Major U.S. banks and thrifts filed foreclosures with improper documentation and lacked sufficient staff to properly handle distressed borrowers, federal bank regulators said Wednesday as they ordered lenders to overhaul their foreclosure processes. Get the full story »
JPMorgan Chase
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Durbin to JPMorgan CEO Dimon: Stop whining
Sen. Dick Durbin, left, has criticized JPMorgan Chase CEO Jamie Dimon for his bank's swipe fees, among other issues. (Michael Tercha/Chicago Tribune; Bloomberg News)
JPMorgan Chase CEO Jamie Dimon, who is critical of a key provision in the financial reform law, has been taken to task by U.S. Sen. Dick Durbin (D.-Ill.) in a scathing letter.
“There is no need for you to threaten your customers with higher fees when you and your bank are already making money hand-over-fist,” Durbin wrote to Dimon about the threat of higher debit card fees. “And there is no need to make such threats in response to reform that simply tries to spare consumers from bearing the cost of interchange fees that are anticompetitive and unreasonably high.” Get the full story »
JPMorgan Chase 1Q earnings jump 67%
Customers use Chase Bank ATMs on March 17, 2011 in Chicago. (Scott Olson/Getty Images)
JPMorgan Chase & Co.’s first-quarter profit jumped 67 percent as it set aside less for potential loan losses and revenue fell less than expected.
The first big bank reporting results this quarter, JPMorgan has seen earnings surge in recent quarters, largely because improving asset quality has led it to set aside less to cover loan losses. It has said loans are growing, and in the fourth quarter saw revenue climb from year-earlier levels at operations tied to both Wall Street and Main Street. Get the full story »
Revised plans presented at Tribune hearing
A hearing to determine the fate of the Tribune Co.’s proposed reorganization plan resumed Tuesday with attorneys for Tribune and attorneys for noteholders who have submitted a competing plan continuing to squabble over technical issues. The judge again signaled his desire for a conclusion to the Chapter 11 case, which has dragged on for more than two years. Get the full story »
April 8 at 10:33 a.m.
Filed under: Banking, Chicago executives, Housing, Personnel moves, Real estate, Updated JPMorgan Chase helps CEO Dimon on sale of Gold Coast mansion
JPMorgan CEO Jamie Dimon, right, listens to a question from the media after a speech at a conference on global capital markets in Washington, March 30, 2011. (Andrew Harrer/Bloomberg)
When Jamie Dimon, the chairman and chief executive of JPMorgan Chase & Co., finally sold his Gold Coast mansion at 25 E. Banks St. in 2010 after it had been on the market three years, the real estate crisis prevented him from getting the more than $13 million he originally wanted.
But he did get help from JPMorgan, which paid $421,458 in expenses related to the sale, according to a Securities and Exchange Commission filing made public yesterday. Get the full story »
JPMorgan’s Dimon got $20.8 million in 2010
Jamie Dimon, center, chairman and chief executive officer of JPMorgan Chase & Co. (Tim Boyle/Bloomberg News)
Jamie Dimon, Chief Executive Officer of the second-largest U.S. bank by assets, saw his total compensation rise to $20.8 million in 2010, according to a regulatory filing by JPMorgan Chase & Co.
He received only $1.3 million in total compensation in 2009, according to the filing. Get the full story »
JPMorgan CEO: Wealthy should carry tax burden
The wealthy should pay the largest portion of U.S. taxes, JPMorgan Chase Chief Executive Jamie Dimon said Tuesday, injecting himself into the budget debate as the threat of a government shutdown looms. Get the full story »
Walgreens, Chase, TiVo warn of email breach
A data breach at one of the world’s largest providers of marketing-email services may have enabled unauthorized people to access the names and email addresses for customers of major financial-services, retailing and other companies.
While no financial information was compromised, the major concern is that the emails and names could be used for “phishing,” that is, phony emails asking unsuspecting consumers to divulge information such as account numbers, log-ins or Social Security numbers. Get the full story »
Dunkin’ Donuts parent eyes IPO
A Dunkin' Donuts in Posen, Ill. (Zbigniew Bzdak/Chicago Tribune)
Private equity-backed Dunkin’ Brands Inc. is considering an initial public offering of about $500 million in the second half of 2011, sources familiar with the situation said.
The IPO could be as large as $750 million, one of the sources said. Two or the sources said that there is disagreement among the sponsors over the company’s valuation. All of the sources said the discussions are preliminary and could change. Get the full story »
JPMorgan’s Dimon: No mortgage writedowns
JPMorgan CEO Jamie Dimon, right, at a conference on global capital markets competitivene in Washington, D.C (Andrew Harrer/Bloomberg)
The head of JPMorgan Chase said Wednesday that banks would not consider writing down mortgages for homeowners who can’t make payments, an idea at the center of talks aimed at fixing the mortgage mess.
“Principal writedown for people who couldn’t pay their mortgages? Yeah, that’s off the table,“ JPMorgan Chase CEO Jamie Dimon said when asked about the idea after an appearance before a U.S. Chamber of Commerce forum in Washington. Get the full story »
Warren vs. Dimon on financial regulation
Elizabeth Warren, left, and Jamie Dimon. (AP Photo/Manuel Balce Ceneta; Simon Dawson/Bloomberg)
Elizabeth Warren, the Obama administration’s defender of financial consumers, will venture into the corporate lion’s den this week, along with Jamie Dimon, CEO of banking giant JPMorgan Chase & Co.
The two will be speakers at an event set for Wednesday at the U.S. Chamber of Commerce, the country’s largest business lobbying group, in its Corinthian-columned headquarters situated within view of the White House.
Banks plan to hike dividends after stress tests
JPMorgan Chase & Co, Wells Fargo & Co. and other major U.S. banks plan to boost their dividend payments after passing stress tests evaluated by the Federal Reserve.
The share buybacks signal that regulators view banks as being healthy enough to withstand the remaining uncertainties in the economy, after the banking system has been profitable for a year. Get the full story »
$5 ATM fees may be coming
Customers use ATMs at a Bank of America branch in Boston. (AP Photo/Lisa Poole)
Some of the nation’s biggest banks are imposing a variety of new fees on people who withdraw money from automated-teller machines.
The move is the latest example of the burgeoning new fees that banks are imposing on customers accustomed to years of free services. Banks are scrambling to replace billions of dollars in revenue expected to be lost from new federal regulations on overdraft charges and debit cards. Get the full story »
JPMorgan mulls $50 cap on debit card purchases
Your debit card may soon be denied for purchases greater than $100 — or even as little as $50.
JPMorgan Chase, one of the nation’s largest banks, is considering capping debit card transactions at $50 or $100, according to a source with knowledge of the proposal.
Why? Because of interchange fees. Get the full story »
JPMorgan e-mails show concerns about Tribune
JPMorgan Chase executives discussed downgrading their internal credit rating for Tribune Co. just hours after the media company completed a leveraged buyout the bank helped finance.
E-mails presented in federal court in Wilmington, Del., Wednesday show an executive for the bank thought a downgrade was required after the buyout. Get the full story »
