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Too Big To Fail: 3 Lessons of the “London Whale” Debacle

Of the many scandals that have plagued Wall Street of late, the “London Whale” trades, which cost banking giant JPMorgan Chase more than $6 billion, has captured the attention of the financial media more than any other. The biggest reason for journalists’ obsession with this story is that it tarnished the reputation of JPMorgan CEO Jamie Dimon, who is widely thought to be one of the most competent bank CEOs in the business, and one of the few who ably steered his bank through the subprime-mortgage crisis. And as far as the media is concerned, the bigger they come, the more people like to watch ’em fall. But there is more to this story than the comeuppance of the biggest banker on the Street today. The London Whale debacle, and the subsequent Senate investigation, gives us a window into the culture and operations of the biggest bank in America as it adjusts to a postcrisis world in which Dodd-Frank is the law of the land. And the picture painted isn’t exactly comforting. The ...

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Found more than 1 month ago on channel TIME Moneyland

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What Have We Learned? 3 Lessons from the London Whale Trading Debacle

Of the many scandals that have plagued Wall Street of late, the “London Whale” trades, which cost banking giant JPMorgan Chase more than $6 billion, has captured the attention of the financial media more than any other. The biggest reason for journalists’ obsession with this story is that it tarnished the reputation of JPMorgan CEO Jamie Dimon, who is widely thought to be one of the most competent bank CEOs in the business, and one of the few who ably steered his bank through the subprime mortgage crisis. And as far as the media is concerned, the bigger they come, the more people like to watch ‘em fall. But there is more to this story than the comeuppance of the biggest banker on the Street today. The London Whale debacle, and the subsequent Senate investigation, gives us a window into the culture and operations of the biggest bank in America as it adjusts to a post-crisis world in which Dodd-Frank is the law of the land. And the picture painted isn’t exactly comforting. The ...

america attention billion business ceo ceos chase cio comeuppance competence dimon dodd-frank insolvency institutions investigation investment jamie journalists jpmorgan london whale luckily obsession office operations reputation senate situation street wall

Found more than 1 month ago on channel TIME Business

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JP Morgan Chase to slash $1 billion; cut staff

JPMorgan Chase became the latest Wall Street firm to scale back in an uncertain economy, announcing plans Tuesday to save $1 billion through various costs cuts and about 4,000 job reductions.

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Found more than 1 month ago on channel MSNBC

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Regulator plans to sanction JPMorgan on "Whale" trade-report

A U.S. bank regulator is planning to issue a formal action against JPMorgan Chase & Co , demanding that the bank fix lapses in risk controls that allowed some of its traders to build a risky bet that lost $6.2 billion, the Wall Street Journal reported on Thursday.

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Found more than 1 month ago on channel Reuters

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Marketplace Live: What a difference four years does not make

Friday, September 28, 2012 - 04:25 Jessica Kourkounis/Getty Images Subprime Meltdown. The Collapse of Lehman Brothers. Too Big To Fail. Those headlines dominated the global news in 2008. But how are they playing out this election year? What a difference four years has not made. That was one of the conclusions from a special live taping of APM's Marketplace and the BBC's Business Daily's World Service at New York Public Radio's Greene Space this week. Marketplace's Kai Ryssdal and the BBC's Justin Rowlatt moderated a panel discussion titled: "Are, we the people, to blame: Do we get the banks we deserve?" THE PANEL: Host Kai Ryssdal (far right) and the BBC's Justin Rowlatt (far left) lead a panel conversation with former New York Governor Eliot Spitzer, author Bethany Mclean, former Bain Capital partner Ed Conard, and RBC Wealth Management CEO John Taft. Subprime Meltdown. The Collapse of Lehman Brothers. Too Big To Fail. Those headlines dominated the global news in 2008. Four years ago, Americans ...

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Found more than 1 month ago on channel Marketplace.org

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