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.
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 efforts to hide trading losses, outlined in a Senate report yesterday, probably will ignite debate over whether the largest U.S. bank is too big to manage and ratchet up pressure on Chief Executive Officer Jamie Dimon to surrender his role as chairman.
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.
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.