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.
JPMorgan Chase & Co. disclosed $1.3 billion of new expenses tied to faulty mortgages and foreclosures in its third quarter, pushing the bill for the five biggest home lenders since 2007 to almost $69 billion.
Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co. are among mortgage servicers that may face $13.5 billion in costs if the Federal Housing Administration rejects insurance claims on soured loans, according to FBR Capital Markets Corp.
Bank of America Corp. lost about three-quarters of its market share in U.S. home mortgages since 2007 as the firm grappled with defective loans, while Wells Fargo & Co.’s presence almost doubled, FBR Capital Markets said.