JPMorgan Chase

JPMorgan Chase is the largest bank in the United States, and one of the world’s largest public companies. 

What’s wrong with hiring rich kids?

US prosecutors and regulators are said to be investigating the hiring practices in Asia of JP Morgan and several other banks. Photo: AP

Market talk swirled that the reshuffle related to a hiring investigation launched by US regulators into allegations that JP Morgan inappropriately hired the children and relatives of well connected politicians and businessmen in exchange fo

Monday, 16 February, 2015, 1:55pm 12 comments

JPMorgan faces US inquiry into hiring of son of Chinese commerce minister

Gao Hucheng's (above) son was hired by JPMorgan despite issues including a poor performance in job interviews. Photo: Reuters

The investment bank JPMorgan Chase & Co is under federal scrutiny in the United States over hiring the son of China's current commerce minister, the Wall Street Journal reported.

11 Mar 2015 - 7:37pm 6 comments

US and UK forex probes could bring more pain to banks

Citi has agreed to pay a US$1.02 billion fine as part of the deal to settle civil claims of foreign exchange rate rigging. Photo: Bloomberg

The US$4.3 billion in civil settlements struck between six global banks and US and British authorities over foreign exchange market manipulation sets the stage for negotiations over related probes that could bear much more severe consequences.

14 Nov 2014 - 3:05am

HSBC among five banks fined US$3.4 billion for rigging foreign exchange market

About US$5 trillion changes hands in global foreign exchange trades every day, much of it controlled by big banks. Photo: Reuters

US, British and Swiss regulators fined HSBC and four other global banks more than US$3 billion for attempting to manipulate foreign exchange markets.

13 Nov 2014 - 7:53am 3 comments

Hackers who attacked JPMorgan accessed data of 76 million households

JPMorgan has 65 million customers and some of those affected by the incursion were outside the US. Photo: AP

Hackers exploited an employee password to crack a JPMorgan Chase server and pull off one of the largest cyber-attacks ever, accessing data on 76 million households and 7 million businesses.

4 Oct 2014 - 3:50am 1 comment

JPMorgan’s top China banker Fang Fang to retire, as colleague Frank Gong gets promotion

JPMorgan's top bankers in China, Frank Gong, left, and Fang Fang, right. Photo: SCMP Pictures

JP Morgan Chase's chief executive for China investment banking is stepping down after more than a decade of making deals at the US bank, people familiar with the situation said.

25 Mar 2014 - 11:50am 2 comments

JPMorgan sells physical commodities business for US$3.5b

JPMorgan is taking a pre-emptive step as regulators ponder whether to restrict banks' ability to control power plants, warehouses and oil refineries. Photo: Reuters

JPMorgan Chase said on Wednesday it had made a deal to sell its physical commodities business for US$3.5 billion as regulators weigh whether to restrict banks’ ability to control power plants, warehouses and oil refineries.

If it’s approved by regulators, the deal would put the commodities business in the hands of energy and commodities trading company Mercuria Energy.

20 Mar 2014 - 10:28am

JPMorgan to cut 5,000 more jobs

'You’re always trimming the sails. That’s business,' said Jamie Dimon. Photo: Xinhua

JP Morgan Chase, the largest bank in the United States, announced thousands of job cuts as its mortgage lending business slows.

The company said it expected total headcount to fall by 5,000 to 260,000 this year. The bank is also lowering its profitability target.

27 Feb 2014 - 1:09am

JPMorgan Chase in new scandal involving insurance regulator chief

China Insurance Regulatory Commission chairman Xiang Junbo. Photo: Oliver Tsang

JPMorgan Chase is embroiled in another scandal involving top mainland officials and jobs for well-connected individuals.

11 Feb 2014 - 2:48pm 4 comments

JPMorgan effect casts chill over firms' hiring practices in China

JPMorgan has been caught up in US regulatory probes into its business practices, including its hiring practices in China. Photo: Reuters

Western financial institutions and Chinese firms have become more cautious about employing potentially influential mainlanders in the wake of publicity over JP Morgan's repeated hiring of well-connected Chinese.

8 Feb 2014 - 1:27am 2 comments

JP Morgan to pay US$614m in mortgage fraud case

Last year, JPMorgan agreed to about US$20 billion in settlements to clear up legal claims. Photo: Reuters

JP Morgan Chase settled the latest in a string of legal claims on Tuesday when it agreed to pay US$614 million to the US government and admitted that it had defrauded federal agencies by underwriting substandard mortgage loans.

6 Feb 2014 - 3:55am 1 comment

JP Morgan head Jamie Dimon paid US$20m for 2013 despite fines

Jamie Dimon

JPMorgan Chase head Jamie Dimon's pay nearly doubled to US$20 million for 2013, despite the bank being forced to pay out billions to resolve legal and regulatory cases arising under his tenure.

26 Jan 2014 - 5:29am 1 comment

JPMorgan stops work on Chinese firm's US$1 billion IPO amid concerns over hiring

JPMorgan's hiring practices in Hong Kong and the mainland have come under regulators' scrutiny. Photo: Reuters

For the second time in three months, JPMorgan Chase has ceased working on a major Chinese initial public offering amid a US investigation into the Wall Street giant’s hiring practices.

21 Jan 2014 - 4:49pm

Funds for Madoff fraud victims rise to US$10b with JPMorgan Chase deal

Bernard Madoff.

The trustee unwinding Bernard Madoff's fraud has recovered more than US$10 billion for victims five years after the biggest Ponzi scheme collapsed, including US$543 million from JPMorgan Chase.

8 Jan 2014 - 11:29pm

JPMorgan Chase, Bernard Madoff's bank, to pay US$1.7b to settle charges

JPMorgan Chase withdrew US$300 million of its own money from Madoff feeder funds after it filed a suspicious activity report with British officials in October 2008. Madoff's fraud was revealed soon after. Photo: AFP

For more than 15 years, there were signs something was amiss with what US federal prosecutors in Manhattan call the "703 account" at JPMorgan Chase.

9 Jan 2014 - 4:28am