Word: jpmorgan
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...President Obama recognized the real risk here: some very good bankers might not want to work for maximum-wage pay and could bolt their TARP-constrained companies. Why, for instance, would JPMorgan Chase CEO Jamie Dimon, perhaps the most astute operator in banking, want to labor for a measly 500 large to run a company with $2.2 trillion in assets...
...sharp slowdown. NEC Electronics said last week that it would eliminate 20,000 jobs at home and abroad, and cut costs by $890 million overall in the coming 24 months. Sony will close up to six factories and cut 16,000 jobs from its electronics divisions, to address what JPMorgan Securities analyst Yoshiharu Izumi called the company's "emergency situation." Panasonic, which recently bought a majority stake in Sanyo, is closing three plants...
...fixed costs, since it has spent the past several years investing aggressively to increase production capacity by about 500,000 vehicles per year in the U.S. "It's increasingly clear that the driving force [behind Toyota's recent growth] was really excess consumption in the U.S.," says Izumi of JPMorgan Securities, "and that's now unwinding...
...which would have the purpose of taking most of the toxic assets off bank balance sheets. Since the figure at Citi is probably at least as large as the $300 billion pool that the government is guaranteeing, the combination of bad paper from Bank of America, Wells Fargo (WFC), JPMorgan (JPM), and the next tier of large US banks is almost certainly close to $1 trillion...
...investors' enthusiasm, including recession-smitten corporate profits and the uncertain prospects for economic recovery. "If you believe that corporate profits have no chance to rise in the next two to three years, then you could argue that stock prices are still too expensive," says Masaaki Kanno, chief economist at JPMorgan Securities in Tokyo. "More importantly, you could argue that it's too risky to hold the stocks." Kanno says people have lost a sense of what's fair value for financial assets, including stocks and other risky assets; they prefer time deposits, risk-free investments and cash. "Unless investors...