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JPMorgan hit with shareholders lawsuit over loss
NEW YORK — US fund manager Saratoga Capital Management, filed a class-action lawsuit against JPMorgan Chase Wednesday after the nation’s largest bank lost more than $2 billion in derivatives trading. The suit accuses the bank; Jamie Dimon, chief executive and chairman; and Douglas Braunstein, chief financial officer, of fraudulently hiding…
JPMorgan’s Dimon faces investors after big loss
JPMorgan Chase chief executive Jamie Dimon will face shareholders’ wrath Tuesday after admitting that the top US bank lost $2 billion in derivatives trading in just six weeks. A day after JPMorgan let its chief investment officer go in the wake of the huge loss and the bank’s shares took another sharp fall on the…
White House urges bank reforms after JPMorgan loss
WASHINGTON — The White House stepped up pressure for tighter bank regulation Monday after JPMorgan Chase’s $2 billion derivatives loss, as the bank said the top official responsible for the loss had resigned. Pressing a policy line that JPMorgan chief Jamie Dimon had strenuously fought, the White House said the…
Warren calls for JPMorgan CEO to resign from NY Fed
Massachusetts Senate candidate Elizabeth Warren (D) is calling for JPMorgan CEO Jamie Dimon to resign from his position at the New York Federal Reserve Bank to acknowledge that he was in a position of trust after his company revealed that it had recently lost $2 billion as a result of…
Three JPMorgan executives expected to resign over $2 billion loss
Three top executives at JPMorgan are expected to resign this week in the wake of a $2 billion trading loss. The Wall Street Journal reported on Sunday that the three include Ina R. Drew, the head of the risk-management division responsible for the loss, along with the top executive and…
JPMorgan reveals shock losses
NEW YORK — US banking giant JPMorgan Chase on Thursday revealed that it would incur losses that could run into the billions as a result of bad bets on derivatives. In a unscheduled conference call, chief executive Jamie Dimon reported the trades cost the company around $2 billion in recent…
JPMorgan profit leaps nearly 80%
NEW YORK (AFP) – US banking giant JPMorgan Chase on Thursday announced a net profit of 4.8 billion dollars in the second quarter, up nearly 80 percent from the same period last year. Reporting solid performance across most business areas, the New York-based bank’s profits included 1.5 billion dollars that…
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