News Jamie Dimon, JP Morgan's chairman and chief executive, apologised for initially dismissing the affair as

Wall Street Bank agrees to make payouts to four regulators in compensation for derivative losses in 2012 costing $6.2bn

Hi-tech Investor: Surf the web for your final PEPs

ALTHOUGH the PEP gives way to the individual savings account (ISA) in April, business in the tax-free vehicles is thriving, writes Stephen Pritchard. PEPs taken out before 5 April can still be held after the ISA starts, and investors can continue to switch funds between PEP managers, so there is still much to play for.

A bloodless execution on the internet

ON THE stock market, timing can be critical. Investors who are trying to profit from short-term movements in share values need to deal quickly. When they strike a bargain, they need to know they have traded at that price.

JP Morgan profits drop 69%

US INVESTMENT bank JP Morgan & Co yesterday unveiled a 69 per cent fall in third-quarter operating profits to $122m from $396m in the year-earlier period. Including special gains, the company's EPS was 75 cents compared with average forecasts of 82 cents. "The quarter's results show the impact of market upheaval," said JP Morgan chairman Douglas Warner.

Merger talk sends DG and JP Morgan surging

SHARES IN Deutsche Bank and JP Morgan surged yesterday as rumours the two banks were in $30bn (pounds 18bn) merger talks spread through the market.

Asian crisis hurts US banks

Three of America's largest banks, JP Morgan, Citicorp and Chase Manhattan, yesterday revealed that slowing economies and plunging financial markets in Asia hurt their fourth-quarter profits. JP Morgan suffered the largest blow from Asia, as earnings fell 35 per cent. Market slumps in the region caused losses in the bank's derivatives business, and about $587m (pounds 460m) of assets were "non-performing".

Stock Exchange imposes record pounds 350,000 fine on JP Morgan for mani pulating the FTSE 100

The Stock Exchange last night handed out a record pounds 350,000 fine to the US investment bank JP Morgan, after two traders tried to manipulate the market. To try to prevent further abuses, the Exchange is to intervene directly in New Year's Eve trading and has clarified its position on market manipulation. Lea Paterson reports.

Internet investor: A broker minus the loud braces

Last month the London Stock Exchange introduced a new trading system for shares in the FTSE 100. Theorder-driven system does away with the need for brokers. Dealing is done by computer. Buy and sell orders for shares are matched by price automatically. If the Stock Exchange does not need men in loud braces shouting into phones, why should we?

We're not going to take it any more

John Carlin on the strike which reflects growing bitterness that the US economic boom is for bosses only

Cigna sells life business for $1.4bn

Cigna Corp in the US is selling its individual life and annuity businesses to Lincoln National Corp for about $1.4bn (pounds 850m) in cash. The deal includes the sale of its Cigna's career agency system with 600 agents, life brokerage operations and an annuity distribution system. Its corporate-owned life insurance, group life insurance and life, health and accident reinsurance businesses are not part of the transaction.

Nomura head bows out with public apology

The president of Nomura Securities resigned yesterday, a week after admitting that his company made illegal payments to the family of a gangster and amid rumours of similar misconduct at other Japanese brokerages.

Vested interests could hinder Japan's move to open markets

Japan's so-called "Big Bang", an ambitious programme of financial deregulation unexpectedly announced by the government on Monday night, was welcomed by business leaders yesterday, but faces formidable obstacles if it is to come fully into effect by its deadline of 2001.

Chase stands defiant against pack

Norman Fox believes Norwich's vilified chairman will keep on selling

Wells Fargo bids pounds 6.4bn for rival

Wells Fargo, the American bank, has launched a hostile $10.1bn (pounds 6.4bn) bid for First Interstate Bancorp, a deal that would break previous US records and create the country's seventh-largest bank.

Going for brokers

THE TRADING floor of the London Stock Exchange has dominated British finance, and much of the world's, for almost two centuries. But over the next month, several new rivals will begin to nip at its heels.

Thomson link lifts MAID

MATHEW HORSMAN
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