Investments

JPMorgan ups spending on compliance

JPMorgan Chase (JPM) CEO Jamie Dimon told employees in a memo that the bank increased its “spending on control efforts” by $1 billion approximately, Seeking Alpha reports.

Furthermore, the bank hired 3,000 employees for its compliance and legal departments.

Seeking Alpha has more on these initiatives:

The $700M-$800M in fines the bank is paying over the London Whale issue is little more than a flesh wound says FBR's Paul Miller, reminding the bank generates pretax income in the $30B-$40B range. While the issue is a "giant headache for Jamie" and a few big lawyers, it's not affecting the operations of the bank, says Miller.

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Caliber Home Loans CEO Sanjiv Das steps down

Sanjiv Das, CEO of Caliber Home Loans, is stepping down as CEO of the company, less than one year after New Residential Investment Corp. (Newrez) acquired the mortgage lender and servicer, sources familiar with the situation confirmed. 

3d rendering of a row of luxury townhouses along a street

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