The leaders of Japan and China got off to a tense start but have made significant progress in turning around their relations in recent years.Asia Politicsread more
Tech's hottest IPOs of the year, including Beyond Meat and Zoom, dropped on Monday, falling more than the broader market.Technologyread more
Citi Private Bank says it has maintained an "overweight" stance on stocks in China, Hong Kong, Taiwan and South Korea.Asia Marketsread more
Stocks in Asia slipped on Tuesday, while investors looked toward a meeting between U.S. President Donald Trump and Chinese President Xi Jinping set to happen later in the...Asia Marketsread more
A week of dovish fireworks out of the central banking community has just gone by with most of the world's leading central banks now guiding towards easing in light of downside...Commentaryread more
"We do not seek conflict with Iran or any other country," Trump tells reporters in the Oval Office.Politicsread more
Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and U.S. Treasury Secretary Steven Mnuchin, China's Ministry of Commerce...World Economyread more
Sen. Bernie Sanders announced a plan Monday to forgive the country's $1.6 trillion outstanding student loan tab, intensifying the higher education policy debate in the 2020...Personal Financeread more
While earnings usually come in substantially ahead of expectations — as much as 4 or 5 percentage points is not unusual — the downward direction in the outlook doesn't speak...Earningsread more
U.S. President Donald Trump's senior adviser Kellyanne Conway will not testify before the House of Representatives Oversight Committee this week on her alleged violations of...Politicsread more
"We missed being the dominant mobile operating system by a very tiny amount. We were distracted during our antitrust trial. We didn't assign the best people to do the work,"...Technologyread more
JPMorgan Chase will settle with regulators for nearly $1 billion for the London Whale trading fiasco and other lapses in the banking giant's oversight and controls, the Federal Reserve announced Thursday.
In the midst of a blizzard of regulatory and legal problems, the Fed slapped the bank with a $200 million penalty for "deficiencies in risk management." In January, the Fed ordered JPMorgan to take action on practices the regulator deemed as "unsafe or unsound."
As a result of its risk management issues, JPMorgan will pay a total of $920 million to various regulators. In addition to the Fed's fine, the U.S.'s largest bank will fork over $300 million to the Office of the Comptroller of the Currency, $200 million to the Securities and Exchange Commission and approximately $220 million ($137 million pounds) to the United Kingdom's Financial Conduct Authority.
In a sharply worded decision, the Fed faulted JPMorgan's "inadequate oversight" over its chief investment office, which eventually morphed into the legal and regulatory nightmare now known as the "London Whale." The high-stakes wagers have cost the bank more than $6 billion and led to the indictment of two former JPMorgan employees.
After initially dismissing the matter as "a tempest in a teapot," JPMorgan CEO Jamie Dimon has since struck a more contrite tone. In a statement, Dimon said his bank has "accepted responsibility," adding that the settlement was part of an effort to turn the page.
"We will continue to strive towards being considered the best bank—across all measures—not only by our shareholders and customers, but also by our regulators," said Dimon. "Since these losses occurred, we have made numerous changes that have made us a stronger, smarter, better company."
JPMorgan emerged from the 2008 financial crisis stronger than many of its competitors, and cultivated a reputation as one of Wall Street's most well-run banks. Recently, however, the firm's teflon coating has been cracked by scandals that at one point made Dimon's hold on his dual role as CEO and chairman more tenuous.
Meanwhile, in the shadow of the global financial crisis, regulators are under renewed pressure to crack down on banks that run afoul of best practices.
--By CNBC's Javier E. David.