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News & Commentary
Content tagged with Compliance posted in May 2012
Dimon to Appear Before Senate Panel June 13
News  |  5/31/2012
JPMorgan Chase and Co Chief Executive Officer Jamie Dimon will testify before the U.S. Senate Banking Committee on June 13 to discuss the bank's recent trading losses, the committee said on Thursday.
E.U. Calls for Euro Zone Banking Union, Direct Bank Recapitalizations
News  |  5/30/2012
The euro zone should move to a banking union and consider directly recapitalizing banks from its permanent bailout fund, the European Commission said on Wednesday in annual economic recommendations that shone a critical light on Spain.
Small Banks Deregister in Droves Due to JOBS Act
News  |  5/30/2012
A study from Charlottesville, Va.-based SNL Financial reports that many small banks are rushing to de-register their common stock and free themselves from the reporting requirements.
JPMorgan Dips Into Cookie Jar to Offset "London Whale" Losses
News  |  5/29/2012
JPMorgan Chase & Co has sold an estimated $25 billion of profitable securities in an effort to prop up earnings after suffering trading losses tied to the bank's now-infamous "London Whale," compounding the cost of those trades.
MasterCard Loses Card Fee Challenge, Visa Europe Next
News  |  5/24/2012
Mastercard lost a challenge to an EU ban on its cross-border card fees in a ruling that puts rival Visa Europe squarely in the sights of European regulators over its charges.
U.S. Bank Industry Posts Highest Earnings Since 2007
News  |  5/24/2012
The U.S. banking industry for the first quarter reported its highest quarterly earnings since the first half of 2007, but there remain signs that the industry is having trouble fully recovering from the financial crisis, according to data released on Thursday by the Federal Deposit Insurance Corp.
The Tao of Dimon: JPMorgan Chase CEO Jamie Dimon's Most Memorable Quotes
Slideshows  |  5/23/2012
Jamie Dimon is one of the most successful, well-known and outspoken bank executives around. The JPMorgan Chase and former Bank One CEO is known not only for his executive prowess, but also his colorful quotes. Whether the subject is regulation, mortgages, the role of government in the financial system or any number of other topics, Dimon has provided financial reporters with many colorful quotes throughout the years. Here are some of his most memorable.
SEC Looking at JPMorgan Financial Reporting
News  |  5/22/2012
The U.S. Securities and Exchange Commission will look into the "appropriateness and completeness" of JPMorgan Chase & Co's financial reporting, SE C Chairman Mary Schapiro told the Senate Banking Committee on Tuesday.
Failed Bank Number Reaches 24 in 2012
News  |  5/22/2012
According to research and information firm SNL Financial, federal regulators have closed less banks so far this year than by this time in 2011.
JPMorgan Suspends Buybacks While Reducing Bad Trades
News  |  5/21/2012
JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said on Monday that the bank had suspended repurchases of its stock, but is maintaining its dividend, while working down losing trades in credit derivatives.
Banks' Rising Bad Loans Add to Spanish Troubles
News  |  5/18/2012
Spanish bank bad loans rose in March to their highest in 18 years, figures from the Bank of Spain showed on Friday, underscoring the problems facing the government as it attempts to clean up the sector and get its economy back on track.
U.S. Senate Banking Committee to Ask Dimon to Testify
News  |  5/17/2012
JPMorgan Chase & Co Chief Executive Jamie Dimon will be invited to testify before Congress over the recent trading losses announced by the bank, U.S. Senate Banking Committee Chairman Tim Johnson said in a statement on Thursday.
Fitch Says Top 29 Banks May Need $556 Billion
News  |  5/17/2012
The world's top 29 banks may need a total $556 billion to meet tougher new capital rules, cutting returns by a fifth and forcing them to curb investor payouts and raise customer charges, Fitch Ratings said on Thursday.
Bank of America Hiking Relocation Aid For Troubled Homeowners
News  |  5/16/2012
Bank of America Corp said on Tuesday it had launched a nationwide program that offers increased relocation payments to delinquent mortgage customers who complete qualifying short sales.
Shareholders Sue JPMorgan Chase Over Trading Loss
News  |  5/16/2012
JPMorgan Chase & Co was the target of two separate lawsuits by shareholders on Wednesday, accusing the bank and its management of excessive risk that led to trading losses of at least $2 billion.
JP Morgan Episode Helps Make Case For Reform: Geithner
News  |  5/15/2012
The loss of billions of dollars in trading at JPMorgan Chase & Co strengthens the case for reforms of the financial system, U.S. Treasury Secretary Timothy Geithner said on Tuesday.
JPMorgan Shareholders Reject Chairman/CEO Split
News  |  5/15/2012
Shareholders in JPMorgan Chase & Co on Tuesday rejected a proposal calling on the company to split the roles of chairman and chief executive, a victory for incumbent Jamie Dimon.
Fundtech Introduces New Risk Management Solution
News  |  5/14/2012
The solution is designed to aid banks in navigating changing global regulations.
Dimon's $2 Billion Bet Proves the Volcker Rule
Commentary  |  5/11/2012
As Wall Street firms were making a case against Dodd-Frank and The Volcker Rule, JP Morgan loses big on a prop trading bet that blew up in their face.
Banks Prepare For the Return of the Drachma
News  |  5/11/2012
Banks are quietly readying themselves to start trading a new Greek currency. Some banks never erased the drachma from their systems after Greece adopted the euro more than a decade ago and would be ready at the flick of a switch if its debt problems forced it to bring back national banknotes and coins.
JPMorgan Reveals $2 Billion Trading Loss, CEO Dimon Admits "Egg On Face"
News  |  5/11/2012
JPMorgan Chase's shock trading loss of at least $2 billion from a failed hedging strategy knocked financial stocks across the globe on Friday, as well as the reputation of the biggest U.S. bank by assets and its CEO Jamie Dimon.
Spain Takes Over Bankia to Combat Crisis
News  |  5/10/2012
Spain took over Bankia, the country's fourth biggest lender, on Wednesday, trying to dispel concerns over the government's ability to clean up the financial sector four years after the banks were hit by a property market crash.
Bernanke: U.S. Banking System Healthier After Crisis
News  |  5/10/2012
Federal Reserve Chairman Ben Bernanke said on Thursday the U.S. banking system has made substantial progress toward becoming healthier since the financial crisis but noted there still were problem lending areas.
Online Mortgage Complaint Tool Launched
News  |  5/10/2012
The online portal will help monitor how banks comply with the $25 billion settlement reached earlier this year with state and federal governments.
Italian, German Central Bankers at Odds on ECB Role
News  |  5/9/2012
A senior Bank of Italy official called on Wednesday for the European Central Bank to be more active in fighting the euro zone crisis, a rare push by one of the bloc's central bankers that quickly ran into resistance from Germany's Bundesbank.
Protesters Voice Anger Outside BofA Annual Meeting
News  |  5/9/2012
Hundreds of demonstrators marched outside Bank of America Corp's annual shareholder meeting on Wednesday to voice anger over a range of issues from foreclosures to corporate taxes to financing for the coal industry.
Spain Hopes For Fourth Time Lucky With Bank Reform
News  |  5/8/2012
Spain has owned up to the extent of its banking problem with a $10 billion euro rescue plan for Bankia SA, the country's fourth-biggest lender that is saddled with a huge toxic property portfolio, but investors want more details to be convinced that the financial system is recovering.
Settlement With HP Isn't Going to Happen: Oracle
News  |  5/3/2012
An Oracle Corp attorney ruled out a settlement with Hewlett-Packard Co in a bitter lawsuit over the Itanium microprocessor, a day after the judge refused to resolve the case for either side before trial.
Payments 2012: Regulatory, Risk Management Knowledge Key for International Payments
News  |  5/3/2012
Banks that help facilitate worldwide payments for their clients must be aware of the different rules and processes.
More Must be Done on Shadow Banking : Fed
News  |  5/2/2012
U.S. regulators should take steps soon to strengthen government oversight of money market funds and short-term bank funding markets so that the "shadow" banking system can be better policed, a top Federal Reserve official said on Wednesday.
Greek Bank Sues Reuters Over Investigative Report
News  |  5/2/2012
One of Greece's biggest banks has filed a lawsuit against Reuters claiming 50 million euros ($66 million) in damages over a story that exposed a series of property deals between the bank and companies run by the family of its executive chairman.
FINRA Sanctions Citi, Wells Fargo, Morgan Stanley Over ETF Sales
News  |  5/1/2012
The Financial Industry Regulatory Authority on Tuesday sanctioned Citigroup Inc Morgan Stanley, UBS AG and Wells Fargo & Co more than $9.1 million for selling leveraged and inverse exchange-traded funds "without reasonable supervision."

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