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Occupy Buffalo convinces city to withdraw $45 million from JPMorgan
Buffalo City Comptroller Mark J.F. Schroeder announced on Thursday that the city would be pulling $45 million in funds from an account with JPMorgan Chase, following concerns raised by members of the Occupy Buffalo movement. BuffaloNews.com reported that the Buffalo Sewer Authority funds will be deposited into a higher-yielding account…
U.S. regulators tell lawmakers of JPMorgan probes
WASHINGTON — Two US market regulators confirmed Tuesday they were investigating JPMorgan Chase’s $2 billion-plus trading loss in derivatives. In a Senate hearing on systemic risk in the vast market for derivatives, Gary Gensler, chairman of the US Commodity Futures Trading Commission, said the CFTC was pursuing a preliminary investigation…
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…
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…
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…
Calls for tougher regulation follow JPMorgan $2 billion derivatives loss
JPMorgan Chase’s stunning $2 billion derivatives trading loss brought new calls Friday for tougher regulation of banks, with lawmakers blasting JPMorgan’s chief executive Jamie Dimon for fighting tighter rules. A day after the top US bank revealed the losses on trading its own financial portfolio, powerful Senate veteran Carl Levin…
Government to review foreclosures by 14 major lenders
US officials have launched an independent review process in which individuals can challenge foreclosures carried out by 14 major lenders in the wake of the 2008 financial crisis. Independent consultants would assess if borrowers lost out financially “through errors, misrepresentations or other deficiencies in foreclosure practices,” the Office of the…
U.S. brokerage bankrupt over euro debt losses
Struggling US brokerage firm MF Global has filed for bankruptcy after confidence in the company was shattered by a string of losses from European public debt holdings. The firm filed for Chapter 11 bankruptcy protection in a Manhattan bankruptcy court on Monday, making it the first major US casualty from the European debt crisis. While MF Global…
Bank of America revamping debit card fees
(Reuters) – Bank of America Corp, after receiving heavy public criticism for a planned $5-per-month debit card fee, is likely to give customers more ways to avoid the fee, a person familiar with the bank’s plans said Friday. The second-biggest U.S. bank is reworking its plans as rivals Wells Fargo…
Americans seethe as banks hit them with new fees
(Reuters) – Smoking outside a Bank of America branch in Chicago, restaurant worker Mike Dysangco complained about the “totally ridiculous” new banking fees. “The economy is not the greatest and they come up with these fees? Do you want our business or not?” asked the waiter who has an account…
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