Tags: Banks, Calpers, Hedge funds, JPM Chase
Calpers may expand its own internal hedge funds; JP Morgan may be on the prowl for acquisitions of weaker banks ($JPM); Commercial real estate a time bomb?
On April - 17 - 2009
Welcome to the Hotel TARPifornia: You can check out any time you like, but you can never leave; Goldman, JP Morgan and others may face restrictions for awhile ($GS,$JPM,$BAC,$WFC,$C)
On April - 17 - 2009
Toxic TARP: This is why we would NEVER want to do business with Uncle Sam. It's just plain scary…..
Tags: Bank of America, Banks, Citigroup, Goldman Sachs, JPM Chase, Morgan Stanley, Politics
Jamie Dimon on using the PPIP — They have no intention to go there: “We’re not gonna borrow from the Federal government. We’ve certainly learned our lesson about that” ($JPM)
On April - 16 - 2009
JP Morgan Q1 2009 earnings release and slides ($JPM)
On April - 16 - 2009
Mike Mayo’s latest bank smackdown ($BAC,$JPM,$C,$WFC,$PNC)
On April - 6 - 2009
Tim Geithner on forcing bank CEO resignations: The options are open ($C, $BAC, $GS, $MS, $JPM, $WFC)
On April - 2 - 2009
Tim Geithner was interviewed by Katie Couric on CBS….
Tags: Bank of America, Banks, Citigroup, Goldman Sachs, Jamie Dimon, JPM Chase, Ken Lewis, Politics
Post Obama meeting after show: Jamie Dimon gives his thoughts to Erin Burnett
On March - 27 - 2009
Tags: Barack Obama, Jamie Dimon, JP Morgan, JPM Chase, TARP
About JP Morgan: We’re getting so tired of the “They have TARP money so they must be tone deaf because they want to buy new corporate jets” routine ($JPM)
On March - 23 - 2009
Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build "the premier corporate aircraft hangar on the eastern seaboard" to house them, ABC News has learned.
The financial giant's upgrade includes nearly $120 million for two Gulfstream 650 planes and $18 million for a lavish renovation of a hangar at the Westchester Airport outside New York City.
"It's a remarkably boneheaded decision," said corporate watchdog Nell Minow, the editor and founder of The Corporate Library, a group that provides independent corporate governance research and analysis. "It's completely tone deaf."
Tags: Economy, Jamie Dimon, JPM Chase, Politics, Private jets
A year after his precipitous fall former Bear Stearns CEO Jimmy Cayne talks to”snake” Charlie Gasparino ($JPM)
On March - 9 - 2009
Were Jimmy Cayne's transgressions all that bad in comparison to some of the others?: It's been a year since Bear Stearns fell and sold out to JP Morgan. Former Bear Stearns CEO Jimmy Cayne, who has been keeping a very low profile since he was vilified in Bear's plunge, finally is speaking — to Charlie Gasparino. What's he doing now? Still playing lots of bridge and apparently getting nagged a lot by his wife, and is in improved health since his serious prostate scare last year. From Gasparino's piece on Cayne in The Daily Beast:
Tags: Bear Stearns, Jim Cayne, JPM Chase
Uncategorized
JP Morgan slashing 12,000 WaMu related jobs
On February - 26 - 2009
The axman cometh again to JP Morgan, this time as it integrates its Washington Mutual purchase into its operations. According to AP:
Tags: JPM Chase, Revolving Door
Jamie Dimon really, really wants out of the TARP $JPM $GS $MS
On February - 18 - 2009
Per Charlie Gasparino: Jamie Dimon spoke at a town hall meeting yesterday. When someone asked him about last week's congressional grilling, he responded: "While I was sitting there I was thinking I should raise my hand and say 'I will wire you back the (TARP) money if you let me leave right now'."
He's not alone in wanting out of the TARP. Goldman and Morgan Stanley are all chafing at the bit to get out ASAP.
Tags: Goldman Sachs, Jamie Dimon, JPM Chase, Morgan Stanley
The "best little whorehouse on Wall Street": Busted Manhattan madam Kristin Davis who's said to be writing a tell all book, is starting to open up. She's let the folks at 20/20 have a peek at a computerized high profile client list — one that she shared with prosecutors (who at least so far aren't interested in prosecuting any of the johns) – which included meticulous notes detailing names, credit card numbers and mobile phone numbers. She'll be interviewed tonight at 10pm where she'll talk about how many of her clients would even use corporate plastic charged to disguised vendor names designed to get by firm accountants to pay for her $2K an hour hookers.
"Some of these guys, I was invoicing on corporate credit cards," she
said. "I was writing up monthly bills for computer consulting,
construction expenses, all of these things, I was invoicing them
monthly so they could get it by their accountants," Davis said.
said. "I was writing up monthly bills for computer consulting,
construction expenses, all of these things, I was invoicing them
monthly so they could get it by their accountants," Davis said.
And while the press release surrounding her 20/20 appearance didn't name specific Johns' names — she hasn't yet decided if they'll be released publicly — they did tantalize us with some of the firms that they come from, including Goldman Sachs, JP Morgan, Deutsche Bank, Merrill Lynch, Lehman Brothers, law firm Cravath Swaine Moore, and "the CEO of one of the largest private equity firms". Hmmmm. Here's the description of some of them:
Tags: Deutsche Bank, Goldman Sachs, Hookers, JPM Chase, Lehman Brothers, Merrill Lynch, Private equity
Jamie Dimon: Don’t TARP all banks with the same brush
On February - 4 - 2009
Is it fair that all banks that accepted funds from Uncle Sam should be TARPed with the same brush when it comes to bonuses and other traditional perks? We don't think so, especially when some healthy banks were essentially held at gun point and forced to accept funds so that the weak ones wouldn't looks so bad in comparison (as if we don't already know who they are anyway). JP Morgan CEO Jamie Dimon doesn't think so either:
Tags: Bonuses, Jamie Dimon, JPM Chase
Bernie Madoff update: JP Morgan exposure “pretty close to zero”; Paper stash found in Queens; Bernie the action figure; The WSJ details the Lipstick Building scene of the crime; Employee hooked on lease deal
On January - 29 - 2009
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Tags: Bernie Madoff, JPM Chase, Legal
Don’t look to Jamie Dimon to ride to the rescue of more failing firms anytime soon (but never say never) $JPM
On January - 29 - 2009
After riding to the rescue of failing financial firms Bear Stearns and WaMu last year, Jamie Dimon says he's probably done for now with new deals. Speaking at Davos he said:
Tags: Jamie Dimon, JPM Chase
Done deal: Citi forms Smith Barney jv with Morgan Stanley; it’s no panacea; JP Morgan’s earnings may be worst since Jamie joined; Bartz named Yahoo CEO, also no panacea
On January - 13 - 2009
- Citigroup Spins Off Smith Barney
- Press release:Morgan Stanley and Citi to Form Industry-Leading Wealth Management Business Through Joint Venture
- JPMorgan May Post Smallest Net Since Dimon Took Helm
- Manager of buck-breaking fund accused of fraud
- Carol Bartz named Yahoo CEO, Decker to resign
- New Yahoo CEO lacks Web and deal-making chops
- Pfizer targets 800 research positions
Tags: Citigroup, Jamie Dimon, JPM Chase, Morgan Stanley
No bonuses for Jamie Dimon and Bob Rubin this year
On December - 19 - 2008
According to NY Times sources, both JP Morgan's Jamie Dimon and Citigroup's Bob Rubin won't be looking for bonuses this year. While we suspect that there's not a whole lot of sympathy for Rubin given Citi's horrendous performance not to mention all of the criticism that's been thrown at him for how much he's been paid (and perhaps over paid) in the past, we can't help but feel for Jamie Dimon who seems to be getting the short end of the stick in the deal.
Banks Try New Ways to Handle Bonuses – NY Times
Tags: Bonuses, Citigroup, Compensation, Jamie Dimon, JPM Chase, Robert Rubin
WSJ’s “Anatomy of the Morgan Stanley Panic”
On November - 24 - 2008
You should read the fascinating WSJ article on Morgan Stanley that details what what happened days after Lehman Brothers collapsed. It explores the massive piling on on all fronts that caused the almost fatal death spiral in its stock.
It details who was trading the firm's CDS - including JP Morgan, Merrill Lynch, UBS and Deutsche Bank on the banking side, and King Street Capital, Owl Street Capital on the hedge fund side. There were those who were shorting the stock — including Dan Loeb's Third Point LLC and Millennium Partners. There were those making pitches to hedge funds, to steal prime broker business
away, including JP Morgan (which drew a rebuke from John Mack to Jamie
Dimon), Deutsche Bank, Credit Suisse and UBS. There were those who were bailing on Morgan's prime brokerage business – including Millenium Partners, Third Point, Owl Creek. And there was the breakdown in the 20 year relationship between famed short seller Jim Chanos after John Mack groused to the SEC and employees, blaming the shorts (many of them MS clients) for attacking his stock. Chanos pulled over $1 billion out of Morgan….
Tags: Credit Crunch, Credit Suisse, Dan Loeb, Izzy Englander, Jamie Dimon, Jim Chanos, John Mack, JPM Chase, Merrill Lynch, Morgan Stanley
Things could get worse according to Jamie Dimon, but he’s nonetheless optimistic
On November - 12 - 2008
Degrees of gloom: Speaking at a Merrill Lynch conference today in NYC, JP Morgan CEO Jamie Dimon had some good news and some bad news. He said that increasing unemployment and financial deleveraging in the U.S. could result in a" deep" recession that might be worse than the credit crunch, but he's still optimistic. According to Bloomberg:
Tags: Credit Crunch, Jamie Dimon, JPM Chase
And the layoffs may not be over at JP Morgan, Goldman, Morgan Stanley, Barclays / Lehman, B of A / Merrill, etc.; as many as 15% more could go
On November - 4 - 2008
CNBC's Charlie Gasparino reported that his sources are telling him that with Wall Street business showing no signs of recovery, investment banking firms are preparing to cut even deeper. As much as 15% more employees — pretty much at all of the Wall Street firms — could be cut as early as this year or possibly next year. He said that big layoffs are coming up at Barclays / Lehman. And with the merger of Bank of America / Merrill 10K could be let go. Morgan Stanley, Goldman Sachs and even JP Morgan (which is separately shuttering a prop desk with some being fired) are also all contemplating cuts, possibly as deep as 15%.
It's getting uglier.
Tags: Barclays, CNBC, Goldman Sachs, JPM Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, Revolving Door
JP Morgan shutting down a global prop trading desk according to reports, firing some employees, shifting others
On November - 4 - 2008
More layoffs, this time at JP Morgan. According to Bloomberg sources, a global proprietary trading desk is being shut down, with some of the employees being laid off (no specific number mentioned), and some being absorbed into other areas.
Other members of the group of about 75 people, led by William Johnson
in New York, will move to separate desks within the investment-banking
division that trade for the firm's account in equities, fixed income,
foreign exchange, commodities and emerging markets, according to the
person, who declined to be identified because the plan is confidential.
JPMorgan spokeswoman Kristin Lemkau declined to comment.
in New York, will move to separate desks within the investment-banking
division that trade for the firm's account in equities, fixed income,
foreign exchange, commodities and emerging markets, according to the
person, who declined to be identified because the plan is confidential.
JPMorgan spokeswoman Kristin Lemkau declined to comment.
Jamie Dimon, JPMorgan's chief executive officer, told employees in Hong
Kong yesterday that the company faces “highly challenging conditions''
in 2009. JPMorgan is one of the nine U.S. firms that received $125
billion from the U.S. Treasury last month as part of a plan to rescue
the financial services industry from a credit crisis that has saddled
banks and brokerages worldwide with more than $690 billion of
writedowns and losses.
JPMorgan Said to Shut Proprietary Desk, Shed Traders – Bloomberg
Tags: Credit Crunch, JPM Chase, Revolving Door
Charlie Rose: A conversation with former Bear Stearns CEO Alan “Ace” Greenberg (10/22/08)
On October - 23 - 2008
JP Morgan bonuses said to be destined for a 30 to 50 percent haircut
On October - 16 - 2008
According to CNBC, this year's JP Morgan bonuses will take a 30-50% hit from last year. That not so pleasant news was shared with managing directors of the investment bank as they were going over 3rd quarter earnings. That sure doesn't bode well for the not-nearly-performing-as-well competition.
The co-heads of the JPMorgan's investment bank Steve Black and Bill Winters relayed the news to senior management after thanking them for the hard work they have done in the past year.
The Treasury is said to be beefing up the biggest banks with $$$: Goldman, JP Morgan, and more
On October - 13 - 2008
The U.S. Government is said to be on a buying spree, taking a page out of Warren Buffett’s playbook, scarfing up preferred shares (designed to be nondilutive to the common stock) of the nations biggest banks — including Goldman Sachs and Citigroup — in exchange for big wads of cash. The institutions apparently didn’t have any choice in the matter, and each of the banks will have to adhere to the compensation restrictions imposed by Congress. Hank Paulson, Ben Bernanke and FDIC Chairman Sheila Blair will hold an 8:30 am press conference tomorrow morning to discuss the investments as well as “a series of comprehensive actions to strengthen public confidence in our financial institutions and restore functioning of our credit markets.”. According to Bloomberg:
The cash injections in exchange for
preferred shares are part of a $700 billion rescue approved by Congress and
follow similar moves by European leaders to unfreeze global credit markets by
helping beleaguered banks. The other companies are Wells Fargo & Co.,
JPMorgan Chase & Co., Bank of America Corp., Merrill Lynch & Co., Morgan
Stanley, State Street Corp. and Bank of New York Mellon Corp., said people
briefed on the plan.“It’s a good thing, it’s what needs to happen, it will allow the markets to
start functioning again,” said Ralph Cole, a vice president for research at
Ferguson Wellman Capital Management Inc. in Portland, Oregon, which oversees
$2.7 billion including shares in JPMorgan, Wells Fargo and Goldman.
Tags: Bank of America, Citigroup, FDIC, Fed, Goldman Sachs, JPM Chase, Merrill Lynch, Morgan Stanley
