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 U.K. reached a draft deal with its European Union partners to lift its objections to turning the European Central Bank into a supervisor, according to two EU officials, in a move that paves the way for the end of over a year of negotiations on the proposals.
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.
Morgan Stanley, Bank of America Corp. and Wells Fargo & Co. are poised to lead the six largest U.S. lenders by reporting a jump in earnings that may surprise some investors fixated on a slump in trading and mortgage lending.
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.
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.