Banking

2:48am

Fri May 18, 2012
Business

Did Bank's Culture Lead To JPMorgan's Big Loss?

Originally published on Fri May 18, 2012 2:49 pm

Transcript

DAVID GREENE, HOST:

The head of JPMorgan Chase, Jamie Dimon, has gotten an invitation to testify in front of the Senate Banking Committee about his bank's recent trading loss of at least $2 billion.

STEVE INSKEEP, HOST:

Dimon is very much the public face of his firm. In a Wall Street culture where banks are defined as much by the executives who run them is by the assets they hold. So, what kind of culture led to the multibillion dollar losses at JPMorgan Chase?

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1:20am

Fri May 18, 2012
Planet Money

The Long, Long, Long Road To New Rules For Banks

Originally published on Fri May 18, 2012 2:49 pm

Would that big, bad JPMorgan Chase trade have violated the Volcker Rule?

It's too soon to say, despite the fact that the rule is part of a two-year-old law.

The Volcker Rule bans deposit-taking banks from making speculative bets. But it allows banks to make investments to hedge risks.

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5:03am

Thu May 17, 2012
The Two-Way

As Feared, JPMorgan's Losses Are Growing; Reportedly At $3 Billion

Timothy A. Clary AFP/Getty Images

The word on Monday that JPMorgan Chase's losses from risky trades that went wrong could climb from $2 billion to perhaps as high as $4 billion in coming quarters is being bolstered this morning.

There's this report from The New York Times' Deal Book blog:

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3:39pm

Tue May 15, 2012
Business

Shareholders Press JPMorgan Over Risk-Taking

Originally published on Tue May 15, 2012 3:46 pm

Protesters are seen behind a banner with a picture of JPMorgan Chairman and CEO Jamie Dimon outside a shareholders meeting Tuesday in Tampa, Fla.
Joe Raedle Getty Images

JPMorgan Chase faced more critics Tuesday, this time from some of its own shareholders at its annual meeting in Tampa, Fla. This comes after the bank disclosed it lost at least $2 billion last week in a bungled trading strategy.

The Securities and Exchange Commission is looking into the surprise loss, and the Justice Department has now reportedly opened a preliminary probe.

JPMorgan executives let shareholders do some venting at Tuesday's meeting.

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10:23am

Tue May 15, 2012
The Two-Way

Report: Justice Dept. Probing JPMorgan's Big Loss

Originally published on Tue May 15, 2012 10:45 am

Standing behind a banner with a picture of J.P. Morgan Chairman and CEO James Dimon, protesters gathered outside the bank's annual meeting today in Tampa.
Joe Raedle Getty Images
  • Two soundbites from CEO Jamie Dimon at today's shareholders meeting

The Justice Department has begun looking into JPMorgan Chase's $2 billion-and-counting loss from a hedge account, The Wall Street Journal reports. It cites "a person familiar with the matter" as its source.

The Journal adds that "the probe is at an early stage and it isn't clear what possible legal violation federal investigators may be focusing on."

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