The pressure is on for those earnings to support the market's current valuations, after weeks of choppy trading.» Read More
NEW YORK, Oct 23- Bank of America Corp was found liable for fraud on Wednesday over defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few trials stemming from the financial crisis. Any penalty would add to the more than $40 billion Bank of America has spent on disputes stemming from the 2008 financial crisis.
NEW YORK, Oct 23- Aptalis Pharma Inc, a specialty drugmaker owned by private equity firm TPG Capital LP, has appointed underwriters for an initial public offering after efforts to sell the company failed, people familiar with the matter said on Wednesday.
NEW YORK, Oct 23- Bank of America Corp was found liable for fraud on Wednesday on claims related to defective mortgages sold by its Countrywide unit, a major win for the U.S. government in one of the few big trials stemming from the financial crisis. Bank of America bought Countrywide in July 2008.
When you have banks of unprecedented size, you have to expect unprecedented fines.
Seemingly unaffected by the end of the 16-day partial U.S. government shutdown, mortgage applications barely moved last week.
NEW YORK, Oct 22- JPMorgan Chase& Co is nearing an agreement worth close to $6 billion with a group of institutional investors to settle claims over shoddy mortgage-backed securities issued in the run-up to the financial crisis, a source familiar with the talks said.
Oct 22- Grupo BTG Pactual SA is considering a bid for JPMorgan Chase& Co's physical commodities unit, a source familiar with the matter said, a move which would dovetail with the Brazilian bank's plans to expand heavily into commodities sales and trading. BTG Pactual and JPMorgan declined to comment.
NEW YORK, Oct 22- JPMorgan Chase& Co is nearing a $6 billion deal with a group of institutional investors to settle claims that the bank sold them substandard mortgage-backed securities in the run-up to the financial crisis, a source familiar with the talks said.
Oct 22- Grupo BTG Pactual SA, the Brazilian investment bank founded by billionaire André Esteves, is working on a bid for JPMorgan Chase& Co's $3.3 billion physical commodities business, according to a report on Tuesday. Both BTG Pactual and JPMorgan declined to comment on the Bloomberg story.
NEW YORK, Oct 22- The U.S. government has failed to produce any evidence to show that Bank of America Corp's Countrywide unit committed mortgage fraud in the run-up to the financial crisis, a lawyer for the bank said on Tuesday. "We've been dragged down the rabbit hole into Alice in Wonderland," Bank of America lawyer Brendan Sullivan said.
As JPMorgan Chase braces for an expected $13 billion settlement over its mortgage-securities sales, it's keeping an eye on one key player.
WASHINGTON/ NEW YORK, Oct 22- JPMorgan Chase& Co's preliminary $13 billion mortgage settlement with the U.S. government could end up costing the bank a considerably lower $9 billion after taxes, because the majority of the deal is expected to be tax deductible, two sources familiar with the matter said.
NEW YORK, Oct 22- As the U.S. government closes in on a $13 billion settlement with JPMorgan Chase& Co over its mortgage practices, lawyers specializing in bank mergers are looking for ways to protect their clients from big losses in similar cases in the future.
WASHINGTON/ NEW YORK, Oct 22- JPMorgan Chase& Co's preliminary $13 billion mortgage settlement with the U.S. government could end up costing the bank as little as $9 billion after taxes, because the majority of the deal is expected to be tax deductible, two sources said. The deduction also means the government is getting less than it appears in this deal.
*Full-year adjusted earnings forecast $0.95- $1.15/ share vs. est $0.96. Oct 22- Forest Laboratories Inc's new chief executive signaled strategic changes that will help the drugmaker focus on multiple new growth areas as it prepares to lose patent protection on another of its top-sellers.
Oct 22- There is no contradiction: Jamie Dimon remains at JP Morgan not despite it being in line for a record $13 billion fine, but because of what that fine demonstrates.
Wall Street firms like JPMorgan and Goldman Sachs may have to make cuts in the face of new regulation and the gridlock in Washington. NYT reports.
Happy Jobs Tuesday, which has such a wrong ring to it, but we must adapt and persevere.
The potential settlement may go a long way toward appeasing anger at the big banks but probably won't help consumers get a mortgage.
LONDON, Oct 21- A former JPMorgan Chase& Co executive in Europe is appealing findings by Britain's financial watchdog that criticised his actions in connection with the "London Whale" scandal.