Banking News

Business: Banks

• Several members of Federal Reserve could support further easing
  The comments stood in contrast to the previous minutes, which said only "a couple" of members expressed support for further bond purchases, the most dramatic move the Fed has left to boost the economy.
  
  
• Shareholders sue JPMorgan over $2 billion trading loss
  The lawsuits filed on Wednesday in New York claim JPMorgan changed its risk model without telling investors. They say the shift led to the losses and claim company leaders misled investors.
  
  
• Other banks expected to follow FirstMerit with job cuts, branch closings, analysts say
  As FirstMerit says it's cutting roughly 10 percent of its workforce and closing a handful of branches, look for other banks to follow suit later this year as the industry continues to be squeezed by low interest rates, mounting regulation and a lackluster economy.
  
  
• Congress votes to reauthorize Export-Import Bank
  The bill, which passed the House last week, also raises the independent federal agency's lending cap from the current $100 billion to $140 billion. The vote was 78-20.
  
  
• How will JPMorgan's $2 billion loss affect banking rules?
  JPMorgan's misstep gives advocates of stronger regulation an opening to argue that regulators should toughen their approach.
  
  
• FirstMerit cutting 338 positions, closing branches
  FirstMerit Corp. is eliminating 338 positions and closing eight branches as part of a concerted effort to save money.
  
  
• Next up for Dimon: Facing the JPMorgan shareholders
  JPMorgan stock was down almost 2 percent on Monday, a much bigger decline than the broader market. It had already lost almost 10 percent of its value on Friday, the day after Dimon disclosed the trading mistake.
  
  
• JPMorgan chief investment officer leaving
  The bank says Ina Drew will leave after more than 30 years at the company. She oversaw the trading group responsible for the bad trade.
  
  
• Q&A on surprise $2 billion trading loss at JPMorgan
  How can a bank lose $2 billion in six weeks?
  
  
• Fitch downgrades JPMorgan Chase & Co.
  The rating agency's move comes a day after JPMorgan disclosed a surprise $2 billion trading loss in a portfolio designed to hedge against risks the company takes with its own money.
  
  
• What to do when companies charge to send paper statements: Money Matters
  SiriusXM Satellite Radio is driving me crazy. They keep charging me a $2 "Invoice Administration Fee" every quarter because I don't want to sign up for automatic payment on my credit card. Is this legal?
  
  
• FirstMerit lays off all assistant branch managers as part of cost-cutting move
  Akron-based FirstMerit Corp. this month has laid off an undisclosed number of workers as part of a cost-cutting strategy.
  
  
• Bank stocks hurt after surprise $2 billion JPMorgan loss
  A surprise $2 billion trading loss by a division of JPMorgan Chase triggered calls Friday for tougher regulation of banks three years after their near-death experience in the financial crisis.
  
  
• JPMorgan Chase acknowledges $2 billion trading loss
  The company's stock plunged more than 5 percent in late electronic trading after the loss was announced. Other bank stocks, including Citigroup and Bank of America, suffered heavy losses as well.
  
  
• Consumer watchdog weighs limits to mortgage fees
  The Consumer Financial Protection Bureau said Wednesday that it might ban origination fees that vary with the size of the loan, known as "origination points." Lenders would charge the same flat fee for all loans.
  
  
• Bernanke says lending spigots are more open now
  Bernanke says that banks have made "considerable progress" in shedding risk from balance sheets and building cash cushions against future loan losses.
  
  
• Federal Reserve approves Chinese bank purchase of U.S. bank
  The Fed board announced it was approving the application of the Industrial and Commerce Bank of China Limited, China's largest bank, and two other Chinese firms to purchase the Bank of East Asia U.S.A., located in New York City.
  
  
• 4 people arrested at Bank of America demonstration
  Hundreds gathered on the streets Wednesday morning as dozens of police officers worked to contain the protest.
  
  
• Fannie Mae earned $2.7 billion in first quarter, doesn't seek aid
  Fannie has received about $116 billion so far from the Treasury Department, the most expensive bailout of a single company.
  
  
• Bank of America begins mailing offers to reduce customers' mortgages
  Bank of America said Tuesday that more than 200,000 mortgage customers nationwide may be eligible to get their payment slashed by one-third as part of the bank's settlement this year with federal and state authorities over allegations of foreclosure abuse.