JPMorgan Chase reveals it paid more than 100 of its London staff HK$25.7m
The biggest US bank, JPMorgan Chase, paid more than 100 of its London staff an average of £2 million (HK$25.7 million) in 2012.
The disclosure came as fresh evidence emerged of the massive deals being paid in the City of London financial district despite an outcry over banking “fat cats” after the 2008 credit crisis.
Goldman Sachs has already said its high-fliers received an average of £2.7 million in 2012 – up by half on the year before – fuelling fresh anger about bankers’ bonuses.
The banks are required to provide the information about their operations in the UK to comply with an EU rule introduced after the 2008 crisis. Banks must give details of the pay of “code staff”, those deemed to be taking and managing risk.
Shareholder to bank leaders: It’s hard to trust you
Shareholder activist John Harrington has a message for the boards of Goldman, J.P. Morgan and AIG: I don’t trust you.
Harrington, president of Harrington Investments in Napa, Calif., filed proposals asking Goldman Sachs GS , J.P. Morgan JPM +0.12% and AIG AIG -0.12% for more information on how the company leaders are legally and ethically obligated to shareholders.
The proposals ask each company to prepare a report examining “opportunities for clarifying and enhancing implementation of directors’ and officers’ fiduciary, moral and legal obligations to shareholders and other stakeholders.”
Federal Reserve Asks Financial Industry Lobbyists For Personnel Recommendations
Financial industry lobbyists are among those being asked to suggest who should replace Sandra Braunstein, the retiring Federal Reserve official who oversaw the regulator’s lackluster efforts to protect consumers in the years preceding the U.S. mortgage meltdown.
Braunstein, who has led the Fed’s consumer affairs division since April 2004, did not respond to an emailed request for comment. Her plan to leave the Fed has not been previously reported, nor has the Fed’s outreach to identify potential replacements.
As Braunstein prepares to leave her post, concerns are mounting among consumer advocates that the Fed may pick a financial industry ally who may want to weaken consumer protections. Lonnie Taylor of Diversified Search, an executive search firm retained by the Fed, has asked financial industry lobbyists for recommendations on who should replace Braunstein, people familiar with the matter said.
Deutsche Bank, U.S. shareholders settle lawsuit over mortgages
Jan 2 (Reuters) – Deutsche Bank AG has settled a U.S. lawsuit in which shareholders accused it of misrepresenting its ability to handle risks associated with mortgage debt prior to the 2008 financial crisis.
The settlement in principle was disclosed in a filing on Thursday by Deutsche Bank’s lawyers in the U.S. District Court in Manhattan. Terms were not disclosed, and final paperwork is expected within 30 days, the filing said.
Laura Dimon: (Yes, Jamie’s Daughter) The 6 Most Notorious Criminals Of 2013 Aren’t Facing the Justice They Deserve
lol… She forgot to add her dad’s name…
One is likely a ruthless murderer but has a good chance of walking free. One killed an innocent teenage boy and is now selling paintings on eBay — not from behind bars. Another’s case became a total media circus, and we’re still in for more ahead. Two others majorly escaped the justice they should have faced.
There’s a disturbing trend that runs through the high-profile cases of the year: The criminals have not yet, or will never, face justice they deserve.