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JPMorgan's $2 billion bungled trade has severely damaged the reputation of its CEO Jamie Dimon and vaporized nearly $20 billion in shareholder value. But will it lead to the kind of enhanced Wall Street regulation many experts have called for since the financial crisis?
Stocks appear to be flying too high in light of the enormous number of risks that the U.S. economy faces over the next 12 months.
Half of Americans think Facebook is a passing fad, according to the results of a new Associated Press-CNBC poll. And, in the run-up to the social network's initial public offering of stock, half of Americans also say the social network's expected asking price is too high.
There is a small chorus of voices that is blaming neither government inaction nor banker recklessness for JPMorgan's loss, but the policies of the Federal Reserve. These critics are arguing that excessive intervention by the central bank has distorted financial markets and forced big banks resort to risky moves in order to maintain profits.
Chesapeake Energy’s stock price dropped to the lowest level since March 2009 on Tuesday, after a major credit ratings agency downgraded the nation’s second-largest natural gas producer on news that the company will take a $4 billion loan — higher than the $3 billion previously announced — to pay off an existing credit line. It’s the latest worrisome development for cash-strapped Chesapeake, which has been battered in recent weeks by revelations about its opaque business methods and the controversial financial dealings of its charismatic CEO Aubrey McClendon.
The FBI has opened a probe of JPMorgan’s $2 billion botched trade, which has wiped out nearly $20 billion in shareholder equity and renewed calls for more aggressive regulation of Wall Street. News of the federal probe, which was first reported by The Wall Street Journal, came as CEO Jamie Dimon faced tough questions Wednesday at the bank’s annual meeting in Tampa, but nevertheless received shareholder support for his $23 million annual pay package. Shareholders also defeated a motion that would have split up the roles of CEO and Chairman. Dimon occupies both positions.
A new, fifty-page analysis from The Demand Institute suggests that home prices will begin to rise later this year.
The resignation of JPMorgan Chase exec Ina Drew in the wake of the banking giant’s recent $2 billion trading loss is troubling news for many reasons, but one of the most important rarely gets mentioned: Trading operations need more women, not fewer. There’s good reason to think women are much better-suited for the business than men.
Here’s something most small business owners have probably never considered: Customer complaints don’t have to be considered a problem. In fact, they can be a tremendous source of goodwill and business opportunity.
LONDON — Europe dodged a bullet Tuesday after the economy of the 17 countries that use the euro narrowly avoided a recession in the first quarter of the year despite a raging debt crisis that’s raising the specter of the breakup of the currency union.
There was one reason why the eurozone avoided an overall recession — officially defined as two consecutive quarters of negative growth. Germany, Europe’s biggest economy, was behind the better-than-expected performance as strong export figures helped it grow by 0.5 percent — equal to the U.S.’s economic performance.
People love to give advice. While it’s useful to hear what others think, sometimes they give off-target or foolish guidance. Here are a few ways to increase your odds of getting good input:
JPMorgan Chase moved swiftly on Monday to contain the growing fallout from a trading loss that could reach $3 billion or more, replacing the bank’s chief investment officer Ina Drew and moving to tamp down a growing furor over whether safeguards exist to prevent a similar debacle in the future. Drew, who had worked her way up the ranks at JPMorgan over three decades to become one of Wall Street’s most powerful women, was replaced by Matt Zames, currently co-head of the bank’s global fixed income group and head of capital markets in its mortgage division.
(NEW YORK) — Best Buy’s founder Richard Schulze is stepping down as chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and did not alert the audit committee.
