Jpmorgan chase Stories
Top finance officials sued over subprime
Fresh off multi-billion write downs, officials at two major financial services firms are being sued by shareholders alleging that they concealed heavy exposure to risky subprime mortgages.
Wall Street falls as Citi drags financials
Stocks fell on Monday as a downgrade of Citigroup, the No. 1 U.S. bank, fueled a sell-off in shares of financial services companies on renewed worry about mounting credit losses.
Top U.S. banks agree on backup fund for markets: report
The top three U.S. banks have agreed on the structure of a backup fund of at least $75 billion to stabilize credit markets, The New York Times reported on Sunday.
$100 oil in Asia adds to exports worry
Does Asia have more to fear from rising petrol prices as crude oil hurtles towards $100 a barrel than it does from slowing growth in its biggest export market of the United States?
Citigroup CEO Prince seen losing his crown
When Charles Prince replaced Sanford Sandy Weill at the helm of Citigroup Inc, he was given the unenviable task of replacing a legend. Shareholders feared he could never fill Weill's shoes. They may soon be proven right.
Market climbs on rate cut expectation and GDP
Stocks rose on Wednesday, fueled by investors' expectations the Federal Reserve will cut interest rates later on Wednesday and a stronger-than-expected performance by the economy in the third quarter.
Bank of America cuts 3,000 jobs
Bank of America Corp on Wednesday said it planned to eliminate 3,000 jobs, and shook up its corporate and investment bank after a dismal quarter at that unit led to a 32 percent drop in overall profit.The second-largest U.S. bank said a majority of the cuts will be in corporate and investment banking, and the rest elsewhere. The cuts amount to 1.5 percent of the bank's 198,000-person workforce.
U.S. indexes mixed; Tech shares rise
Stocks were mixed in late trading on Monday with broader indexes posting small declines while the technology stocks rose higher ahead of Apple’s quarterly earnings announcement.
Barclays, RBS line up Fed for $30 bln credit: report
Barclays and Royal Bank of Scotland have lined up emergency funds of up to $30 billion from the U.S. Federal Reserve to bail out American clients caught up in the global credit crunch, a paper said.
Wachovia profit falls on write-downs
Wachovia Corp posted on Friday a 10 percent decline in third-quarter profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs at its investment banking unit.
Bank of America profit tumbles on credit, investment losses
Bank of America Corp, the second-largest U.S. bank, posted a much larger-than-expected 32 percent drop in quarterly profit on Thursday, hurt by mounting credit losses and dismal investment banking results.
Banks' plan for big fund faces big hurdles
A plan by top U.S. banks to set up a fund preventing the forced sale of billions of dollars of hard-to-value securities faces some serious obstacles. Any forced selling could set off a chain reaction, ultimately slowing economic growth in the United States and Europe.
JPMorgan net rises despite write-downs
JPMorgan Chase & Co Inc said on Wednesday third-quarter net income rose 2.3 percent despite $1.64 billion in write-downs on leveraged loans and collateralized debt obligations.
Futures climb on strong profits
Stock futures rose on Wednesday as a rush of stronger-than-expected profits from such blue chips as Intel, United Technologies and JPMorgan Chase reassured investors about the earnings outlook.
Credit concerns and Citigroup weigh on Wall Street
U.S. stocks fell on Monday, led lower by the financial services sector after Citigroup Inc offered a gloomier outlook and worries resurfaced about the stability of the buyout market.
Sony Financial rises 4 pct in market debut
Shares of Sony Financial Holdings Inc rose nearly 4 percent on their debut on Thursday, as a stock market rebound boosted demand for the financial firm that recently completed Japan's largest IPO this year.
Big write-downs loom at JPMorgan: analysts
JPMorgan Chase & Co Chief Executive Jamie Dimon has given investors plenty to worry about throughout the year, but they have shrugged off his cautionary remarks and embraced his couched reassurances. It might be time to reconsider Dimon's cautionary side after Merrill Lynch & Co Inc unveiled a $5.5 billion credit implosion last week.
Departing Bear Stearns Star takes $8 billion
Bear Stearns Cos Inc said on Thursday it expects that departing star money manager will take about $8 billion of its asset management division's $44 billion of assets with him.
Bear Stearns president says market tensions easing
Bear Stearns Cos Inc is seeing renewed flows in the financial markets as fear eases after this summer's credit crunch, the firm's president said on Thursday.
Bear Stearns to cut 310 mortgage jobs
Bear Stearns Cos said on Wednesday it was cutting 310 jobs in its mortgage lending business, making the Wall Street bank the latest to lay off staff as a result of the lingering subprime mortgage crisis.
Bankrupt Interstate Bakeries' borrowing cut
Interstate Bakeries Corp, the bankrupt maker of Wonder Bread and Twinkies snacks, said on Wednesday its lenders reduced the amount the company can borrow as it struggles to stay in business.
U.S. stocks jump as Dow reaches record high
Stocks surged on Monday, sending the Dow to a record close on the first trading day of the fourth quarter, as investors bet that Wall Street may have seen the worst of the credit squeeze after three global banks detailed expected losses from the crisis.
Sony Financial prices $3 bln IPO at top of range
Sony Corp's financial arm will raise $3 billion after setting its IPO price at the top end of an indicated range as investors looked past the U.S. subprime crisis and bet on its growth potential in the banking and insurance markets.
Chasing Wealth
Is The New China's Investment Agency the Road to Riches?
CNBC downplays Bear Stearns investor talk
Shares of Bear Stearns Cos Inc fell 3 percent on Thursday afternoon after a CNBC report downplayed any talks between the investment bank and potential outside investors.
Sallie Mae $25 billion takeover on verge of collapse
A $25 billion takeover of Sallie Mae was on the verge of collapse on Wednesday after the student lender said a consortium does not expect to complete its planned acquisition on the agreed terms.
Sallie Mae buyers say open to revising $25 billion deal
The consortium that agreed to buy student lender Sallie Mae for $25 billion said on Wednesday that as of today conditions for the closing of the deal would not be met.
Bear Stearns stake sale rumors boost shares
Bear Stearns Cos Inc shares jumped 4 percent on Wednesday on rumors the investment bank, which has faced hedge fund losses and asset write-downs, is close to selling a minority stake to another financial institution, traders said.
GM union deal, rate cut hopes boost stocks
Stocks gained on Wednesday as a tentative labor agreement at General Motors Corp eased worries about Detroit's automakers and more weak economic data added to expectations for another cut in interest rates.
DBS chief quits as shares fall, Asia drive slows
Singapore lender DBS Group's chief executive resigned on Monday, after a run of bad news battered the company's share price, leaving an unfulfilled quest to make the bank a big Asian player.