JP Morgan Chase

  • 11 Jun 2014 at 3:03 PM

Layoffs Watch ’14: JP Morgan

According to CFO Marianne Lake, the bank may be forced to sacrifice some employees (and bonuses) for the greater good. Read more »

  • 13 Feb 2014 at 3:22 PM

JP Morgan Learns From Its Mistakes

Back in November, JP Morgan announced that it would be offering up Vice Chairman Jimmy “Get Tom Brady On The Phone” Lee for questioning by the people of Twitter. The pre-show did not go well and the whole thing had to be canceled, in part because it somehow wasn’t anticipated that there might be lingering questions about the billions the firm had lost/was fined/was about to be fined. Today, the bank has demonstrated that it took its remedial interenet classes seriously, and redeemed itself with this: Read more »

  • 22 Jan 2014 at 7:13 PM

Bonus Watch ’14: JP Morgan

If you liked last year’s bonus, you’re gonna love the one coming your way this week. Read more »

JP Morgan Chase and Deutsche Bank are extending bans on the use of multi-dealer online chatrooms, sources familiar with the plans told Reuters, as banks crack down on potentially inappropriate communications following a string of scandals. Chatrooms have been a focus for regulators investigating manipulation of benchmark interest rates and possible rigging in the $5.3 trillion-a-day foreign exchange (FX) market. A source familiar with developments at JP Morgan, the biggest U.S. bank by assets, said the decision was unrelated to the FX probes which surfaced in June, noting chatrooms had been under review at the bank since earlier this year. “This has always been about more than FX,” the source said, adding that the casual nature of online chatrooms increased the potential for “inappropriate” remarks to be made. [Reuters, Related: UBS Making Foreign Exchange Rate Manipulation Mildly More Inconvenient]

  • 16 Dec 2013 at 3:08 PM

Christmas Come Early For JP Morgan Junior Employees

Back in the day, as in pre-2008, attempts to make the job of a Wall Street junior banker slightly more palatable would have been laughed off as crazy and unnecessary. The main reason was that any complaints to management about treating young employees like indentured servants could be met with: “Yeah…but you’re/they’re making a ridiculous amount of money for someone just out of college, so get the hell out of my office.” Grappling with the fact that, post-financial crisis, it’s become increasingly difficult to make the case for working junior mistmakers’ little fingers to the bone 24/7, management has been forced to look within and ask itself, “What would PETA (People for the Ethical Treatment of Analysts/Associates) do?”

In November, Goldman Sachs announced it would be implementing a bunch of “initiatives…designed to improve the junior banker experience,” the most significant being the one that gives analysts and associates 36 hours of rest between Friday night and Sunday morning, rather than keeping them chained to their desks through the weekend. Now, following Goldman’s magnanimous gesture, JP Morgan is said to be about to roll out its junior banker work/life improvement plan. Read more »

  • 06 Nov 2013 at 6:14 PM

Hiring Watch ’13: Ray Kelly

The Police Commissioner might get a job at JP Morgan. Read more »

In its latest corporate confession, the nation’s biggest bank disclosed that it’s facing more than a dozen civil and criminal investigations into its virtually every aspect of its business. Beyond the infamous “London Whale” debacle, the bank is also being investigated over mortgage-bond sales, improper foreclosure practices, interest-rate rigging and power market manipulation, according to JPMorgan’s latest quarterly filing with regulators. Although the bank didn’t reveal any new investigations, taken together they underscore the multitude of legal and regulatory challenges confronting JPMorgan boss Jamie Dimon. Indeed, earlier this month JPMorgan took the unusual step of disclosing that it had set aside a whopping $23 billion to tackle potential legal problems…Despite the wide-ranging issues, JPMorgan officials believe the bank is finally making headway on its raft of legal and regulatory woes after years of wrangling, according to sources. [NYP]