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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| JP Morgan | JPM | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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|---|---|---|---|---|
| 0.00 | 0.00% | 2,173.87 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2,173.87 |
| Top Posts |
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Posted at 18/12/2002 19:31 by poppa wobbler Dow Jones Business NewsBarrick,JP Morgan Chase Accused Of Gold Market Manipulation Wednesday December 18, 1:42 pm ET NEW ORLEANS -(Dow Jones)- Barrick Gold Corp. and J.P. Morgan Chase & Co. have been accused of "unlawfully combining to actively manipulate the price of gold" and making $2 billion in short-selling profits "by suppressing the price of gold at the expense of individual investors." The accusations were made in an anti-trust lawsuit filed Wednesday by Blanchard & Co. of New Orleans, the largest retail dealer in physical gold in the U.S., and by Blanchard clients who bought gold bullion. In a news release, Blanchard & Co. said it's paying the costs of the lawsuit, which seeks to terminate the trading agreements between Barrick and J.P. Morgan Chase and other, as yet unnamed, bullion banks. It said the suit also seeks the payment of treble damages to Blanchard's clients for the losses suffered as a result of Barrick's and J.P. Morgan Chase's "unlawful price manipulation, anti-trust violations and unfair trade practices." |
Posted at 14/10/2002 23:52 by magic Not a happy bank ... I wonder if they will need to raise some capital at some time?-------------------- A Potential Pothole on Rally Road By Aaron L. Task Senior Writer 10/11/2002 03:00 PM EDT But he also cited the "extreme levels at which the global debt and equity securities and derivatives are currently trading," which have been and presumably continue to put stress on J.P. Morgan's proprietary trading and derivatives portfolios. Prior to Thursday's advance, yields on investment-grade corporate bonds were at their widest spread to Treasuries in a decade, while the S&P Speculative Grade Index, which mirrors the trend in spreads between high-yield bonds and Treasuries, hit an all-time high of 1573.9 on Thursday. S&P's Investment Grade Credit Index also hit a record high on Thursday. Corporate default rates are up markedly this year and Fitch Investors reported 40% of junk bonds issued from 1997 to 1999 are now in default. (RealMoneyPro.com's Brian Reynolds observed that corporate spreads were "narrowing significantly" Friday morning, which would be welcome news for the corporate bond market and J.P. Morgan in particular if it continues.) In broad terms, Puplava expressed concern that because of its lowered credit ratings, J.P. Morgan is facing increased borrowing costs, as well as the potential diminishment of revenue from its derivatives business. The combination could put further pressure on the bank's profitability, causing further downgrades and more problems with its derivatives business, and so on and so on. |
Posted at 09/10/2002 21:14 by m.t.glass Moody's Investors Service said it has cut the long-term 'Aa3' rating of JP Morgan Chase & Co debt to 'A1' to reflect concerns about the outlook for the bank's earnings.In a statement, Moody's cited "concerns regarding the medium-term outlook for JPM Chase's business performance, in the context of longer-term concerns about the prospects for the successful execution of JPM Chase's investment banking and capital markets strategies". The bank's has lagged its similarly-rated peers through this cycle, said the agency. Moody's is now concerned that the bank's recent problems could interfere with its effort to execute its capital market strategy, which has so far met with only partial success. "The execution challenges are heightened by the downturn in the primary and secondary capital markets. The bank may need to cut costs and reduce investment further in order to maintain acceptable profitability in the short run," said the agency. However, in JPM Chase's case, such cuts could eliminate revenue-generating capacity when markets eventually recover, it said. JP Morgan Chase last month issued a severe profit warning for the third quarter which it attributed to spiralling commercial credit costs and a very poor trading quarter. Moody's agreed that the bank's core profitability has been modest compared to its peers, partly because of low yields on some of its commercial loans. Today's rating downgrade incorporates possible losses on Enron-related surety bonds and letters of credit. Its stable outlook assumes that the bank will defend itself against secondary exposures stemming from further probes of its relationship with Enron and WorldCom. The bank's liquidity remains strong and risk weighted capital ratios are "good". "Moody's assumes that management will remain committed to its policy of maintaining strong capital ratios as it determines future dividend policy," said the statement. At 2.24 pm, JP Morgan shares were trading down 70 cents, or 4.3%, at $15.88. |
Posted at 05/10/2002 10:51 by magic Nice article from FT, I wonder how much a cut in div is already factored into the price? -------------------- JP Morgan Chase to eliminate more bankers By Gary Silverman in New York Published: October 5 2002 0:35 | Last Updated: October 5 2002 0:35 JP Morgan Chase is moving to cut approximately 4,000 more jobs in its wholesale banking operations as it responds to rising credit losses and falling trading revenues. The cuts were signalled earlier this month when JP Morgan warned that its third-quarter earnings would be lower than Wall Street analysts had predicted. At that time, William Harrison, chairman and chief executive of JP Morgan, said the company would have to make further lay-offs, but he did not specify how many. The earnings warning shocked investors already concerned about JP Morgan's involvement in the collapse of Enron and its susceptibility to the rising tide of problem corporate loans. JP Morgan shares on Friday fell $1.08, or 6 per cent, to $16.54, bringing their fall for the year to 54 per cent. JP Morgan's market value stood at less than $33bn, or roughly what Chase Manhattan paid for JP Morgan in late 2000 to create the current company. The company said on September 17 that its credit losses would reach $1.4bn in the third quarter, up from $302m in the previous quarter, reflecting "adverse developments" at telecommunications and cable companies. It also said its trading revenues had fallen sharply. Since then, several investment banks have reported earnings for the quarter ending in August and none seems to have experienced a decline on the JP Morgan scale. The setbacks have stirred speculation about whether Mr Harrison will be able to hang on to his job and whether his strategic vision for the company has been correct. He created a company that would be able to provide complex solutions - including elaborate financings - for big groups. However, his efforts have been hampered by increasing credit problems at blue-chip companies and growing doubts about structured finance following Enron's failure. The job cuts will be concentrated in the bank's wholesale operations but there will also be cuts in asset management. The corporate and investment banking operations of JP Morgan employed 22,000 people at the start of the year; that number has declined since then. Some operations in the wholesale bank will be cut 20 to 25 per cent and the total number of lay-offs could wind up being even more than 4,000. The company is scheduled to report earnings on October 16. At the time of its earnings warning, JP Morgan said it expected to maintain the level of its dividend "provided that capital ratios remain strong and earnings prospects exceed the current dividend". However, some analysts on Wall Street say they doubt JP Morgan will be able to maintain its dividend, particularly given the uncertain conditions in the capital markets. |
Posted at 17/9/2002 23:06 by sinso J.P. Morgan warns on 3Q Investment bank says that third-quarter profit will come in below 2Q level. September 17, 2002: 5:58 PM EDT NEW YORK (CNN/Money) - Bad loans and sluggish trading took a bite out of third-quarter profits at J.P. Morgan Chase as the investment bank Tuesday became the latest high-profile company to say quarterly results will fall short. J.P. Morgan warned that third-quarter profits will fall "well below" earnings in the second quarter, when profits were 58 cents a share. Analysts surveyed by First Call had been expecting the company to earn 54 cents a share in the third quarter, on average. "I am very disappointed with our results and take full responsibility for them," CEO William B. Harrison, Jr, said during a conference call with analysts. Still, the company stopped short of offering specific third-quarter earnings per share guidance. Harrison said the loan losses, which are expected to increase by approximately $1 billion, were particularly troublesome because the company had taken steps to cut its exposure to troubled telecom companies. "In hindsight, we had too much concentration in the telecom space," Harrison said. The company did not mention WorldCom, Adelphia or Global Crossing, three telecom firms that went bankrupt this year. Total trading revenues fell to $900,000 for the first two months of the quarter, compared with trading revenues of $1.1 billion in the second quarter. Investment securities gains of $300 partly offsetting the trading figures. The company's shares fell 16 cents to $21.55 Tuesday ahead of the news, which was released after the market closed. They are down 40 percent this year. J.P. Morgan is the latest Dow component to pre-announce shortfalls for the September quarter. Both McDonald's (MCD: Research, Estimates) and Honeywell (HON: Research, Estimates) have disappointed investors this month. After the warning, a credit rating agency, Fitch, downgraded Morgan's $42.4 billion in debt.. Like other Wall Street firms, J.P. Morgan has suffered because of its associations with Enron. Several Morgan company officers were called before Congress last month because of their alleged role in helping Enron hide debt. In the same press release used to lower its profit forecasts, the company declared a quarterly dividend of 34 cents per share payable on Oct. 31 to shareholders of record as of Oct. 5. |
Posted at 23/7/2002 07:20 by pat o hat The noose tightens on JPM and Citibank?From an AFX today "Citigroup Inc and JP Morgan Chase & Co, already facing scrutiny for devising allegedly deceptive transactions for Enron Corp, marketed similarly structured deals to other companies, the Wall Street Journal reported, citing findings by a senior congressional investigator. "The names of the other companies were not disclosed. "The investigator is to present the findings today as testimony at hearings forming part of a Senate investigation into the role banks played in Enron's financial collapse. "The deals under congressional scrutiny include arrangements known as Yosemite, devised by Citigroup, and Mahonia, devised by JP Morgan, both of which were designed to make Enron's public disclosures more appealing to investors, according to the testimony. "The Journal reported that an official familiar with the investigation will testify that Yosemite, Mahonia and other deals allowed Enron to understate its debt by 40 pct while overstating cash flow by as much as 50 pct, according to a draft of his statement. (etc, etc, sludge, sleaze)... "JP Morgan, in fact, had a "pitch book" to sell other companies on similar financing vehicles, according to a copy of the testimony cited by the newspaper. "JP Morgan entered into similar transactions with seven other companies, while Citigroup shopped such deals around to as many as 14, with at least three entering into such relationships, the testimony says. "The hearings will focus on a commodity-trading vehicle known as a prepay, in which a financier gives money in exchange for future delivery of a commodity such as gas, gold or oil..." Merrill Lynch and NatWest/RBOS also mentioned |
Posted at 25/2/2002 19:40 by mr ashley james FRONT PAGE - COMPANIES & MARKETS: Fears rise on JP Morgan lending exposure: Investment bank backs nearly a half of all US commercial paper, says study Financial Times; Feb 25, 2002 By GARY SILVERMAN JP Morgan Chase arranges nearly half the credit lines that support the giant US commercial paper market, says a new study that highlights the bank's sensitivity to credit market turbulence. The report is being released as investors are questioning JP Morgan's strategy of using its dominant position in the lending business to win more lucrative investment banking mandates. JP Morgan's stock price on Friday fell 95 cents, or 3.3 per cent, to Dollars 28.19, its lowest close since Chase Manhattan's acquisition of JP Morgan in late 2000. The company, the second biggest US bank, has lost more than 46 per cent of its value since last year. JP Morgan has also come under pressure in the debt markets. Bond investors have been signalling that they expect JP Morgan's credit rating will be cut. The derivatives markets now view JP Morgan as riskier than less well capitalised investment banks, such as Goldman Sachs. JP Morgan, led by William Harrison, chairman and chief executive, has been engaged in an intensive effort to make its case to Wall Street in recent weeks, holding dozens of high-level meetings with investors and analysts. But the Loan Pricing Corporation study, the first to look only at back-up credit lines for commercial paper issuers, illustrates the difficult position in which JP Morgan finds itself. The study confirms JP Morgan as the clear market leader, having arranged 46 per cent of the credit lines that were extended last year to companies issuing commercial paper in the US. The Dollars 1,400bn-plus US commercial paper market dwarfs those in Europe and elsewhere. These lines are promises of credit intended to be used if companies are unable to sell commercial paper. Because all commercial paper issuers are highly rated, the risks were thought to be small. As a result, banks such as JP Morgan extend credit lines for low fees, in the hope of winning lucrative work later on, such as advising on deals or underwriting securities. But the wisdom of this strategy has come under fire as a series of once well-regarded companies - Xerox, Enron and Tyco, among them - have been shut out of the commercial paper market and forced to tap their credit lines. Arranging a credit line does not mean a bank takes all the risk itself. Companies such as JP Morgan typically syndicate most of a given back-up credit line to other banks. Banks can also buy protection against default in the derivatives markets. However, finding banks to join syndicates as subsidiary members is getting more difficult. Other banks want to be compensated with more lucrative mandates, and there is only so much of that kind of work. That could increase the pressure on credit-line arrangers to retain larger exposures in what remains a tense time for the credit markets. www.ft.com/banking Copyright: The Financial Times Limited 1995-2002 Fears rise over JP Morgan's exposure to credit market By Gary Silverman in New York Published: February 24 2002 20:33 | Last Updated: February 25 2002 11:21 JP Morgan Chase arranges nearly half the credit lines that support the giant US commercial paper market, says a new study that highlights the bank's sensitivity to credit-market turbulence. The report is being released as investors are questioning JP Morgan's strategy of using its dominant position in the lending business to win more lucrative investment banking mandates. JP Morgan's stock price on Friday fell 95 cents, or 3.3 per cent, to $28.19, its lowest close since Chase Manhattan's acquisition of JP Morgan in late 2000. The company, the second biggest US bank, has lost more than 46 per cent of its value since last year. JP Morgan has also come under pressure in the debt markets. Bond investors have been signalling that they expect JP Morgan's credit rating will be cut. The derivatives markets now view JP Morgan as riskier than less well capitalised investment banks, such as Goldman Sachs. JP Morgan, led by William Harrison, chairman and chief executive, has been engaged in an intensive effort to make its case to Wall Street in recent weeks. But the Loan Pricing Corporation study, the first to look only at back-up credit lines for commercial paper issuers, illustrates the difficult position in which JP Morgan finds itself. The study confirms JP Morgan as the clear market leader, having arranged 46 per cent of the credit lines that were extended last year to companies issuing commercial paper in the US. These lines are promises of credit intended to be used if companies are unable to sell commercial paper. Because all commercial paper issuers are highly rated, the risks were thought to be small. As a result, banks such as JP Morgan extend credit lines for low fees, in the hope of winning lucrative work later. But the wisdom of this has come under fire as a series of once well-regarded companies - Xerox, Enron and Tyco, among them - have been shut out of the commercial paper market. Arranging a credit line does not mean a bank takes all the risk itself. Companies such as JP Morgan typically syndicate most of a given back-up credit line to other banks. Banks can also can buy protection against default in the derivatives markets. |
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