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JPMorgan Chase reached a $13 billion deal with the U.S. Justice Department that ends probes into the bank's sale of mortgage bonds, the largest amount paid by a financial firm in a settlement with the government.
November 19 -
JPMorgan Chase will pay $920 million in regulatory fines related to its London Whale trading scandal, adding to the $6 billion in losses the bank already took as a result of the trades.
September 19 -
JPMorgan Chase & Co. (JPM) agreed to pay $100 million to resolve Commodity Futures Trading Commission claims that the companys London traders last year deployed a reckless strategy in derivatives.
October 16 -
The JPMorgan Chase chiefs recent raise is sure to reignite debate over executive compensation and how bank CEOs should be judged.
January 27 -
Mike Cavanagh, co-chief executive officer of JPMorgan Chase's corporate and investment bank, will leave to become co-chief operating officer of the Carlyle Group.
March 25
JPMorgan Chase (JPM) had an eventful 2013, but Chairman and Chief Executive Jamie Dimon is urging shareholders to look beyond the $20 billion it paid in fines and legal settlements and focus on the future.
Dimon acknowledged in his annual letter to shareholders, released Wednesday, that the nation's largest banking company is still smarting from its repeated run-ins with regulators, but he devoted the bulk of his message to looking ahead.
He touted the company's latest efforts to make the most of Big Data, noting that a group of experts is working to find ways to use the data to give merchants insights about their customers, help consumers validate credit reports and allow clients to manage their collateral positions.
Cybersecurity was another major theme, with the holiday season's massive Target data breach still fresh on Dimon's mind. Dimon acknowledged the dangers posed by both direct attacks from hackers as well as attacks via third-party vendors and other outsiders. JPMorgan Chase is now building three cybersecurity operations centers in its regional headquarters to coordinate information about potential threats, he said.
"By the end of 2014, we will have spent more than $250 million annually with approximately 1,000 people focused on the effort" to beef up defenses against internal and external threats, Dimon said.
Still, Dimon was candid about the toll the legal woes took on the company.
"The bad news was bad," Dimon said. "The most painful, difficult and nerve-wracking experience that I have ever dealt with professionally was trying to resolve the legal issues we had this past year with multiple government agencies and regulators as we tried to get many large and risky legal issues behind us."
The company agreed in November to pay federal regulators a record-breaking
"Suffice it to say, we thought the best option, perhaps the only sensible option was to acknowledge our issues and settle as much as we could all at once, albeit at a high price," Dimon said.
Despite its troubles, Dimon noted that the bank still managed to earn $23 billion in 2012. Meanwhile, Dimon himself appears to have the full confidence of the bank's board, which voted in January to give him a
"When I look back at our company last year with all of our ups and downs, I see it as A Tale of Two Cities," he wrote. "It was the best of times, it was the worst of times."
