Financial Business Update: JPMorgan Dimon Lieutenant Steps Down, Credit Suisse Hit With Suit

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Barry Zubrow, who heads regulatory affairs at JPMorgan Chase & Co. (NYSE:JPM), and also the trusted trusted lieutenant of Jamie Dimon, will step down before the end of December, say sources. It appears that he might be the most recent victim in an organizational housecleaning subsequent to the ‘London Whale’ trading loss.

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It isn’t enough that Credit Suisse (NYSE:CS) is being investigated by the Justice Department and ths State of New York, but now the National Credit Union Administration has brought a lawsuit against the company, for allegedly misrepresenting the underwriting and divestiture of mortgage bonds to three unions which collapsed after paying more than $715 million for them.

First Niagara Financial Group’s (NASDAQ:FNFG) has laid off 180 employees out of 6,000, but it’s said that it does not necessarily indicate a major cost reduction program, such as the one that Bank of America Corporation (NYSE:BAC) is pulling off. Niagara is replacing 50 of the positions elsewhere inside, and is actively recruiting for more than 250 vacancies.

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