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JPMorgan Chase is set to pay a record $920 million to resolve probes from three federal agencies over its role in the manipulation of global markets for metals and Treasurys.

The figure was released Tuesday morning by the Commodity Futures Trading Commission in a statement from Commissioner Dan Berkovitz. Last week, news reports indicated that the New York-based bank was nearing a settlement of almost $1 billion.

The penalty is a record for spoofing, which is when sophisticated traders flood markets with orders that they have no intention of actua...

JPMorgan Chase & Co has given out more than $30 billion in loans to over 250,000 businesses as part of the United States' coronavirus aid program for small businesses, Chief Executive Officer Jamie Dimon said in a memo on Tuesday.

JPMorgan, the largest U.S. bank, approved more than $45 billion in new credit for its clients impacted by the COVID-19 pandemic in March and April, Dimon said in a memo to stakeholders.

Dimon said the size of the average loan under the Paycheck Protection Program (PPP) was $122,000 and half of the loans went to companies with fewer than fiv...

Some big banks have received grand jury subpoenas as part of a federal investigation into possible fraud involving the $660 billion coronavirus emergency loan program for small businesses, according to a new report Saturday.

Two sources told Reuters that the Justice Department had sent subpoenas to major banks, but did not name the institutions. JPMorgan Chase & Co., Citigroup Inc, Bank of America Corp. and Wells Fargo & Co. are four of the mega-banks participating in the program.

Under the program, small businesses hit by the pandemic can apply for a government-...

Four of the leaders of the House Financial Services Committee want much more information from the nation’s biggest mortgage servicers on how many borrowers are asking for forbearance and how that process is going for those borrowers.

Reps. Maxine Waters (D-CA), chair of the House Financial Services Committee; Gregory Meeks (D-NY), chair of the Subcommittee on Consumer Protection and Financial Institutions; Wm. Lacy Clay (D-MO), chair of the Subcommittee on Housing, Community Development, and Insurance; and Al Green (D-TX), chair of the Subcommittee on Oversight and...

Wells Fargo, one of the largest home lenders in the U.S., is stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic.

The bank informed its mortgage personnel of the news Thursday in a conference call, according to a source, and the move was confirmed by company spokesman Tom Goyda.

“Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit after April 30,” Goyda said in an emailed statement. The choice “reflects careful consideration of current market co...

The historic coronavirus bailout package directed $349 billion to small businesses hammered by lockdowns and closures. Such business owners were told that cash would be doled out on a first-come, first-serve basis.

But some big banks reportedly gave their wealthiest clients a different option: To skip the line.

JPMorgan Chase, Citibank, and US Bank gave their richest patrons privileged access to the loans, the New York Times reported on Wednesday, citing six bank employees and industry professionals who spoke on condition of anonymity. The Times described the bank pr...

Irelsie Alvarez said she and fellow jurors wanted to send JPMorgan Chase & Co. a message with their startling $8 billion verdict in a Dallas probate case -- an award that’s destined to be reduced to no more than $90 million.

She concluded at the close of the trial in September that the bank mismanaged the estate of deceased American Airlines executive Max Hopper, who died in 2010 with assets of more than $19 million. Alvarez said she took the suggestion of lawyers for Hopper’s family that a big damage award was needed “in order to prevent this from happening again.”


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