JPMorgan Chase and Co. (JPM) is in the news a lot, and that’s of little surprise when you look at just how they have the highest highs and lowest lows of about any financial company (and that’s saying a lot.) While the investment banking giant continues to post record-breaking earnings reports,, the company is constantly paying out exorbitant fines and is continually dogged by accusations of malfeasance and impropriety, to the point where it sometimes seems more apt ask what the company isn’t under investigation for.
Here’s a recap of some of their greatest hits (and misses) in 2013
Feb. 11, 2013
Is Another “Whale” in the Works for JPMorgan?
Following the week JPMorgan surpassed Well Fargo & Co (WFC$) to become the most valuable bank in America, evidence surfaces that the bank knew more about a massive $6.2 billion trading loss later dubbed the “London Whale” than they originally let on.
March 15, 2013
JPMorgan Passes Fed “Stress Test”
The Fed performs a second round of “stress tests on the 18 largest financial institutions in America, and JPMorgan passes. The company is however ordered to retool their share distribution plan by the end of the third quarter.
April 12, 2013
JPMorgan Issues Triumphant First Quarter Earnings Report
The bank tops analyst expectations and reports a 33 percent jump in income in its first quarter 2013 earnings report. The company also reports 2.61 billion in profits for the quarter and raises dividend for stockholders from 30 to 38 cents a share.
May 21, 2013
CEO Jamie Dimon Retains Position After Shareholder Vote
Though he was heavily criticized for his flippant behavior after the “London Whale” debacle first surfaced, CEO Jamie Dimon survives an attempt to ouster him from his position.
July 9, 2013
Banking Regulators Tighten Restrictions on the Big Banks
Looking to prevent another calamity like the country faced after the subprime mortgage crisis, the FDIC orders banks to start holding at least 6 percent of their equity as capital. JPMorgan is forced to increase their capital, as they currently only carry 5.3 percent.
July 12, 2013
JPMorgan Issues Second Fantastic Earnings Report of the Year
Building off of their fantastic Q1 2013 reports, JPMorgan posts another solid quarter in Q2, ringing in $26 billino in revenue, an increase of $3.1 billion from the year prior.
July 30, 2013
JPMorgan Fined $410 Million in Energy Price Fixing Scandal
The bank settles for $410 million with regulators after they were found to be artificially increasing prices on power grids they controlled, and in essence defrauding both utility companies and utility customers. As part of the settlement, the bank is not forced to admit culpability.
Aug 9, 2013
SEC to JPMorgan: Admit to Wrongdoing
The Securities and Exchange Commission say they will be seeking to force JPMorgan to admit to "wrongdoing" in connection with the London Whale trading loss that cost investors billions. By admitting to wrongdoing without being able to settle out, JPMorgan could be opened up to crippling shareholder lawsuits.
Aug. 14, 2013
Former traders Formally Charged in London Whale
The first criminal charges related to the $6.2 billion London Whale trading loss were handed down by the Department of Justice, alleging that two traders obfuscated the losses and thus defrauded investors with filings that painted an unnaturally rosy picture of the company's financials.
Aug. 19, 2013
JPMorgan Alleged to Have Bribed Chinese Banking Regulators
In a scheme that reportedly scored the bank exceedingly favorable government contracts, JPMorgan is investigated by the SEC for hiring the children of Chinese bureaucrats to curry favor with their parents.
(image of JPMorgan Chase tower courtesy of Wikimedia Commons)