Items Tagged with 'Texas Pacific Group'

ARTICLES

  • JP Morgan Posts $2.72 Billion Q2 Profit

    JP Morgan Chase [stock JPM][/stock] posted $2.7bn in net income -- or $0.28 per share -- for Q209, 36% stronger than the $2bn posted in Q109 despite the firm's $3.5bn provision for credit losses in its consumer lending segment. The company's earnings-per-share reflected a $1.1bn -- or $0.27 per share -- reduction due to the repayment of Troubled Asset Relief Program preferred capital. Even after TARP repayment, the firm boasted a 9.7% Tier 1 capital ratio, a 7.7% Tier 1 Common ratio and in all a 5% loan loss coverage ratio at quarter-end.
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  • WaMu Makes JPMorgan $29 Billion as Shareholders Rail

    Reports this morning are speculating that new accounting rules will allow JPMorgan Chase & Co. [stock JPM][/stock] to gain an additional $29bn over the life of certain Washington Mutual loans, as shareholders in the seized bank are joining forces to criticize the handling of the entire affair. JPMorgan purchased WaMu assets when federal regulators seized the bank back in September.
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  • Chase Keeps Selective Warehouse Presence

    JP Morgan Chase [stock JPM][/stock] recently reversed a decision to shutter its warehouse lending division entirely. The bank said months ago it would close the warehouse unit purchased from Washington Mutual. “Chase bought WaMu’s warehouse lending business last spring,” a company spokesperson told HousingWire in February '08. “We decided it didn’t fit our long-term strategy."
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  • Chase Shutters WaMu Warehouse Division

    JP Morgan Chase & Co. [stock JPM][/stock] has said it is closing the warehouse lending division it bought from Washington Mutual. "Chase bought WaMu's warehouse lending business last spring," a company spokesperson told HousingWire. "We decided it didn't fit our long-term strategy. This decision affects less than 10 active customers and about two dozen employees." National Mortgage News broke the story earlier this week, saying Chase would give its non-bank customers a few months to find new warehouse lines of credit.
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  • J.P. Morgan Profit Falls More than 75 Percent

    JP Morgan Chase & Co. [stock JPM][/stock] announced Thursday a 77.6 percent plunge in fourth-quarter profits, driven by a loss in investment banking largely attributed to continued markdowns and poor trading results, according to a statement by the company.
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  • JPMorgan Cutting 9,200 WaMu Jobs

    JPMorgan Chase & Co. [stock JPM][/stock] said Monday after market close that it will cut 9,200 jobs at recently-acquired Washington Mutual. News of the cuts, reported by both Reuters and the Associated Press, mean that more than 20 percent of WaMu's current workforce will lose their jobs by the end of next year; a company spokesperson said roughly 4,000 jobs will be cut by the end of January, with the rest coming before the end of 2009.
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  • At WaMu, a Lack of Oversight

    Want the latest evidence of just how fast and loose the RMBS game was played during the recent run-up in housing and mortgage securities? Look no further than an obscure downgrade to the master servicing arm at failed thrift Washington Mutual.
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