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JPMorgan to Pay $264 Million to Settle China Hiring Case

Nov 18, 2016 09:02 PM EST

JPMorgan has agreed to pay $264 million to the US authorities for resolving its nepotism case in China. The bank allegedly hired the kith and kin of Chinese officials in lieu of favors. The bank was being probed by the US Securities and Exchange and the Justice Department for potential violation of the US Foreign Corrupt Practices Act.

Currently, banks are required to collaborate with Chinese companies for operating.

China Considers Granting Wider Access to US Investment Banks

S. Rina |

Nov 08, 2016 07:11 AM EST

China is looking to open up its financial sector to foreign banks. It is believed that Chinese government may allow US investment banks to run their branches in the country independently. Currently, banks are required to collaborate with Chinese companies for operating.

JPMorgan is backing out of its investment in China's First Capital Securities.

JPMorgan Considers Selling its Stake in China Securities JV

S. Rina |

Oct 21, 2016 04:35 PM EDT

JPMorgan is reportedly in talks to sell out its stake in First Capital Securities joint venture. The banking company has a 33 percent stake in the joint venture.

JPMorgan Takes a Beating Due to Legal Costs from Numerous Lawsuits

Dino Lirios |

Jan 15, 2015 08:40 AM EST

Due to legal costs and lower trading revenue, American multinational banking and financial services holding company JPMorgan Chase & Co. reported a 7 percent decline in fourth quarter earnings.

US Bank Refunding over $48M for Services Customers Never Recieved

Staff Reporter |

Sep 29, 2014 02:57 AM EDT

On Thursday, September 25, the US Bank made a federal settlement to refund nearly $48M for improper charges for credit card services that consumers did not get.

Alan Greenberg, Former CEO of Bear Stearns, Dead at 86

Kizha Trovillas |

Jul 26, 2014 12:29 AM EDT

Alan “Ace” Greenberg, the former chairman and chief executive officer of the collapsed global investment bank Bear Stearns, died on Friday at the age 86 due to cancer complications.