Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making.
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.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon went to Washington almost a month ago to see if U.S. Attorney General Eric Holder would settle a criminal probe of mortgage fraud at the bank if it paid more money to resolve related civil investigations.
JPMorgan Chase & Co.’s record $13 billion deal to end U.S. probes of its mortgage-bond sales would free the nation’s largest bank from mounting civil disputes with the government while leaving a criminal inquiry unresolved.
JPMorgan Chase & Co.’s tentative agreement to pay a record $13 billion to end civil claims over its sales of mortgage bonds, a deal that won’t absolve the bank of potential criminal liability, hasn’t shaken some investors’ faith in Chairman and Chief Executive Officer Jamie Dimon.
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.