JPMorgan’s Dimon Said to Relinquish Chairman Title at Bank Unit (Bloomberg)
JPMorgan Chase Chief Executive Officer Jamie Dimon stepped down as chairman of the lender’s main bank subsidiary at the start of July, according to a person briefed on the move. Dimon, who serves as CEO and chairman of the parent company, handed off his post at the unit to William C. Weldon, a JPMorgan board member and former head of Johnson & Johnson, said the person, who asked not to be named because details of the move weren’t announced. A regulatory document released yesterday listed Dimon as “chairman emeritus” of the subsidiary, which runs JPMorgan’s deposit and consumer banking operations.
Twitter Files For IPO With Implied $12.8 Billion Value (Bloomberg)
In the most anticipated technology offering since Facebook, San Francisco-based Twitter made public its S-1 prospectus yesterday and said it’s seeking to raise $1 billion. Twitter pegged the fair value of its common stock at $20.62 a share in August. There are 620 million shares outstanding, according to people familiar with its financials, who asked not to be named because the number was not included in the filing.
Twitter Reveals Rip-Roaring Growth, Big Losses Ahead Of IPO (Reuters)
In Thursday’s filing, the first public disclosure of financial figures, Twitter reported that revenue almost tripled to $316.9 million in 2012. In the first half of 2013, it posted revenue of $253.6 million but had a loss of $69.3 million. The numbers were mostly in line with the estimates of outside analysts. The company began selling advertising in earnest only in 2010, devising a means for ads to appear in the message streams of users that has proven effective for both desktop computers and mobile devices. The losses are “a non-issue,” said Brian Wieser, analyst at Pivotal Research Group. “It would have been a surprise if they had a profit.”
Boehner Seeks Republican Unity on Debt-Ceiling Increase (Bloomberg)
U.S. House Speaker John Boehner is trying to unite Republicans around a plan to reopen the federal government, raise the debt ceiling and achieve as many of the party’s priorities as they can. There’s one major problem: the 232 members of his caucus can’t agree on how to do that.
Boehner will be under pressure from multiple factions in his own party when House Republicans meet at 10 a.m. today in Washington, on the fourth day of a partial government shutdown that shows no signs of ending. “The speaker has been trying to unify us for a long time,” said Representative Devin Nunes, a California Republican and Boehner ally. “The problem is it’s impossible as long as we have people out telling their constituents that there is a magical way to get 67 senators and 290 House members to override a presidential veto.”
Police Arrest Naked Wedding Crasher (CT)
A Lincoln man stands accused of indecent exposure after allegedly stripping naked in front of a church and crashing a wedding Saturday afternoon. Officer Katie Flood said it happened outside St. Mary’s Catholic Church in Lincoln, where they were called about an uninvited man who pulled up in a pickup truck and got out waving lettuce, saying he was there to feed the animals. A wedding goer said the man got back in his truck and drove 150 feet before he stopped and got out, undressed and stood there naked. Police arrived to find him back in his truck. Flood said they stopped Kevin P. Gill, 36, driving the wrong way on K Street and arrested him on suspicion of indecent exposure.
JP Morgan’s DOJ Talks Hit A Snag (NYP)
CEO Jamie Dimon has become vexed that Attorney General Eric Holder and his regulators won’t guarantee that in return for paying at least $11 billion, that federal and state regulators won’t come back for more, sources said. This stand-off has delayed the deal, which was expected to be inked this week. The $11 billion deal would be the biggest settlement by a single company. So far, Holder refuses to give that guarantee.
Fed decision not to trim bond buys was ‘close call’: Fisher (Reuters)
Bank of Japan warns of severe global impact from U.S. fiscal standoff (Reuters)
“If this continues for a long time, this could destabilize financial markets and worsen sentiment,” Kuroda told reporters after a two-day policy review meeting, adding that the BOJ was ready to respond to any sudden shocks. He declined to comment on the possibility of a U.S. debt default, but said the consequences of a prolonged standoff on global markets would be “severe.” “We sincerely hope a solution is reached at an early date,” Kuroda said. Through its massive holding of U.S. government debt, Japan is one America’s biggest creditors.
Welcome to Edmonton signs targeted by vandals (GN)
Several motorists were shocked as they made their way into Edmonton Tuesday, after a number of the City’s welcome signs were vandalized. “I got to Gateway Park and the Welcome to Edmonton sign looked a little bit different,” said Leduc resident Alison Gyte. “Where it used to say ‘City of Champions’ now said ‘Suck it Calgary.’” The ‘City of Champions’ slogan was covered up on six city signs Tuesday morning; ‘Suck it Calgary,’ ‘City of Speed Traps’ and ‘Road Construction City’ were among the new slogans. “At first it made me laugh, because the rivalry between Edmonton and Calgary has, of course, been going on forever. But then I was kind of appalled,” Gyte said. “That’s not a great way to show the integrity of the city. So I was a little disappointed.” The job was done rather professionally; each of the letters in the new slogans were individually cut, painted, glued and nailed onto the signs, which were constructed out of plywood. Whoever was responsible then glued and nailed the new signs over the originals. “I think whoever did it is a putz. City of Champions actually is still something to be proud of,” said Ward 7 City Councillor Tony Caterina.