JPMorgan Chase & Co. engaged in high-risk proprietary trading under the guise of ordinary hedging, said Senate investigators, who urged U.S. regulators to strengthen the proposed ban on such trades known as the Volcker rule.
After a deadline-inspired surge, nearly 500,000 borrowers are seeking formal reviews of their 2009 and 2010 foreclosures for mistakes by lenders, the U.S. Office of the Comptroller of the Currency reported.
The Office of Comptroller of the Currency said yesterday that it is examining JPMorgan Chase & Co.’s activities and evaluating their transactions following a $2 billion loss that shook up bank leadership.
U.S. financial regulators are looking at specific non-bank financial companies to possibly designate them as systemically important and subject to more rigorous supervision, said Michael Gibson, director of the Division of Banking Supervision and Regulation at the Federal Reserve Board.
JPMorgan Chase & Co.’s individual trades that led to a $2 billion loss weren’t monitored by the Office of the Comptroller of the Currency, which said it didn’t expect to be notified about the positions.
U.K. Chancellor of the Exchequer George Osborne said for the first time regulators will get the power to break up banks, hardening legislation aimed at making lenders safer. He will also open up industry payment systems.
Goldman Sachs Group Inc., Morgan Stanley and two other banks may agree as soon as this week to settle claims over botched foreclosures in an accord similar to one reached with 10 other loan servicers, two people briefed on the discussions said.