JPMorgan Chase

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Morgan Stanley, JPMorgan on Auction-Rate Probe Hot Seat

List of banks buying back bonds gets longer

(Newser) - As New York AG Andrew Cuomo's office continues applying heat, banks are scrambling to react to the auction-rate securities crisis, the Wall Street Journal reports. Morgan Stanley said yesterday it will buy back about $4.5 billion of the illiquid securities—but a Cuomo spokesman called the move “too...

2007 Mortgages Failing at Triple the Rate of 2006

Prime loans made in early 2007 are going bad at triple the rate of 2006 loans

(Newser) - Mortgages procured in 2007 are souring at a rate nearly triple that of 2006, reports the Wall Street Journal, suggesting that the wallop to the financial system from forclosures could be far from over. Analysis done for the paper finds 0.91% of the prime loans issued in the first...

Wall Street May Scoop Up Troubled Pension Plans

Businesses stand to benefit, but opponents worry about big guns' motives

(Newser) - Though still smarting from the subprime debacle, some of the Wall Street’s biggest players are lobbying the government to be allowed to buy up and manage some of the $2.3 trillion in US corporate pension funds, BusinessWeek reports. Many businesses, eager to get the plans off their books,...

Lenders See New Wave of Prime Defaults

Bigger group of 'good' borrowers now face foreclosure

(Newser) - The flood of foreclosures on subprime mortgages seems to be ebbing, the New York Times reports, but a second, larger group of borrowers—those with better credit—are now expected to default in coming months. A continued weak economy, unemployment, and other economic factors helped to quadruple the percentage of...

A Believer in Hands-Off Now a Defender of Hands-On

Treasury chief Henry Paulson has turned to intervention to calm markets

(Newser) - Treasury Secretary Henry Paulson is in the midst of a reluctant about-face of his economic principles. The Los Angeles Times looks at how Paulson—a former chief executive at Goldman Sachs with a long history of faith in laissez-faire capitalism—has had to become the point man for the Bush...

Citi Losses Shrink in 2nd Quarter, Beat Expectations

Rounds out week of better-than-expected results

(Newser) - Citibank delighted shareholders today by losing a mere $2.5 billion in the second quarter, the Wall Street Journal reports. Analysts had expected much worse from the US’ biggest bank by assets, but Citi beat expectations by reducing writedowns and slashing jobs. The results should prove a counterweight to the...

Baffled Execs Say Rumor Killed Stearns
 Baffled Execs Say
 Rumor Killed
 Stearns 
glossies
Jul 5, 2008 12:06 PM CDT

Baffled Execs Say Rumor Killed Stearns

They claim hedge funds, Goldman Sachs invented bad news for profit

(Newser) - Bear Stearns' collapse and shotgun marriage to JP Morgan were sparked by little more than a rumor, Vanity Fair reports. True, the investment bank had stumbled—a $1.6 billion bailout of troubled funds hurt its image—but whispers of liquidity problems were false: Bear had $18 billion in cash...

Cramer: Never Seen Wall Street This Bad
 Cramer:
 Never Seen
 Wall Street
 This Bad 
ANALYSIS
Jun 16, 2008 12:02 PM CDT

Cramer: Never Seen Wall Street This Bad

Analyst sees no end in sight for layoffs and write-downs

(Newser) - While he steers clear of the Great Depression, everything else is fair game as reference in James J. Cramer’s apocalyptic appraisal of Wall Street for New York. In Cramer's 25 years, he's seen lots of implosions, but this one is different: With thousands of layoffs at major shops, and...

Banks Cut Colleges Eligible for Student Loans

Students at 2-year, non-elite 4-year schools left in the lurch

(Newser) - Students at 2-year and some less competitive 4-year colleges will be having a tougher time finding loans as banks trim the list of colleges they serve, reports the New York Times. In a move that potentially shuts out some of the neediest students, Citibank, JPMorgan, PNC, and SunTrust all say...

Shareholders Rubber-Stamp Bear Selloff

84% OK JPMorgan buyout; chairman 'sad' over firm's demise

(Newser) - The buyout of Bear Stearns neared finality today with 84% of shareholders voting in favor of acquisition by JPMorgan Chase, the Wall Street Journal reports. Chairman James Cayne shared his feelings publicly with shareholders about the bank’s demise for the first time: "I personally apologize,” he stated,...

JPMorgan Leads Hunt to Place Bear Workers

Firm pitches in to help 5K employees laid off after takeover

(Newser) - JP Morgan hopes to find jobs for 5,000 Bear Stearns employees cut when it acquired the brokerage in March, the Financial Times reports. CEO Jamie Dimon is sending letters to rivals and clients, and the company has contacted 1,800 firms urging them to consider former Bear workers. The...

Mammoth Writedowns Hammer AIG
Mammoth Writedowns Hammer AIG
May 9, 2008 2:41 AM CDT

Mammoth Writedowns Hammer AIG

Insurance giant posts $7.8B 1Q loss as credit woes continue

(Newser) - American International Group posted a record-breaking $7.8 billion first-quarter loss yesterday, reports the Wall Street Journal. The insurance giant blamed the poor results on the sagging housing market, the credit crunch and the see-sawing stock market. It announced plans to raise $12.5 billion to patch up the damage...

Are Wall Street Banks Ready to Risk Again?

Return to corporate bonds among likely signs crisis is easing

(Newser) - Wary investors appear to be returning to Wall Street, the Journal reports, buying back into higher-risk debt issues from the likes of troubled Citigroup and Merrill Lynch. “Risk taking has come back in the market,” said one expert.

National City Close to $6B Cash Infusion

US's 10th-largest bank has been decimated by the mortgage crisis

(Newser) - Battered National City—which has seen shares plummet 78% as it's been overwhelmed by the subprime fiasco—is close to a $6 billion bailout funded by some of its largest shareholders and private equity firm Corsair Capital, reports the Wall Street Journal. The infusion for the Cleveland-based bank would be...

New Hires at Bear Stearns Axed Before They Start

Bank's collapse sends college grads job-hunting in a tough market

(Newser) - Hundreds of college grads who thought they had landed dream positions with Bear Stearns were canned before their first day on the job, the Wall Street Journal reports. As the giant bank began to implode, the students were at first assured their new jobs were safe—but then were sent...

Markets Up Big on Earnings
 Markets Up Big on Earnings 
MARKETS
Apr 16, 2008 3:42 PM CDT

Markets Up Big on Earnings

Limited losses by JPMorgan, Wells Fargo key best jump in two weeks

(Newser) - Stocks staged a rally today on the strength of profit reports from JP Morgan and Intel. "The bear market is bottoming, and folks are beginning to look beyond the valley of widely known problems to better times ahead," a strategist tells the Wall Street Journal. The Dow ended...

JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns
JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns
Earnings Report
Apr 16, 2008 7:18 AM CDT

JPMorgan Q1 Profits Plunge 50% on $5.1B Writedowns

Blames credit markets, slowing economy

(Newser) - JPMorgan Chase, battling $5.1 billion in subprime writeoffs and deteriorating consumer credit, reported first quarter profits fell 50%, reports the Wall Street Journal. CEO Jamie Dimon warned the outlook for the remainder of 2008 was likely as grim. Morgan—the 3rd-largest US bank—said profits dropped to $2.37...

Bear Stearns Could Face Civil Charges

Regulators probing troubled bank's bond, mortgage practices

(Newser) - Bear Stearns has been warned it could face civil charges stemming from an SEC probe into its anti-competitive bidding for municipal bonds, the Wall Street Journal reports. The firm is also being investigated by the FTC for alleged violations of consumer protection laws involving its mortgage-servicing unit. Bear Stearns officials...

Tough Market Greets Bear Castoffs

Takeover sends bank employees looking for work on post-credit-crunch Wall Street

(Newser) - Thousands of Bear Stearns employees face uncertain futures after the investment bank's takeover by JPMorgan, and they’re entering a Wall Street beset with problems and bereft of jobs, reports Reuters. "They are coming into a market at a time when Wall Street doesn't offer much opportunity," one...

Fed, Execs Defend Bear Bailout
Fed, Execs Defend Bear Bailout
Apr 3, 2008 12:10 PM CDT

Fed, Execs Defend Bear Bailout

Collapse would have spread throughout economy, they argue

(Newser) - Bear Stearns was just hours from collapse, and letting it go down would have been disastrous, executives and regulators argued on Capital Hill today while defending the controversial bailout, the New York Times reports. Without the takeover, “we would all be facing a far more dire set of challenges,...

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