JPMorgan Chase and Co.’s Michael Cavanagh, co-head of the corporate and investment bank, and human resources chief John Donnelly sold shares valued at $2.76 million after the firm posted a record quarterly profit.
JPMorgan Chase & Co.’s revenue from its markets businesses, which include trading of bonds and equities, is about 10 percent to 15 percent greater so far this quarter than the year-earlier period, a senior executive said.
The Federal Energy Regulatory Commission lacks authority over futures contracts, a U.S. appeals court ruled, handing a victory to the Commodity Futures Trading Commission and an ex-Amaranth Advisors LLC trader fined $30 million by FERC.
Ina Drew, the former head of a JPMorgan Chase & Co. unit responsible for $5.8 billion in trading losses this year, will forfeit her pay and other managers were ousted after an internal inquiry found employees may have intentionally hid souring bets.
Wall Street banks, buoyed by record stock-market prices and high-yield bond issuance, probably will report a jump in second-quarter trading and investment-banking revenue from the same period a year ago.