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Embattled J.P. Morgan Bulks Up Oversight
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Litigation expenses and settlements for JP Morgan Chase at $17.7 billion for 2008-2012 now exceed the $16.1 billion for Bank of America, according to FBR Capital Markets. JP Morgan Chase plans to spend an additional $4 billion and commit 5000 new personnel to help it clean up the bank's risk and regulatory compliance problems. Of the $4 billon $2.5 billion go into litigation reserves, and $1.5 billion for a 30% increase in risk control staffing and other related expenses. As part of the changes CEO Dimon has put the most senior executives in charge of separate parts of regulatory problems. These executives cannot be overruled by business heads. In another change still to be made at other banks the top compliance officer reports to the chief operating officer of the bank not the general counsel. This change was made at the request of regulators who now meet about 50 times per month with compliance executives. The total control staff for compliance and risk are now at 15,000 in 2013, up from 8000 in 2012. At a 2 day business retreat at Martha's Vineyard compliance and control officers were invited for briefings and came away with equal authority as business chiefs. JP Morgan has also provided 750,000 hours of training on control and regulatory issues to its staff using McKinsey, Ernst Young and other firms. CEO Dimon sees the effort as making the bank stronger than ever and this has become a top priority for him, reflecting a change in his views from the period when the London Whale crisis first emerged. It also shows a leadership trait of Dimon as a learner who puts his full weight behind an effort after gaining new insights into hidden problems.
The sweeeping remake of JP Morgan Chase's regulatory, control and compliance effort under CEO Dimon in 2013-2014
09/13/2013
The response has to measure up to the problem. This is the statement CEO Dimon is making with his complete remake of the compliance and control effort at JP Morgan Chase, putting it on even keel with the business chiefs, something other banks have still to do. Prodded by regulators CEO Dimon has now put the personal weight of his convictions behind the effort, in an effort to preserve his legacy of wise stewardship of the bank.
Grouped Articles
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
Dimon Vows to Fix JP Morgan's Compliance Problems
New York Times 09/17/2013
JP Morgan Reported Third Quarter Loss on Legal Costs
New York Times 10/11/2013
Record Pact Is on the Table, But J.P. Morgan Faces Fight
Wall Street Journal 10/21/2013
A $13 Billion Reminder of Whatâs Wrong
New York Times 10/26/2013
JPMorgan Chase CEO Jamie Dimon’s complicated relationship with Washington - The Washington Post
Washington Post 11/03/2013
Growing legal settlement losses at JP Morgan in 2013-2014
08/19/2013
About $6.8 billion in legal losses at J.P. Morgan above that set aside by the bank, according to one estimate. Six separate regulatory actions are faced by JP Morgan Chase bank in 2013. This is larger than other banks.
Grouped Articles
Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
'London Whale' Penalties Put at $500 Million to $600 Million
Wall Street Journal 08/28/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
JP Morgan Reported Third Quarter Loss on Legal Costs
New York Times 10/11/2013
J.P. Morgan Reaches $13 Billion Tentative Deal with Justice Department
Wall Street Journal 10/20/2013
J.P. Morgan, Housing Regulator Reach $4 Billion Deal
Wall Street Journal 10/20/2013
JP Morgan Chase and the London Whale
04/10/2012
Trader Iksil at the CIO offices in London and the huge positions he had taken which were likely to lead to losses. Chase's denial that this was anything unusual.
Grouped Articles
Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
'London Whale' Penalties Put at $500 Million to $600 Million
Wall Street Journal 08/28/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
New York Times 10/15/2013
J.P. Morgan Reaches $13 Billion Tentative Deal with Justice Department
Wall Street Journal 10/20/2013
Record Pact Is on the Table, But J.P. Morgan Faces Fight
Wall Street Journal 10/21/2013
JP Morgan Chase bank management and financial regulators
05/04/2013
Grouped Articles
Wall Street Journal 05/04/2013
Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
J.P. Morgan Reaches $13 Billion Tentative Deal with Justice Department
Wall Street Journal 10/20/2013
Record Pact Is on the Table, But J.P. Morgan Faces Fight
Wall Street Journal 10/21/2013
Considering the Fairness of JP Morgan's Deal
New York Times 10/21/2013
JP Morgan Chase bank performance
05/15/2012
Grouped Articles
For Dimon, Now Is Time for Renewal
Wall Street Journal 05/27/2013
J.P. Morgan, Regulator Near Pact
Wall Street Journal 07/21/2013
Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
JP Morgan Reported Third Quarter Loss on Legal Costs
New York Times 10/11/2013
J.P. Morgan Reaches $13 Billion Tentative Deal with Justice Department
Wall Street Journal 10/20/2013
JP Morgan Chase debt portfolio and asset allocation decisions similiar to proprietary trading
05/13/2012
Large shift in asset allocation since 2006, with significantly higher corporate bond holdings, creates more risk.
Grouped Articles
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
At JPM: James and the Giant Reach
Wall Street Journal 05/13/2012
'London Whale' Rattles Debt Market
Wall Street Journal 05/13/2012
JPMorgan Chase Executive to Resign in Trading Debacle
New York Times 05/13/2012
Dimon's Fixer Is Trusted Veteran
Wall Street Journal 05/15/2012
Hedge or Bet? Parsing the J.P. Morgan Trade
Wall Street Journal 05/16/2012
Risk management at JP Morgan Chase
05/14/2012
Grouped Articles
Wall Street Journal 05/04/2013
Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
JP Morgan Reported Third Quarter Loss on Legal Costs
New York Times 10/11/2013
Red Flags said to Go Unheeded at Chase
New York Times 05/14/2012
The Lessons of JPMorgan's Trading Loss
New York Times 05/14/2012
A behind the scenes account of JP Morgan Chase CEO Jamie Dimon's discovery and response to large losses
01/15/2010
Dimon's first encounter with the losses at the bank was through an account of Chief Investment Office trader Iksil's trades in the Wall Street Journal on April 6, 2012. The trader was referred to as the "London Whale" and large losses were mentioned. This has raised questions about whether banks of the size of JP Morgan can even be effectively managed by a CEO. The decision by the U.S. Federal Reserve, Treasury and regulators to encourage the merger of failed financial firms Bear Stearns and Washington Mutual with JP Morgan Chase- ostensibly because no mechanism to wind down such firms existed- not only created a mega bank but also created additional risks from banks too big to manage.
Grouped Articles
Wall Street Journal 05/04/2013
'London Whale' Penalties Put at $500 Million to $600 Million
Wall Street Journal 08/28/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
Dimon Vows to Fix JP Morgan's Compliance Problems
New York Times 09/17/2013
New York Times 10/15/2013
J.P. Morgan Reaches $13 Billion Tentative Deal with Justice Department
Wall Street Journal 10/20/2013
Jamie Dimon, CEO of JP Morgan Chase bank
01/15/2010
Grouped Articles
Wall Street Journal 05/04/2013
A Call for New Blood on the JPMorgan Board
New York Times 05/05/2013
J.P. Morgan Battle Doesn't End With Dimon
Wall Street Journal 05/09/2013
Wall Street Journal 05/22/2013
For Dimon, Now Is Time for Renewal
Wall Street Journal 05/27/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
JP Morgan Chase bank CEO Jamie Dimon's views on banking, executive pay and regulation in the U.S.
01/15/2010
Grouped Articles
Wall Street Journal 05/04/2013
J.P. Morgan Battle Doesn't End With Dimon
Wall Street Journal 05/09/2013
For Dimon, Now Is Time for Renewal
Wall Street Journal 05/27/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
Dimon Vows to Fix JP Morgan's Compliance Problems
New York Times 09/17/2013
SEC Wants Boss-Employee Pay Gap on Display
Wall Street Journal 09/19/2013
JP Morgan Chase bank management
05/15/2012
Grouped Articles
J.P. Morgan Faces Another Big Exit
Wall Street Journal 04/28/2013
Wall Street Journal 05/04/2013
A Call for New Blood on the JPMorgan Board
New York Times 05/05/2013
For Dimon, Now Is Time for Renewal
Wall Street Journal 05/27/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
JP Morgan Reported Third Quarter Loss on Legal Costs
New York Times 10/11/2013
JP Morgan Chase bank strategies
05/15/2012
Grouped Articles
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
Looking Past J.P. Morgan's Pain
Wall Street Journal 10/21/2013
Trading Revenue Lifts JP Morgan Chase Back to Profit in Third Quarter
New York Times 10/14/2014
Wall Street Journal 01/15/2015
J.P. Morgan’s Dimon Says Big Is Beautiful
Wall Street Journal 01/15/2015
J.P. Morgan Shows Why It Pays to Turn Money Away
Wall Street Journal 02/25/2015
JP Morgan Chase, Toyota and BP- huge risks for modest gains in offsetting losses or costcutting
06/11/2010
A comparison of three corporations and their failure to recognize risks generated from culture, strategy and complacency of top management. The situation that prevailed in different industries and cultures in 2010-2012- in the UK-U.S., in the UK, and in Japan, for the financial industry, oil industry and auto industry. Also relevant is the evolution of technologies and complexity and how carefully it is managed throughout the chain including suppliers or locations in other countries. Complex automotive technologies and complex deep sea exploration technology, the involvement of suppliers, and the complex financial market credit default swaps, needed a careful approach from top managment not relying on individuals alone.
Grouped Articles
Wall Street Journal 05/04/2013
Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
Embattled J.P. Morgan Bulks Up Oversight
Wall Street Journal 09/13/2013
JP Morgan Reported Third Quarter Loss on Legal Costs
New York Times 10/11/2013
Record Pact Is on the Table, But J.P. Morgan Faces Fight
Wall Street Journal 10/21/2013
Recipes for Ruin, in the Gulf or on Wall Street
New York Times 06/11/2010
The S.E.C.'s anti-bribery unit investigation of hiring of children of Chinese officials by JP Morgan Chase bank
08/17/2013
Children of China's government officials were hired by U.S. banks doing business with state owned enterprises in China.
Grouped Articles
Hiring in China by JPMorgan under Review
New York Times 08/17/2013
Regulatory Headaches Worsen for J.P. Morgan
Wall Street Journal 08/19/2013
Wall Street Journal 08/20/2013
Many Wall Street Banks Woo Children of Chinese Leaders
New York Times 08/20/2013
Banks' 'Princelings' Hires Were Widespread in China
Wall Street Journal 09/02/2013
Bribery Charges in China for Official whose Child worked for JP Morgan
New York Times 09/03/2013
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