Will compensation structures change on the Street because of recent questions raised about the integrity of trading marks? Sallie Krawcheck, former Bank of America Merrill Lynch Global Wealth Management president, weighs in.
John Allison, BB&T former chairman & CEO; Sallie Krawcheck, former Bank of America Merrill Lynch, Global Wealth Management president; and Jacob Frenkel, Schulman Rogers partner, discuss JPM's restatement of trading losses and financial reports, and its impact on the company's stock, top management, and investor confidence.
Europe is trying to put patches on something that leaks, says Warren Buffett, Berkshire Hathaway CEO, commenting on the EU's current fiscal problems, adding "the system cannot survive" the way it is currently designed. Buffett also weighs in on the Libor rate scandal and JPMorgan's Jamie Dimon, calling him "one of the best bankers in the world," despite the company's huge trading losses.
"We like JPMorgan going into this quarter," says Betsy Graseck, Morgan Stanley, discussing what to expect from JPM's quarterly numbers and conference call later this morning.
The decision by U.S. regulators to overhaul supervision of the country's largest banks following the financial crisis left front-line suprevisors without a deep knowledge of JPMorgan's trading operations during a brief yet critical moment, the New York Times reports.
Current and former brokers of JPMorgan Chase say the bank, one of the nation’s largest mutual fund managers, emphasized its sales over clients’ needs, the New York Times reports.
Late in May, facing a wrongheaded internal credit-derivatives trade that had already generated $2 billion in losses, senior managers at JPMorgan found themselves staring at a worst-case scenario that pegged the ultimate losses related to unwinding the trade put on by a U.K. trader — now nicknamed “the London Whale” — at as much as $9 billion, says someone familiar with the matter.
"They ruled six to nothing, that not only did I not insider trading but I violated no ethical rules nor any standards of conduct," says Rep. Spencer Bachus, (R-AL) Alabama, discussing insider trading charges brought against him and the results of an Office of Congressional Ethics investigation that followed.
JPMorgan has sold off 65-70% of its losing "London Whale" position, with CNBC's Kate Kelly.
During the frenzied days of September 2008, as the U.S. financial system teetered on the brink of collapse, the government chose winners and losers. Washington Mutual, the country’s largest savings and loan bank, fell into the latter camp. The author of "The Lost Bank" has the story of the biggest bank failure in American history.
Adobe beats earnings but shares fall; Jamie Dimon takes to Capitol Hill again but little new is learned; Wall Street waits to see what the Fed will do tomorrow; Steve Wynn’s former wife sues to sell her shares.
JPMorgan CEO Jamie Dimon says, "The most important thing to me is the United States of America," when asked about his position on regulation. "I hope I look back on everything I say is in the interest of the United States of America and not in the interest of JPMorgan."
Sean Dufffy, (R-WI), asks Jamie Dimon whether regulators are capable of regulating a big bank like JPMorgan. "I completely agree that taxpayers should never pay for big bank failure," says Dimon. "The system is far healthier," he adds.
Rep. Barney Frank, (D-MA), asks JPMorgan CEO Jamie Dimon why he thinks the derivatives business should be exempted from further regulation.
JPMorgan's Jamie Dimon delivers his opening statement to the House Financial Services Committee and addresses the issue of debt and the overall economy, with Rep. Donald Manzullo, (R-IL).
JPMorgan CEO Jamie Dimon is set to take the stand in front of the House Financial Services Committee, with CNBC's Mary Thompson.
CNBC's Steve Liesman and Tim Ryan, SIFMA CEO, discuss whether JPMorgan CEO Jamie Dimon missed an opportunity to discuss how the problems at JPMorgan could have been prevented by the Volcker Rule in his testimony yesterday.
Jamie Dimon faces the Senate Banking Committee; Dick Clark Productions up for sale; Greek bank withdrawals increase ahead of the election; Spain credit rating is slashed; Tim Geithner discusses jobs growth.
If the Jamie Dimon hearing was ever going to be more than just political theater, it would have answered at least one essential question: Would the Volcker rule have prevented the so-called hedges that led to $2 billion in losses at JPMorgan?
Jim Cramer calls JPMorgan CEO Jamie Dimon a "loser."