More good news for JPMorgan Chase, the investment bank which has paid $30 billion in fines in the last two years: the firm's ex-head of investment banking in China was recently arrested in Hong Kong by an anti-corruption agency in an investigation believed to be related to the bank's possibly-illegal nepotistic hiring practices.
Billions of dollars of legal costs related to endless findings of wrongdoing cost JPMorgan Chase only 27 cents per share in the fourth quarter. The company's profits fell to a mere $5.28 billion in the past three months. The bank is no doubt severely chastened by the serious consequences for its misdeeds.
JPMorgan has agreed to pay a settlement of $2.6 billion for charges related to the bank's failure to stop Bernie Madoff's Ponzi scheme. In the past two years, the bank has paid close to $30 billion in legal settlements. That number is smaller than JPMorgan's profits, so Jamie Dimon will never get fired.
JPMorgan Chase has agreed to pay $5.1 billion to settle claims that it misled Fannie Mae and Freddie Mac about mortgage securities it sold them in the lead up to the housing market crash. HuffPo's "JPMorgan Shame Tracker" reports that this puts JPMorgan's fine and legal cost bill since 2009 at $31.28 billion.
Titanic financial firm JPMorgan Chase posted $6.5 billion in profits during its last quarter—a company record. For lying to multiple governments and its own investors about losses of $6 billion, however, the bank will have to pay just $920 million, or 0.03 percent of its current holdings. With total assets of $2.35 trillion, JPMorgan could pay the same fine every hour for three months, or every day for seven years, before their coffers would run dry.
Now Sun Trust and and Regions Financial have joined Wells Fargo and J.P. Morgan Chase & Co. in deciding that charging customers debit card fees on purchases is a stupid idea, the Wall Street Journal reports. This makes Bank of America the only loser bank among America's largest loser banks to keep its $5 fee plan. Way to stay strong, guys!