Bank fines are little more than a mechanism for transferring wealth from the bank's workers and customers to public coffers, and they fail to address the problem of how to rein in Wall Street excess.
By Sanjay Sanghoee
FORTUNE -- Here is an odd thing. Despite the massive legal problems JPMorgan Chase (JPM) is facing, including a potential $13 billion payout looming in its future, and blistering criticism by the press MORENov 14, 2013 11:07 AM ET
In a new filing, the bank reiterated that it's not worried about future legal expenses.
FORTUNE -- Morgan Stanley is either the cleanest bank on Wall Street, or it's living in denial.
Talk of JPMorgan Chase's $13 billion settlement has dramatically upped the expectations of what banks may pay to put the financial crisis behind them. On Thursday, in a regulatory filing, Goldman Sachs (GS) estimated it may spend $4 billion more MOREStephen Gandel, senior editor - Nov 8, 2013 5:00 AM ET
The Wells Fargo wagon is pulling into profit town. It won't stay for long, though.Stephen Gandel, senior editor - Nov 1, 2013 12:43 PM ET
Some are saying it was extortion. Others are saying it was unfair. But Jamie Dimon, the head of the U.S.'s largest bank, knows what he is doing.
FORTUNE -- A lot of people are questioning whether JPMorgan Chase's reported fine of $13 billion to settle claims that it misled investors in mortgage bonds is excessive. It would, after all, be the largest settlement any single bank has ever paid to regulators.
But MOREStephen Gandel, senior editor - Oct 21, 2013 3:40 PM ET
With a reported $13 billion settlement, JPMorgan has put the rest of the banking industry at risk of further government attacks, and it has raised the bar for potential fines from the big banks.
By Cyrus Sanati
FORTUNE -- JPMorgan's reported $13 billion settlement with U.S. authorities over shady investment practices sets a precedent that could have ghastly consequences for the bank, as well as for its main rivals. In rolling MOREOct 21, 2013 10:22 AM ET
During a quarter in which rival Goldman struggled, Morgan Stanley CEO James Gorman made progress on a turnaround strategy.
FORTUNE -- James Gorman's Morgan Stanley makeover is finally showing results.
Despite a tough three months for Wall Street traders, Morgan Stanley's profits and revenue, driven by growth in its wealth management division, beat expectations for the third quarter. The bank earned $906 million, up from a loss of just over $1 billion MOREStephen Gandel, senior editor - Oct 18, 2013 10:57 AM ET
Accounting moves boosted bottom lines at the biggest banks this quarter. How long can this last?
FORTUNE -- Even as Washington is adding doubts to the recovery, investors have taken comfort in bank earnings. Perhaps they shouldn't be.
On Wednesday, Bank of America (BAC) said it netted $2.5 billion in the third quarter, up from basically breaking even a year ago. Shares rose, as they have at the other banks, even before MOREStephen Gandel, senior editor - Oct 17, 2013 10:36 AM ET
Erdoes and other fund managers sound off on how to manage money in the shadow of a debt crisis.
By Anne VanderMey, reporter
FORTUNE -- With a last-minute debt deal winding its way through the legislature, the worst of the uncertainty that has roiled global markets in recent weeks may be past. But the upheaval has already undermined confidence in the U.S., even as the economy shows signs of life. Under MOREOct 16, 2013 2:59 PM ET
Whoever said Wall Street creates economic waste was right.
FORTUNE -- JPMorgan Chase said that it expensed $9.2 billion for legal costs in the third quarter, or over $3 billion a month. Law firms and regulators might delight in that number. The rest of us should despair. Here are six things JPMorgan could have bought with the money it put aside for legal fees and fines in the past three months MOREStephen Gandel, senior editor - Oct 11, 2013 11:13 AM ET
If you think the JPMorgan and Wells Fargo earnings reports were disappointing, just wait until the fourth quarter if the shutdown continues and a debt default occurs.
By Cyrus Sanati
FORTUNE -- JPMorgan and Wells Fargo kicked off bank earnings season Friday morning reporting some less-than-stellar results. Weak loan volumes, shrinking net interest margins, legal mishaps, lackluster trading activity, and a lousy mortgage market wreaked havoc on the megabanks during the MOREOct 11, 2013 10:14 AM ET
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