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JPMorgan Chase, the largest bank operating in Arizona with more than 9,000 workers, is preparing to transfer 420 customer-service telephone jobs from the Valley.
NEW YORK - Just four days after Bear Stearns Chief Executive Alan Schwartz assured Wall Street that his company was not in trouble, he was forced on Sunday to sell the investment bank to competitor JPMorgan Chase for a bargain-basement price of $2 a share, or $236.2 million.
NEW YORK - JPMorgan Chase & Co. Inc. came to the rescue of Washington Mutual Inc. Thursday, buying the thrift's banking assets after WaMu was seized by federal regulators in the largest failure ever of a U.S. bank. This is the second time in six months that JPMorgan Chase has taken over a major financial institution crippled by bad bets in the mortgage market.
The 48th annual Economic Forecast Luncheon will address what's ahead in 2012 for unemployment, the housing market and the stock market nationally and in Arizona. More than 1,000 people are expected to attend the event at 11:15 a.m. Dec. 7 at the Phoenix Convention Center's West Ballroom.
JPMorgan Chase announced Monday that it will cut 9,200 jobs at Washington Mutual, but few of those cuts are expected in the Valley and Arizona.
Lee McPheters is Research Professor of Economics in the W. P. Carey School of Business at Arizona State University and Director of the school’s JPMorgan Chase Economic Outlook Center.
VICTIM OF FINANCIAL CRISIS: Washington Mutual was seized by the government on Sept. 25 and sold to JPMorgan Chase for $1.9 billion.
NEW YORK - Wall Street extended its big advance Monday as investors applauded a new agreement that will give Bear Stearns Cos. shareholders five times the payout that was set in a JPMorgan Chase & Co. buyout deal a week ago. Investors were also pleased by a stronger-than-expected housing report, and sent the Dow Jones industrial average nearly 190 points.
Nearly 65,000 Arizonans who lost their homes to foreclosure from 2008 to 2011 will receive checks for $1,480 this summer.
NEW YORK - Wall Street rallied Wednesday after better-than-expected quarterly results from JPMorgan Chase and two other Dow Jones industrials raised investors' hopes that companies and the economy are indeed recovering from the protracted global credit crisis. The Dow rose more than 250 points as investors shrugged off any concerns about oil passing $115 a barrel for the first time.
BOB will get to see its eighth birthday after all. JPMorgan Chase & Co., which added Bank One to its portfolio in a business acquisition last summer, has delayed plans to switch over all its Arizona holdings to the parent “Chase'' name until the fall of 2005.
The collapse of Washington Mutual may be the largest bank failure in U.S. history, but federal regulators are advising customers to stay calm and asserting that business will go on as usual.
Top experts on U.S. and Arizona economies will present their forecasts for 2011 at the 47th annual Economic Forecast Luncheon on Dec. 1. More than 1,000 people are expected to attend the event at the Phoenix Convention Center.
National Bank of Arizona said it will become the first Arizona-based bank to receive funds under the U.S. Treasury Department's $700 billion program to stabilize the nation's financial system.
NEW YORK - Stocks managed to notch a modest gain Thursday, with Wall Street cautious ahead of Friday's jobs report but hopeful that the global financial system is on the mend.
The Greater Phoenix Chamber of Commerce (GPCC) recently welcomed a new chair-elect and 11 new members to its Board of Directors. David Bruno of DHR International becomes the 2012-2013 board chair, succeeding Pam Conboy, while Peter Hayes of Salt River Project has been named chair-elect. The 2012-2013 board will focus on critical issues for the chamber membership and the community, including providing valuable resources for the business community, strengthening the quality of life in our community and keeping members informed, connected and prosperous.
NEW YORK - A system outage blocked BlackBerry e-mail service on Wednesday, frustrating users of the addictive mobile devices.
NEW YORK - The shocking first-quarter loss at Wachovia Corp., a company long viewed as a relatively conservative player during the mortgage boom, suggests that 2008 will be at best a rebuilding year even for the nation's better-positioned banks.
NEW YORK - Merrill Lynch & Co.’s latest move to clear failed credit market investments from its books is likely to pressure other financial companies to dump their troubled holdings — and, like Merrill, at a steep discount. But another round of write-downs or asset sales won’t raise investors’ ever-sagging confidence in the sector.
WASHINGTON - Federal Reserve Chairman Ben Bernanke and the Bush administration on Thursday defended the decision to rescue Bear Stearns amid questions by lawmakers about why the government was helping Wall Street investment houses but not people on Main Street.
For hundreds of years the banks have made a profit by loaning money. Where does the money come from? They are allowed to “leverage” their assets and create money out of thin air with the touch of a keyboard.
U.S. states have reached a $25 billion deal with America's biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst.
I asked this question of Josh Romney (Mitt Romney’s son) when he spoke at our tea party meeting last year. He promised to send me an answer but I have not received one. I have asked this question of the Romney Campaign headquarters and the Arizona Republican Party headquarters. None of them will even dignify my request with an answer. So I am asking the public. Maybe someone will know the answer. What is candidate Romney’s position on restoring the Glass-Steagall Act?
WASHINGTON - A gauge of U.S. manufacturing activity that fell to a 26-year low Monday followed similarly weak readings in Europe and China, fueling fears of a deepening global downturn.
A major Arizona bank acted improperly in repossessing a vehicle, the state Court of Appeals has ruled.