JPMorgan CEO: ‘Work to Do’ on Controls, Compliance
NEW YORK — JPMorgan Chase, the country’s biggest bank by assets, says its first-quarter earnings soared, even as revenue fell slightly. The bank made $6.1 billion in the first quarter, after stripping out payments to preferred shareholders. That was up 34 percent from the same period a year ago, when it made $4.6 billion. On a per-share basis, that amounted to $1.59. That blew away the estimates of analysts polled by FactSet, who had been expecting $1.39. Revenue and profit fell in its retail banking business, but increased in investment banking. JPMorgan funded $53 billion in mortgages, a jump of 37 percent from a year ago. But profits in the mortgage unit fell 31 percent, and the bank said profit margins were lower. Revenue was $25.8 billion, after stripping out the effect of an accounting charge. That beat analysts’ estimates of $25.7 billion, though it was down 3 percent from the same period a year ago. In many respects, it’s been a difficult year for the New York-based bank. ...
Canada: Social Media, Disclosure And Securities Regulation - McCarthy Tétrault LLP
On July 3, 2012, the CEO of Netflix Inc.updated his Facebook account, which resulted in the SEC serving him with a "Wells Notice".
Found 1 month ago on channel Mondaq
Are Today’s Business Leaders Too Afraid of Risk?
During this year’s TIME Davos panel “Leading through Adversity,” TIME International editor Jim Frederick asked some of the world’s biggest players in the global economy a simple question: Are leaders too risk-averse in their efforts to bring the economy back on track? It’s not an unfamiliar query for the likes of Walmart CEO Mike Duke, Cisco CEO John Chambers, and Martin Senn, CEO of Zurich Insurance Group. Indeed, political gridlock has been gripping economies from the U.S. to Germany to China, making uncertainty a defining theme of this year’s Davos chatter. As Eurasia Group’s Ian Bremmer said at a recent Thomson Reuters event in New York: For “emerging markets in general, the level of political instability is underpriced for 2013.” Aside from political risks abroad, corporate executives have taken a lot of heat for using uncertainty about taxes and regulation back home as an excuse to put off investing in jobs and growth. The TIME panel shed some light on the root causes ...
Citi falls short on earnings, blames regulations
Citigroup badly missed earnings estimates in the fourth quarter, reflecting what its new CEO called a "challenging" environment due to increased regulatory pressures and legal costs.
Found more than 1 month ago on channel MSNBC
United States: SEC Staff Issues Wells Notice To Netflix And Its CEO - Duane Morris LLP
The Wall Street Journal and other news outlets reported late yesterday that Netflix, Inc. filed a Form 8-K disclosing that each of Netflix and its CEO, Reed Hastings, had received a Wells notice from the staff of the Securities and Exchange Commission relating to an alleged violation of Regulation Fair Disclosure (FD) in connection with a Facebook post by Hastings on July 3, 2012.
Found more than 1 month ago on channel Mondaq