JPMorgan

3:12am

Fri March 15, 2013

2:29pm

Wed January 16, 2013
The Two-Way

JPMorgan Chase Sees Profits Rise, Halves CEO's Salary For London Debacle

Originally published on Thu January 17, 2013 4:41 am

JPMorgan Chase reports that its profits were up 53 percent in the fourth quarter of 2012 — but CEO Jamie Dimon's pay will be cut in half, after the bank lost billions of dollars on risky bets made in its London office. The incident tarnished the reputation of Dimon, who had successfully steered his bank through the recent financial crisis.

"This past year has been a bruising one for Dimon," as NPR's Steve Henn reports for our Newscast unit:

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2:49pm

Wed October 10, 2012
The Two-Way

JPMorgan Chase CEO: 'I Should Have Caught' $5.8 Billion Error

JP Morgan Chase CEO Jamie Dimon, wearing a dark suit possibly made of sackcloth, didn't hold back when discussing the derivative trades that led to massive losses for his company.

"We made a stupid error," he said before a lunchtime audience at the Council on Foreign Relations in Washington on Wednesday. "We screwed up."

Then he got more specific: "I should have caught it ... I didn't."

The company estimates it lost $5.8 billion, thanks to a London-based trader, nicknamed the "London whale," who took large, risky positions in credit derivatives.

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5:38pm

Mon October 1, 2012
The Two-Way

New York Sues JPMorgan Over Mortgage-Backed Securities

Originally published on Tue October 2, 2012 6:42 am

  • From 'Morning Edition': NPR's Jim Zarroli reports

New York's attorney general has sued JPMorgan Chase, alleging that a unit now owned by the banking giant fraudulently sold mortgage-backed securities in the run-up to the 2008 financial crisis.

The civil lawsuit filed Monday by state Attorney General Eric Schneiderman is the first to be brought by the RMBS Working Group – the task force formed by President Obama in January to pursue alleged wrongdoing at the time of the financial crisis.

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11:28am

Tue August 7, 2012
Planet Money

How America's Biggest Bank Makes Money

Originally published on Tue August 7, 2012 3:43 pm

The entrance to the JP Morgan Chase World Headquarters on Park Avenue.
Timothy A. Clary AFP/Getty Images

Most people know the traditional banking model, if only from George Bailey in It's A Wonderful Life.

In simplified form: A bank takes deposits from savers, and pays them a low interest rate. Then it lends that money out to borrowers at a higher interest rate. The bank's profits come from the difference between the rates.

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