Responding to public pressure and the competitive rates featured by competitors, Bank of America is reconsidering its debit card fees, as rival Wells Fargo and JPMorgan Chase scrapped their versions of the highly unpopular new charge.
Today, J.P. Morgan Chase revealed that it made a third-quarter profit of $4.4 billion, despite dwindling revenues. The bank set aside far less money — $6.6 billion, or 67 percent, less than it did at the same time last year — to cover losses on things like mortgages and More…
Shahien Nasiripour at the Huffington Post parses a J.P. Morgan filing with the Securities and Exchange Commission and notes that the bank, the second largest in the United States, is concerned about the rising tide of strategic defaulters — underwater homeowners who choose to walk away from their homes. More…
The Huffington Post’s Shahien Nasiripour, a great financial reporter, has a good piece on a top executive at J.P. Morgan Chase trashing Sen. Carl Levin (D-Mich.) and the Hill in general. James Glassman, a Morgan senior economist, writes a note to his clients bashing the financial regulatory reform process More…
Last week, J.P. Morgan announced that it made a first-quarter profit of $3.3 billion on revenue of $28.2 billion, meaning for every dollar of business the bank did, it kept 12 cents as profit. This morning, Goldman Sachs — the Wall Street giant charged by the Securities and More…
Even as Congress moves to put more curbs on Wall Street excesses, the nation’s top banks are writing fewer of the campaign checks that once won them lawmakers’ attention – a sign of uncertainty in the financial industry over how large a role it should play in politics in More…
Here’s a fun accounting term to remember: accretable yield. That’s the difference between a loan’s value on a bank’s balance sheet and the expected cash flow from the loan. Bloomberg reports:
JPMorgan Chase & Co. stands to reap a $29 billion windfall thanks to an accounting rule that lets
Since the financial industry bailouts began, Wall Street and Washington have never looked closer. But as the recession deepens and banks grow to resent the stigma associated with taxpayer aid, an unexpected chill is occurring: Bank employees are slamming their checkbooks shut.
Individual executives and workers at the 10 More…
Former Defense Secretary Donald Rumsfeld once observed that if you can’t solve a problem, enlarge it. In that spirit, take a look at this press conference in Baghdad Sunday, and watch as U.S. Embassy spokesman Adam Ereli boasts about sending Citibank to Iraq:
Rep. Dennis Kucinich (D-Ohio) has some questions this week about how far the Obama administration is going to ensure that Wall Street banks are spending bailout funds as Congress intended.
In a memo (pdf) issued today, Kucinich, who chairs the House Oversight and Government Reform Committee’s domestic More…
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