CNBC reported that some of JPMorgan Chase’s own traders bet against the very derivative positions that were placed by its chief investment office.
Reuters reported that a federation of U.S. labor unions is looking to force JPMorgan Chase’s board to consider breaking up the company after the disastrous “London Whale” affair, but the bank is seeking permission from the SEC to block the proposal.
JPMorgan Chase chief executive Jamie Dimon criticized regulators, saying some of the steps taken to reform the banking sector since the financial crisis added more complexity to the system.
JPMorgan Chase reported its net income for the fourth quarter of 2012 was $5.7 billion, compared with net income of $3.7 billion in the fourth quarter of 2011.
Momentive specialty Chemicals said it has obtained commitments from financial institutions for a new $400 million ABL revolver. Filings show JPMorgan Chase is agent for a lender group on an existing revolver due to mature May 2013.
JPMorgan said CEO Jamie Dimon “bears ultimate responsibility for the failures” relating to losses by its chief investment office and that his 2012 compensation was cut by more than 50% from the prior year.
Bloomberg is reporting that JPMorgan Chase’s board will consider releasing an internal report this week that faults CEO Jamie Dimon’s oversight of a division that lost more than $6.2 billion.
Independent petroleum refiner Tesoro said it amended its credit agreement with a syndicate of banks led by JPMorgan Chase as administrative agent. The amendment allows for the company to increase the amount of its facility to an aggregate of $4 billion from its current revolving capacity of $1.85 billion.
FelCor Lodging Trust amended and restated its $225 million secured line of credit facility. JPMorgan Chase continued to serve as administrative agent. Bank of America served as syndication agent.
By Christopher Moraff There’s been a lot of talk lately about when the economy will enter full recovery mode and what the so-called “new normal” will look like. A decisive indicator of this transition, and one that is of special interest to those of us in commercial finance, is the state of the lending environment.On […]