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

Investing made easy the Charles Schwab way

It is mid-morning at the Park Avenue branch of Charles Schwab and the lunch-hour rush has yet to materialise. Two men - one in a dark suit, another in jeans and a jumper - are eyeing the numbers on an electronic zipper on the office's back wall while they wait for a turn at one of a pair of computer terminals. Another has moved to the trading phone booth to place an order.

US firm buys ShareLink

Charles Schwab Corporation, America's largest discount broker, yesterday made an agreed bid for ShareLink, the Birmingham-based share-dealing group. The merger could transform the way private investors in the UK buy stocks and shares.

Suit sinks Govett US merger hopes

Govett, the fund manager, pulled the plug yesterday on its planned merger with Duff and Phelps in the US, after worries over a lawsuit sent Govett's share price plummeting.

Japanese beneficiaries

THE FUTURES DEALS

Expansion bears fruit as Govett advances to $55m

Govett, the City fund manager, last year tasted the fruits of its expansion, reporting higher pre-tax profits despite difficult conditions in financial markets.

Russian brokers hit rouble trouble

Players on Russia's stock market said some commercial banks were refusing to make hard currency payments for equity purchases from brokerage houses, citing a controversial foreign exchange ruling.

Fears of job cuts at JP Morgan

JP Morgan, the American investment bank at the centre of rumours it may be seeking a merger with its UK rival SG Warburg, is launching a campaign to cut costs. Morgan yesterday refused to confirm or deny reports of plans to sack a tenth of its wo rkforce.

Another head rolls at Kidder as Jett supervisor is axed: Report crticises brokerage firm for lax oversight, poor judgement and missed opportunities

KIDDER PEABODY, the Wall Street brokerage, has fired yet another senior executive as a result of its internally commissioned investigation into a trading scandal on its fixed income desk. The findings were released yesterday. The head to roll was that of Melvin Mullin, in charge of fixed income derivatives and former supervisor of Joseph Jett.

Trading revenues dive at JP Morgan

TRADING revenues at JP Morgan, the first big US bank to report first- quarter earnings, fell sharply as a result of recent market upheavals, pushing net earnings down 20 per cent to dollars 345m ( pounds 235m).

WEW expansion

WEW Group, formerly Amber Day, plans to expand its What Everyone Wants discount chain into the Midlands and South, more than doubling the number of stores from 58 to 125 over four years. Last week, it completed a pounds 15.5m placing. It also has loan facilities of pounds 20m. Warburg Pincus, the US venture capital bank, lifted its stake from 12 per cent to 25 per cent.

Obituary: Roderick Anthony

Roderick Anthony Watson QC, lawyer, died Castletown, Isle of Man 11 July, aged 73. Appointed QC in 1967 and a Bencher in 1975, he later served as Chairman of the Isle of Man Financial Supervision Committee.

Lloyd's seeks to restrict meetings

A MOVE to stamp out allegedly time-wasting and unnecessary meetings within the troubled Lloyd's insurance market was initiated yesterday by the market's authorities.

Entering China

CHINA has for the first time cleared foreign brokerage houses to deal on the Shanghai securities exchange, and three British firms are likely to be the first in. Jardine Fleming, Standard Chartered and Baring Brothers will be allowed to deal in B shares - stocks aimed at foreign investors and settled in hard currency. 'The three foreign companies are expected to start business in the exchange within the month,' the official Xinhua news agency quoted a spokesman as saying.

View from Tokyo: Brokers will have to bite bullet

STOCKBROKING in Japan these days is about as lucrative as selling central heating in hell - and equally enjoyable. Just to prove the point, of the top 13 brokerages which announced their half-yearly results yesterday, all bar three reported losses. And even the top three which reported making a profit - Nomura, Daiwa and Nikko - registered 90 per cent declines from last year's figures.
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