Heidi Miller , a confidant of Jamie Dimon for almost two decades, more than quintupled pretax profit at JPMorgan Chase & Co. ’s treasury unit since taking over the division in 2004. Her reward: a newly created job heading all of the company’s international operations.
The Volcker Rule, which curbs risk- taking by banks by imposing restrictions on speculating with their own money, excludes collateralized loan obligations that don’t hold assets other than loans, according to the Loan Syndications & Trading Association.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are among Wall Street firms likely to rally if Mitt Romney is elected president, giving U.S. banks a reprieve from being top political targets, according to FBR Capital Markets Corp. analysts.
JPMorgan Chase & Co., settling U.S. and U.K. probes of a $6.2 billion trading loss, agreed to pay $920 million in penalties and admitted violating securities laws last year as top managers withheld information from the board.
Rising bond yields are typically indicators of stronger economic growth and higher profits for banks. That might not be the case this time, as a 30-year bull market in U.S. government debt shows signs of coming to an end.
Faulty foreclosures may cost U.S. lenders $2 billion for every month that home seizures are delayed and the tab could reach $6 billion, according to Paul Miller , the bank analyst at FBR Capital Markets.