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Douglas Braunstein

Report: JPM, Dimon to Face London Whale Suits

A judge ruled Monday that JPMorgan Chase (NYSE:JPM) must face a lawsuit filed by shareholders who have accused the banking giant of concealing risks related to massive losses in 2012 on its London trading desk.  JPMorgan suffered at least $6.2 billion in losses when trades by the head of its London trading desk, Bruno Iksil, who came to be known as the London Whale, went awry.Reuters reported that U.S. District Judge George Daniels in Manhattan said shareholders adequately alleged that JPMorgan, Chief Executive Jamie Dimon and former Chief Financial Officer Douglas Braunstein misled them about the bank's ability to manage risk before the losses surfaced.Daniels also dismissed related claims against three other JPMorgan officials: Ina Drew, who led the CIO; Mike Cavanagh, who preceded Braunstein as CFO; and Barry Zubrow, who had been the bank's chief risk officer.The judge also dismissed a separate shareholder lawsuit against JPMorgan directors over the London Whale losses, and a lawsui...

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  1. Senate report blames senior JPMorgan management in Whale losses

    Senior managers at JPMorgan Chase & Co , including Chief Investment Officer Ina Drew, were told for months about the bad derivatives bets that ended up costing the b...

  2. Former J .P . Morgan Executive Ina Drew to Testify

    The executive who led the J.P. Morgan Chase & Co. (JPM) cash-management unit at the center of the "London Whale" trading debacle is scheduled to testify Friday befor...

  3. J .P . Morgan Ex- CFO, Not Dimon, Testifies On Whale

    J.P. Morgan Chase & Co. CEO Jamie Dimon will not testify Friday before a much-anticipated Senate hearing on the institution's nearly $6 billion trading loss last yea...

  4. Senate report may fault JPMorgan executives in trading loss: NYT

    A senate committee, which began an inquiry into JPMorgan's multi-billion dollar trading loss last year, is expected to fault certain executives in its report for all...

  5. J .P . Morgan Net Jumps 53% on Strong Revenue, Credit

    J.P. Morgan Chase & Co.'s (JPM) fourth-quarter earnings surged 53% as the bank recorded strong revenue, while credit continued to strengthen.The largest U.S. bank by...

  6. J .P . Morgan's 4th-Quarter Net Jumps 53% on Strong Revenue, Credit

    J.P. Morgan Chase & Co.'s (JPM) fourth-quarter earnings surged 53% as the bank recorded strong revenue, while credit continued to strengthen.The largest U.S. bank by...

  7. Feds Order J .P . Morgan To Take Post-whale Action

    Federal regulators on Monday issued two orders against J.P. Morgan Chase & Co. , requiring the mega bank to take corrective action to improve its risk-management pro...

  8. OCC to Hit J .P . Morgan with Enforcement Actions

    U.S. regulators are expected to announce as soon as Monday that they are serving J.P. Morgan Chase & Co. with two formal enforcement actions targeting lapses in risk...

  9. OCC To Hit J .P . Morgan Chase With Enforcement Actions - Sources

    U.S. regulators are expected to announce as soon as Monday that they are serving J.P. Morgan Chase & Co. with two formal enforcement actions targeting lapses in risk...

  10. Bank Executives Offer Downbeat Outlook on Industry's Prospects

    Bank executives from across the country presented a dour outlook for 2013 at a two-day investor conference in Lower Manhattan sponsored by Goldman Sachs, saying they...

  11. JPMorgan to continue building branch offices, CFO says

    Despite the prospect of low lending rates for years to come, JPMorgan Chase & Co will continue to build new branch offices to take in more deposits to make loans and...

  12. J .P . Morgan Names Marianne Lake As New CFO

    J.P. Morgan & Co. announced Monday that it will promote Marianne Lake, chief financial officer of its Consumer and Community Banking division, to company CFO in earl...

  1. More Exits at J .P . Morgan

    In the latest personnel change at the largest U.S. bank, J.P. Morgan Chase (NYSE:JPM) on Friday announced the retirement of directors Ellen Futter and David Cote. Th...

  2. Analysis: JPMorgan's lukewarm results put Dimon under more pressure

    JPMorgan Chase & Co Chairman and CEO Jamie Dimon, who came through the financial crisis relatively unscathed, is suddenly looking a little less secure.The top U.S. b...

  3. Whale' Clawbacks Top $100 Million; Dimon's Pay Falls 19%

    J.P. Morgan Chase & Co. (JPM) said Friday it clawed back over $100 million in management compensation last year related to massive trading losses in the bank's chief...

  4. J .P . Morgan Executives Try to Explain How 'Whale' Lost $6 Billion

    Current and former J.P. Morgan Chase & Co. (JPM) executives fought to explain to lawmakers how a complex trading portfolio that came to be known as the "London whale...

  5. Drew Dodges Blame for 'London Whale' Debacle

    Ina Drew, the former JPMorgan Chase & Co executive in charge of the unit that made the disastrous "London Whale" trades that became public last year, told lawmakers ...

  6. J .P . Morgan Former CFO Braunstein Says His 2012 Pay Cut by 50%

    Former J.P. Morgan Chase & Co. (JPM) finance chief Doug Braunstein said at a congressional hearing Friday that his 2012 pay was cut in half, to about $5 million, bec...

  7. Sen. Levin: Feds Should Review Risk Limit Breaches

    At a hearing about J.P. Morgan Chase & Co.'s more than $6.2 billion credit derivatives trading loss, Sen. Carl Levin on Friday said federal regulators should track a...

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