(NEW YORK) — Forget Facebook. This is still Apple‘s stock market. Apple — the world’s most valuable company — climbed nearly 6 percent on Monday, helping propel major U.S. stock indexes to gains after a week of losses. The Standard & Poor’s 500, where Apple accounts for 4 percent of the index, enjoyed its best [...]
Days after disclosing a massive derivatives trading loss, JPMorgan Chase was hit with three shareholder lawsuits accusing company executives — and its CEO Jamie Dimon — of misleading investors about the extent of the blunder. The flurry of legal paper came as news emerged that the losses at the nation’s largest bank have grown by 50% to $3 billion — just days after the debacle was disclosed.
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 [...]
Almost immediately after the stock market closed yesterday, JPMorgan Chase asked Wall Street analysts to attend a highly unusual, hastily assembled, postmarket conference call. Speculation was rampant: What could be so urgent? A credit-rating downgrade? A government investigation? CEO Jamie Dimon delivered the now all too familiar sounding bombshell: JPMorgan, the largest bank in the U.S., [...]
Six weeks ago, a young, Stanford-educated Goldman Sachs employee named Greg Smith wrote a scathing op-ed in The New York Times decrying his firm’s “toxic culture” — and then promptly disappeared from sight. The New York Post soon reported that he’d parleyed his poison-pen into a $1.5 million book deal with a top Manhattan-based publisher. [...]
If you want to know which direction the stock price of a company rolling out a new product is headed, there’s no need to wait for sales figures. Just check out user-generated product reviews on the web. They’re as good an early warning system as any that share prices may be headed for trouble.
As the fallout over Greg Smith’s public resignation continues to swirl around Goldman Sachs, several powerful figures have rallied to the bank’s defense, including New York Mayor Michael Bloomberg — who made his fortune supplying data terminals to Wall Street — and Morgan Stanley CEO James Gorman. Even as Goldman faces a torrent of negative [...]
Greg Smith’s incendiary Goldman Sachs resignation letter seemed to confirm what many already believed: That the investing game is rigged in favor of insiders. Professional investors do have an obvious edge in many ways. But, surprisingly perhaps, in the aspects of investing that matter most, individual investors may have certain advantages.
After a dreadful 2011 that saw Wall Street profits plunge, many financial industry workers feared that bonuses, which typically make up a large chunk of their compensation, would fall off a cliff. But according to a new report by New York State Comptroller Thomas DiNapoli, the total amount Wall Street firms paid in bonuses only [...]
Gordon Gekko has apparently had a change of heart. Well, not exactly, but Michael Douglas, the actor who played the infamous corporate raider 25 years ago, has lent his “Wall Street” character to a new FBI campaign targeting financial fraud. The public service announcement is part of an FBI effort to crack down on insider [...]
