Financial Industry, Jp Morgan Chase | featured news

A Senate panel has issued a scathing assessment of JPMorgan's $6.2 billion trading loss last year. The investigation found that bank officials ignored growing risks and hid losses from investors and federal regulators.

US bank JP Morgan Chase reveals plans to cut up to 19,000 jobs by the end of next year in its mortgage and community banking businesses.

Finally moving beyond a trading debacle that has stained his once-stellar reputation, Jamie Dimon, JPMorgan Chase’s chief executive, on Friday trumpeted a strong quarter of earnings stemming from a surge in mortgage lending.

The institution is accelerating its cost-cutting strategy, planning to pare its operations so much that it will lose its spot as the nation’s largest bank employer, falling behind the likes of JP Morgan Chase, Wells Fargo and Citigroup.

Regulators, led by the Office of the Comptroller of the Currency, are said to be close to taking action against JPMorgan Chase for insufficient safeguards.

JPMorgan Chase on Thursday formally revised its first-quarter financial results to show a lower profit, after deciding that traders at its main investment arm had overstated the value of certain derivatives.

Last week, the once-future Treasury secretary and current JPMorgan Chase CEO Jamie Dimon revealed a $2 billion loss. This previously undisclosed derivative trade should be a wake-up call for those claiming that finance has been “reined in” and no longer presents a threat to the global economy.

The CEO of JPMorgan Chase, which disclosed a $2 billion loss last week, said he was "dead wrong" when he dismissed concerns about the bank's trading last month.