Financial Business Review: JPMorgan TAKES HEAT, Bank of America Trading Revs REVEALED
The data breach at Global Payments (NYSE:GPN) earlier in 2012 might have been more significant than was then reported, says the firm. It’s feared now that hackers could have obtained personal information from its merchant customers, as well as data from some 1.5 million accounts.
Bank of America (NYSE:BAC) CFO Bruce Thompson tells a financial conference that his company’s trading revenue will be down in the second quarter, but still well ahead of the same quarter a year ago. Thompson also reported that BofA has reduced its long-term debt burden by $40 billion and remains dedicated to “drive that footprint down”.
JPMorgan (NYSE:JPM) CEO Jamie Dimon’s appearance before the Senate Banking Committee occurred Wednesday, in front of banking panel members who have received some $7.9 million from the bank since 2008, according to Opensecrets.org. (Are they not familiar with the word, ‘recuse’?) In his testimony, Dimon has a go at Ina Drew, and also remarked that his “tempest in a teapot” comment was “dead wrong”. He added that, considering the data he was getting from the CIO, “It’s likely there will be clawbacks (of CIO bonuses).”. Shares of JPM rose markedly higher following the conclusion of his testimony, although the stock remains significantly lower since the news broke concerning The Loss.
Deutsche Bank’s (NYSE:DB) capital woes increase, as it faces dangers in its operations in Spain and Italy, according to Espirito Santo observers. The bank was already in a weakened capital situation, despite its decreased exposure to the European periphery, and should the aforementioned countries revert to their former currencies, DB could wind up receiving pesetas and lira for liabilities still based upon euros. If that were not bad enough, how about drachmas?
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