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  • J.P. Morgan Chase & Co. (JPM) reported earnings of $5.52 billion, or $1.35 a share, down 16% from a profit of $5.91 billion, or $1.45 a share, from the same period a year ago. Revenue grew from $24.07 billion to $25.41 billion over the same time period. The company beat expectations: analysts polled by Zacks Investment Research expected earnings of $1.26 a share and revenue of $23.85 billion.

  • You may be surprised to learn which industry has announced the most layoffs so far this year: finance

  • After the banks made wildly risky bets with our money, we bailed them out. Congress enacted financial reform (the Dodd-Frank law). But Wall Street lobbyists immediately set about diluting it, along with its regulations. Dodd-Frank is now riddled with so many exemptions and loopholes that the largest banks are back to many of their old tricks

  • American bank JPMorgan agreed to pay the U.S. Securities and Exchange Commission a $153.6 million fine to settle a fraud case filed against the company

  • As part of the settlement, JPMorgan neither admitted nor denied wrongdoing -- despite ample evidence that it had engaged in plenty of wrongdoing. Things like paying off local officials with millions to win no-bid contracts worth billions and convincing county officials to switch from fixed-rate bonds to bonds hedged with risky derivatives -- a switch that has driven Jefferson County to the brink of bankruptcy