JPMorgan

  • 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 »

  • 15 Jan 2014 at 3:23 PM
  • Banks

A Fresh Indignity For Jamie Dimon

He may not be going anywhere, but he’ll have to stand behind John Stumpf at industry gatherings this year. Read more »

  • 14 Jan 2014 at 5:42 PM

P.S. Jamie Dimon Isn’t Going Anywhere

A feisty Jamie Dimon said that he’s not planning on resigning in the wake of a raft of fines that has plagued JP Morgan over the past year. Asked if he would consider resigning on a conference call this morning to discuss the bank’s fourth-quarter results with reporters, the chairman and CEO fired off: ”No, no and no.” He qualified his comments in the same breath, “And it’s all up to the board.” [Quartz]

  • 13 Jan 2014 at 4:31 PM

Bonus Watch ’14: Everyone

Pay predictions for Credit Suisse, Deutsche Bank, Goldman Sachs, JP Morgan, RBS, UBS. Read more »

To settle a barrage of government legal actions over the last year, JPMorgan Chase has agreed to penalties that now total $20 billion, a sum that could cover the annual education budget of New York City or finance the Yankees’ payroll for 100 years. It is also a figure that most of the nation’s banks could not withstand if they had to pay it. But since the financial crisis, JPMorgan has become so large and profitable that it has been able to weather the government’s legal blitz, which has touched many parts of the bank’s sprawling operations. The latest hit to JPMorgan came on Tuesday, when federal prosecutors imposed a $1.7 billion penalty on the bank for failing to report Bernard L. Madoff’s suspicious activities to the authorities. Yet JPMorgan’s shares are up 28 percent over the last 12 months. Wall Street analysts estimate that it will earn as much as $23 billion in profit this year, more than any other lender. And JPMorgan’s investment bankers, who on average earned $217,000 in 2012, can look forward to another lush payday as bonus season approaches. “The fines have been manageable in the context of the bank’s earnings capacity,” Jason Goldberg, a bank analyst at Barclays, said. “It makes $25 billion in revenue per quarter and has record capital.” [Dealbook]

In retrospect, JPM could’ve maybe solved that puzzle using the clues Madoff provided. Maybe. Read more »

JPMorgan Chase & Co. plans to boost the number of junior investment bankers it employs by about 10 percent and provide them with “protected weekends” to reduce their workload, a person familiar with the matter said. Jeff Urwin, the New York-based company’s global head of investment banking, announced the changes on an internal conference call today, said the person, who didn’t say how many people would be affected and asked not to be identified because the new policies aren’t public. Jennifer Zuccarelli, a spokeswoman for JPMorgan, declined to comment. All of the major Wall Street firms are planning to increase investment-banking staff in 2014, according to Jeanne Branthover, the head of financial-services recruitment at Boyden Global Executive Search in New York. They are also trying to protect their best employees from poaching as average pay at the biggest banks declines. “Business is better and they’ve stayed lean for so long,” Branthover said. “People are burned out.” [Bloomberg, earlier]