Narayana Kocherlakota, Lionel W. McKenzie Professor of Economics at the University of Rochester, and former president of the Federal Reserve Bank of Minneapolis, and James E. Glassman, managing director and head economist for commercial banking at JPMorgan Chase & Co., will present their outlook for the U.S. and New York state economy during the 37th annual […]
ALBANY — JPMorgan Chase & Co. has reached a record $13 billion settlement with federal and state authorities, resolving claims over the bank’s sales of mortgage-backed securities that collapsed during the U.S. housing crisis. It is the largest settlement ever between the Department of Justice and a corporation and marks a key chapter for the […]
ALBANY — An $11 billion national settlement is under discussion to resolve claims over JPMorgan’s handling of mortgage-backed securities in the run-up to the recession, said a government official familiar with ongoing negotiations among bank, federal and state officials. The Justice Department is taking the lead on the settlement, which would include $7 billion in […]
WASHINGTON — JPMorgan Chase & Co. will pay $920 million and has admitted that it failed to oversee trading that led to a $6 billion loss and renewed worries about serious risk-taking by major banks. U.S. and U.K. regulators said Thursday that the largest U.S. bank’s weak oversight allowed traders in its London office to […]
NEW YORK — JPMorgan Chase said Wednesday that it will take steps to protect its customers from fees and other charges that payday lenders may slap on them. The bank said it will limit the fees that customers are charged when they overdraft their accounts to make payments to payday lenders. It will also “enhance […]
NEW YORK — JPMorgan is trimming about 4,000 jobs, becoming the latest big bank to shrink its work force. The bank says the cuts will be focused in consumer banking and mortgages. A bank spokeswoman stressed that many of the cuts would come through attrition, but the bank will lay off workers as well. The […]
WASHINGTON — Federal regulators are reviewing what JPMorgan Chase told investors about its finances and the risks it took weeks before suffering a multibillion-dollar trading loss. Mary Schapiro, chairman of the Securities and Exchange Commission, told the Senate Banking Committee Tuesday that the agency is examining JPMorgan’s earnings statements and first-quarter financial reports to determi[...]
WASHINGTON — FBI Director Robert Mueller says the bureau has launched a preliminary investigation of JPMorgan Chase & Co. following a $2 billion trading loss at the bank. Mueller’s comment Wednesday at a Senate Judiciary Committee hearing was the first on-the-record confirmation of the probe. On Tuesday, a law enforcement official said that the FBI’s […]
NEW YORK CITY — JPMorgan Chase's CEO says the bank has stopped using the electronic mortgage tracking system used by major financial institutions. Lawyers have argued in court proceedings ...
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