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JPMorgan Chase fights for Jamie Dimon to stay on as CEO, chairman despite ‘London Whale’ debacle
JPMorgan Chase’s board Friday “strongly” endorsed Jamie Dimon to continue serving as both chairman and chief executive despite last year’s embarrassing $6.2 billion trading loss in the “London Whale” debacle. JPMorgan had “strong” performance under Dimon “during a time when many other financial institutions with independent chairs experienced great difficulty,”…
JPMorgan losses could hit $9 billion
The losses from JPMorgan’s botched derivatives trade may reach $9 billion, nearly five times the amount announced in May, the New York Times reported Thursday. The Times quoted an unnamed source as saying a report generated in April showed that in a worst-case scenario the losses from the trade could…
JPMorgan traders didn’t know the risks: CEO
WASHINGTON — Traders in the JPMorgan unit behind a $2 billion loss had little understanding of the risks they took, CEO Jamie Dimon told US lawmakers Tuesday as they grilled regulators for failing to spot the debacle. Regulators said there were supervisory failures at the banking giant but assured there…
Protesters yell at JPMorgan CEO Dimon: ‘Stop the foreclosures now!’
A group of protesters wanted to make sure that JPMorgan CEO Jamie Dimon was personally aware of their anger at him, so they confronted him directly before he testified at a Senate Committee Banking hearing on Wednesday morning. “Stop foreclosures now, stop foreclosures now!” the protesters vociferously repeated before being…
Tea party senator wants JPMorgan CEO to ‘guide’ Congress on banking regulation
Tea party favorite Sen. Jim DeMint (R-SC) on Wednesday asked JPMorgan CEO Jamie Dimon, who recently announced that his company had lost at least $2 billion in the derivative market, to “guide” Congress in creating friendly banking regulations. During a U.S. Senate Banking Committee hearing, DeMint told Dimon that lawmakers…
WATCH LIVE: Jamie Dimon testifies before Congress
The beleaguered JPMorgan chief will testify before the Senate Committee on Banking, Housing and Urban Affairs Wednesday, answering questions about the company’s staggering $2 billion trading loss last month. Dimon managed to keep his job in a shareholder vote in May, but the company has faced federal investigations from all…
Sanders: Wall Street is continuing its ‘insane gambling casino’
Sen. Bernie Sanders (I-VT) launched his latest stinging critique at Wall Street Tuesday morning, specifically at JP Morgan Chase CEO Jamie Dimon ahead of his testimony to the Senate Banking Committee next week. “They have learned nothing about the fact that, what financial institutions in this country should be investing…
JPMorgan boss to testify to Congress twice in June
WASHINGTON — JPMorgan Chase’s embattled chief executive Jamie Dimon will be hauled before US lawmakers twice in June to explain the bank’s recent huge trading losses, congressional officials said Thursday. The US Senate Banking Committee said it postponed an appearance by Dimon from June 7 to June 13 to accommodate…
Senators hope to end Federal Reserve’s conflicts of interest
Three U.S. Senators proposed a bill on Tuesday that would prevent the nation’s most powerful banking executives from simultaneously running the very institutions intended to keep them playing by the rules, with one of the bill’s sponsors saying that JP Morgan’s recent billions in losses are indicative of “a fox…
Senate to ask JPMorgan chief to testify
WASHINGTON — JPMorgan Chase’s embattled chief executive Jamie Dimon will be invited to testify before the Senate Banking Committee to discuss the huge trading losses announced by the largest US bank, a lawmaker said Thursday. Banking Committee chairman Senator Tim Johnson expressed his intent to call Dimon as a witness…
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