Word: jpmorgan
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...tempting to say that no executive, no matter how accomplished, can fix the nation's largest banks. They can only be fixed when the credit markets themselves are repaired. Antagonists to that way of thinking would refer to Jamie Dimon of JPMorgan (JPM) who they claim can fix anything in the financial world. That point of view fails to admit that he did not break his bank in the first place...
...question of the week. Just a few months after the near meltdown of the financial system, Citi, JPMorgan Chase and Goldman Sachs all reported billion-dollar-plus profits for the quarter ending March 31. Wells Fargo, which won't be releasing its earnings numbers until next week, preannounced on April 9 that it made about $3 billion - a record for the firm. (See pictures of the dangers of printing money...
...While mortgage losses show faint signs of moderating, banks still have a lot of credit-card ugliness to work through. At JPMorgan Chase, card services was by far the worst-performing division, with a loss of $547 million. When Whitney asked CEO Jamie Dimon if the business would return to profitability this year, his answer was a succinct "No." At Citi, "credit-card losses seem to be breaking their historical correlation with unemployment," CFO Kelly said. That is, credit-card losses normally rise with the unemployment rate. Now they're rising faster...
...been ongoing for the past six weeks, and the recently completed contract will take effect on April 23 for the next three years. The arrangement—which marks the first time that HUECU will be offering student loans—follows a similar deal penned in February with JPMorgan Chase and will increase the funding options available to international students. After Citibank abruptly pulled out of previous custom loan arrangements with Harvard and several other universities in October, Harvard administrators were left scrambling for alternative ways to help students cover the cost of attendance while maintaining the University?...
Amidst the worst financial crisis in a generation, the chief executive of one of the world’s largest banks will address Harvard Business School graduates. In a press release issued earlier this week, school officials announced that James L. Dimon—chairman and CEO of JPMorgan Chase—will return to his alma mater to speak at Class Day on June 3. Dimon was heralded last month by the Financial Times as one of the 50 people who will lead the way out of the crisis. The announcement generated excitement among students, who said that they...