JPMorgan Chase

Bank of America nears to settle claims from its powerful investors to pay them $8.5 billion, according to the sources familiar with the situation. These investors lost their money on mortgage-backed securities.

Such a deal would encourage investors to seek compensation from other lenders like Wells Fargo & Co and JPMorgan Chase & Co, analysts believe.

A number of banks such as Morgan Stanley, Goldman Sachs and JPMorgan Chase & Co plan to follow Citigroup and Bank of America in allowing shareholders to vote on executive compensation, reports the Wall Street Journal, citing unnamed sources with the knowledge of the case.

Under the statutes of the last year’s Dodd-Frank financial reform there should be a say-on-pay vote at least three years at most big U.S. companies.

JPMorgan Chase made more than $900 million in pretax profits from the Madoff scam according to the findings made in the course of the latest study of Bernard Madoff’s Ponzi scheme. Dr. Linus Wilson, a finance professor at University of Louisiana at Lafayette, published the paper where he uses newly released data and different methods of calculation than previous studies.

JPMorgan Chase & Co plans to aggressively expand in the next 5 years in consumer and private banking sectors in spite of the fact it loses over $1 billion in revenue from new financial regulations.

At the company’s annual investor day Retail Financial Services CEO Charlie Scharf excluded any possibility to expand by smaller acquisitions, at least for now, in favor of opening new offices.

Chase will add at least 1,000 branches in the next three years and could add up to 2,000 over the next five years, Scharf said.

Yesterday JPMorgan Chase & Co. has announced the head of Chase Bank's Florida market and its operations in Mexico, Central America and the Caribbean. According to the official statement the seat is now occupied by former U.S. Sen. Mel Martinez from Florida who left the Senate last year after 5 years of work. 

As JPMorgan Chase anticipates a lot of customers will get cut off as a result as company’s credit card income may fall by up to $750 million because of recent regulations.

The law bans moves such as changing interest rates on existing balances, and charging over-the-limit fees without customer permission.

JPMorgan Chase & Co has sued a former private banking executive arrested last year in Argentina on criminal charges, accusing him of stealing $2.8 million from a customer's account.

The second-largest U.S. bank filed its civil lawsuit on Monday against former vice president Hernan Arbizu, 17 months after his July 2008 arrest in Buenos Aires.

JPMorgan Chase expects additional losses on credit cards and home loans next year despite some signs the rate of losses is settling, according to a presentation published on its website on Tuesday.

 The second-largest US bank is considered as one of those that have best revived from the credit crisis, but as the recession drags on it is facing rising losses across its large consumer loan portfolios.

Emerging-market stocks rose, posting their first consecutive gains in two weeks, as the fastest Chinese manufacturing growth since April 2004 added to optimism that a recovery in developing economies will be sustained.
The MSCI Emerging Markets Index added 1.1 percent to 963.88 as of 5:12 p.m. in Singapore. Benchmark gauges rallied more than 1 percent after reports today showed the nations’ manufacturing recovered last month. India’s key stock index rallied for a second day as a slump in exports eased and brokerages raised their economic growth forecasts.

Several U.S. policy makers consider JPMorgan Chase & Co Chief Executive Jamie Dimon as a potential successor to U.S. Treasury Secretary Timothy Geithner, the New York Post said, citing sources.

 Dimon "would love to serve his country," the paper quoted people familiar with his thinking as saying.

For the first time ever, Facebook users will be able to choose from more than 500,000 small and local charities to decide which community organizations they want to receive donations totaling millions of dollars from a corporate philanthropy fund.

 The theme of bad bank loans has echoed across earnings reports starting with JPMorgan Chase & Co., the first big bank to report third-quarter earnings last week, to Wednesday's reports from Wells Fargo & Co., U.S. Bancorp and KeyCorp. But as banks rush to trumpet their tepid signs of recovery, the piles of bad loans sitting on U.S. lenders' balance sheets continue to rise. The results show that banks are likely to face steep losses from loans for several quarters to come.

The big banks are showing they can still make money, even as Main Street struggles - though not from lending, refinancing homes or other bread-and-butter business.

 Instead, they're doing what Wall Street does best - betting big on stocks, bonds, commodities and other assets.

 Citigroup, the shakiest of the major banks during the financial crisis, reported Thursday it eked out a quarterly profit from trading, despite suffering more losses on consumer loans. Trading also drove big profits at Goldman Sachs and JPMorgan Chase.

 Citigroup posted an earnings loss of 27 cents a share that appeared to beat analyst estimates but didn't satisfy Wall Street.

Citi shares fell after the banking titan reported total net income for the third quarter of $101 million.

 Attention, shoppers. Wells Fargo is raising interest rates for most of its credit card customers.