for insufficient safeguards.

JPMorgan Chase on Thursday formally revised its first-quarter financial results to show a lower profit, after deciding that traders at its main investment arm had overstated the value of certain derivatives.

JPMorgan Chase said Friday that a bad trade had cost the bank $5.8 billion this year, almost triple its original estimate, and raised the prospect that traders had improperly tried to conceal the blunder.

Shares of JPMorgan Chase & Co. tumbled in premarket trading Thursday as a published report said that the bank's losses on a bad trade may reach as much as $9 billion - far higher than the estimated $2 billion loss disclosed last month.

Last week, the once-future Treasury secretary and current JPMorgan Chase CEO Jamie Dimon revealed a $2 billion loss. This previously undisclosed derivative trade should be a wake-up call for those claiming that finance has been “reined in” and no longer presents a threat to the global economy.

J.P. Morgan agreed to hand over $168 million to a bankruptcy trustee representing customers of MF Global. The trustee, James Giddens, said in a statement Friday that the money paid "represents the proceeds of excess collateral" that the New York bank "held" when MF Global tumbled into bankruptcy Oct. 31.