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.
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.
The report that JPMorgan Chase & Co. released this week about its London Whale trading losses has some amazing omissions. It contains no mention of the Whale’s actual name, Bruno Iksil, or the names of almost anyone else who worked in the bank’s London-based chief investment office, which generated the $6 billion loss.
It sounds harsh. The board of JPMorgan Chase & Co. said today it is cutting in half the 2012 pay of Chief Executive Officer Jamie Dimon, following a review of trading losses. The board found that Dimon bears ultimate responsibility for the fiasco, which took place in the bank's chief investment office and cost the company more than $6 billion.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon has transformed the bank’s chief investment office in the past five years, increasing the size and risk of its speculative bets, according to five former executives with direct knowledge of the changes.