JPMorgan Chase & Co. and two other banks rejected a European Union deal to end an antitrust probe into the rigging of Euribor lending rates, risking higher fines and challenging the future of the EU’s settlement process.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon went to Washington almost a month ago to see if U.S. Attorney General Eric Holder would settle a criminal probe of mortgage fraud at the bank if it paid more money to resolve related civil investigations.
Lehman Brothers Holdings Inc. and its creditors’ committee filed a complaint yesterday in bankruptcy court against JPMorgan Chase Bank NA , alleging that the New York-based bank “stripped a faltering Lehman Brothers of desperately needed cash” in the days and weeks before the commencement of Lehman’s bankruptcy in September 2008.
JPMorgan Chase & Co., the largest U.S. bank by assets, is weighing whether to ban traders from using electronic chat rooms to communicate with peers at other firms as the forums draw scrutiny from global regulators, according to a person with knowledge of the matter.
Market-moving trades by JPMorgan Chase & Co.’s chief investment office probably will force regulators to seek more detail on banks’ derivatives positions to help them distinguish risk management from speculation.
JPMorgan Chase & Co.’s advantage over its Wall Street peers is fading in the eyes of credit- derivatives traders as fines and regulator probes hobble profits while firms from Citigroup Inc. to Morgan Stanley rebound.
JPMorgan Chase & Co. trader Bruno Iksil’s outsized bets in credit derivatives are drawing attention to a little-known division that invests the company’s reserves and fueling a debate over whether banks are taking excessive risks with federally insured and subsidized money.
A JPMorgan Chase & Co. trader of derivatives linked to the financial health of corporations has amassed positions so large that he’s driving price moves in the $10 trillion market, traders outside the firm said.