When JPMorgan Chase & Co.’s Jamie Dimon got a 74 percent raise in January, U.S. Attorney Preet Bharara fumed. He had forced the bank just weeks before to pay $1.7 billion for enabling Bernard Madoff’s Ponzi scheme. And yet Dimon was being rewarded.
An internal U.S. Securities and Exchange Commission inquiry found former Enforcement Director Linda Thomsen didn’t break agency rules while talking with JPMorgan Chase & Co.’s legal chief during the bank’s emergency takeover of Bear Stearns Cos. last year.
JPMorgan Chase & Co., the biggest U.S. bank, has hired former U.S. Securities and Exchange Commission enforcement chief William McLucas to help respond to regulatory probes of the firm’s $2 billion trading loss.
Jamie Dimon , JPMorgan Chase & Co. ’s chairman and chief executive officer, said he was sorry for foreclosure mistakes as hundreds of protesters at the annual meeting demanded he do more to help homeowners and small businesses recover from the financial crisis.
JPMorgan Chase & Co. and the biggest U.S. banks face billions of dollars in legal costs related to their role in the financial crisis, threatening their profits and the stock price gains they made in 2010, Bloomberg News’s Linda Sandler reports, citing analysts.
A U.K. government adviser issued a scathing report on the business practices of Royal Bank of Scotland Plc. And now the government-controlled bank has hired a law firm to conduct its own investigation of itself, while the U.K. government prepares to investigate the bank even further.