Two former high-ranking executives at JPMorgan Chase faced tough questions from U.S. senators Friday about why the bank played down risks and hid losses from regulators when it was losing billions of dollars.
Wells Fargo reported higher earnings, higher revenue, and a record number of mortgage applications on Friday.
JPMorgan Chase is expected to accept the resignation of one of the highest-ranking women on Wall Street after the bank lost $2 billion in a trading blunder, a person familiar with the matter said.
Three JPMorgan Chase senior executives are set to resign this week over the firm’s $2 billion loss on derivatives trades, including the executive who oversaw the trade, US media reported Sunday.
The Philippine economy will likely grow at a faster pace this 2012 from last year’s anemic performance as the government’s pump-priming could add to the momentum from private consumption and prospective export recovery, according to New York-based think tank Global Source.
Global bank JP Morgan Chase is upbeat on equities in the Philippines and the rest of Southeast Asia, citing the region’s emergence as a more attractive investment destination now relative to China, which usually cornered the lion’s share of investment flows.
IBM and Microsoft drove the Dow Jones industrial average higher Friday after the tech giants reported stronger earnings than analysts expected.
