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Chase Franklin

Chase Franklin

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  • JPMorgan Chase & Co posted a 7.3 percent decline in quarterly profit on Tuesday, as legal woes and weak demand for investment banking services capped off a tough year for Chief Executive Jamie Dimon.

    The largest U.S. bank had $1.1 billion of legal expenses in the fourth quarter, about $850 million of which was linked to a recent settlement for failing to report its suspicions of fraud at its client Bernard Madoff's fund.

    The bank agreed to some $20 billion of legal settlements in 2013 - almost equal to a typical year's profit - which covered everything from mortgages it packaged into bonds before the financial crisis, to bad derivatives trades it made in 2012.

    Dimon said some investigations into JPMorgan are just beginning, implying that legal issues are likely to dog the bank for some time, even if on a smaller scale.

    Legal headaches aside, the bank faces headwinds in businesses ranging from debt underwriting to advising companies on mergers. Rising bond yields are cutting into demand for issuing debt, and new rules designed to make the financial system safer are also cutting into trading volumes.

    Investment banking fee revenue dropped 3 percent to $1.67 billion, and stock and bond trading revenue combined was unchanged before accounting adjustments.

    Shares of JPMorgan were up 0.3 percent at $57.86 in afternoon trading on the New York Stock Exchange.

    Related Article: JP Chase Franklin International Branch

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  • Wall Street kicks off earnings season with JPMorgan Chase

    Communication, Communication Design

    U.S. stock-index futures ticked higher on Tuesday as it absorbed fourth-quarter earnings from JPMorgan Chase (JPM), the first of the major investment banks to report.

    A gauge of U.S. consumer spending rose more than expected in December, while Import prices were unchanged versus a 0.3 percent estimate.

    JPMorgan's net income fell to $5.28 billion, or $1.30 per share, in the fourth quarter from $5.69 billion, or $1.39 per share in the same quarter of 2012, JPMorgan said on Tuesday. Excluding items, the company reported earnings of $1.40 a share.

    Analysts polled by Reuters had expected the Dow component to post earnings per share of $1.35 a share on revenue of $23.69 billion.

    Wells Fargo reported an 11 percent rise in fourth-quarter profit, with shares of the nation's biggest mortgage lender slipping in pre-market trade.

    Overall, fourth quarter earnings for the S&P 500 are expected to rise about 7 percent. Financials are seen reporting the biggest profit increases — a 21 percent jump.

    Traders continue to watch Federal Reserve speakers for clues as to the rate at which bond-purchasing tapering will proceed. With that in mind, speeches by Philadelphia Fed President Charles Plosser at 12:45 p.m. and Dallas Fed President Richard Fisher at 1:20 p.m. will attract interest.

    In stock news, Google reported late on Monday that it was buying home automation company Nest Labs for $3.2 billion. Frankfurt-listed Google stock traded around 0.9 percent lower early on Tuesday.

    In ...

  • JPMorgan earns $5.3 billion despite legal woes

    Communication, Communication Design

    Is JPMorgan Chase finally putting its legal problems behind it?

    The bank earned $5.3 billion, or $1.30 per share, in the final three months of 2013. Revenue fell 1% to $24.1 billion.

    Excluding certain one-time items, JPMorgan (JPM, Fortune 500) said it earned $1.40 per share in the quarter. That topped analysts' expectations for $1.35 per share. Revenue beat expectations as well. Shares of JPMorgan, the largest bank by assets, were up about 1% in early trading.

    JPMorgan took a charge of $1.1 billion in the fourth quarter to resolve some of its biggest legal headaches. The charge was partially offset by profits from the sale of a large portion of JPMorgan's investment in Visa (V, Fortune 500), as well as the sale of the company's building at One Chase Manhattan Plaza.

    CEO Jamie Dimon said in a statement that the bank is pleased "to have put some significant issues behind us this quarter," adding that "it was in the best interests of our company and shareholders for us to accept responsibility, resolve these issues and move forward."

    The results come less than two weeks after JPMorgan agreed to pay $2.6 billion to settle lawsuits stemming from its relationship with disgraced financier Bernard Madoff.

    You might want to read: JP Chase Franklin International Branch

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  • Chase Franklin

    Community

    Chief of Strategy for Content and Media Chase Franklin International

    Chase Franklin is Chief of Strategy for Content and Media at Amdocs, the leader in providing Intentional Customer Management systems for world’s largest telecommunications, cable and satellite companies. Prior to Amdocs, Chase was a co-founder and CEO of Qpass, Inc. Under Chase’s leadership the company grew from a startup to more than 200 employees with offices in North America and Europe, before committing to a restructuring that reduced headcount to 50 and committed the company to a new strategy and market. The restructuring ultimately paved the way for five years of rapid growth, culminating in a $275 million liquidity event.

    Prior to founding Qpass in 1997, Chase Franklin spent more than a decade at Microsoft Corporation in key product development and strategic management positions. Chase played a key role in Microsoft’s transition from individual application to the suite that became Microsoft Office. He was part of the original design team for Word for Windows before transitioning to focus on the integration and interoperation of the elements of Microsoft Office. Subsequently, he spearheaded some of Microsoft’s earliest e-commerce strategy and new business development initiatives. In this role he led planning initiatives for key aspects of the original programming on Microsoft’s interactive television and MSN initiatives, including interactive advertising, online retailing, and other network comme...

  • Rubber Advances in Tokyo Amid Optimism for Chinese Demand

    Communication, Environmental Design

    Rubber increased amid optimism that improvement in the Chinese economy may boost demand from the world’s largest consumer.

    Speculation grew that China may take additional steps to sustain growth in the world’s second-biggest economy as the Communist Party will hold a summit meeting in November, said Kazuhiko Saito, an analyst at broker Fujitomi Co. in Tokyo. China’s manufacturing strengthened more than forecast this month, data from HSBC Holdings Plc and Markit Economics showed Oct. 24.

    “Futures were supported by optimism about Chinese demand,” he said by phone today.

    China’s rubber industry urged the National Development and Reform Commission to scrap a 20 percent tax on natural rubber imports, the National Business Daily reported yesterday, citing unidentified people from tire companies as saying.

    Crude rubber stockpiles held at Japanese warehouses fell 2.7 percent to 4,386 tons on Oct. 10, according to data today from the Rubber Trade Association of Japan.

    Rubber for January delivery on the Shanghai Futures Exchange rose 0.2 percent to 19,405 yuan ($3,189) a ton. Thai rubber free-on-board declined 1.3 percent to 78.15 baht ($2.51) a kilogram yesterday, according to the Rubber Research Institute of Thailand.

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Chase Franklin

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