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JP Morgan Chase (NYSE: JPM) Shuffles Executive Team
Posted by: | CommentsJP Morgan Chase (NYSE: JPM) Chief Executive Office Jamie Dimon shuffled his executive management team on Tuesday. Dimon promoted one executive into a newly created role, while rotating two more executives into existing positions.
Doug Braunstein, currently head of investing banking at JP Morgan, has been named the chief financial officer. He replaces Michael Cavanagh, who is moving into the CEO role of the Treasury & Security Services (TSS) unit of the bank.
The move for Cavanagh is aimed to give him more experience on the operational side of the business, molding him as a possible successor for Dimon down the road.
“Mike Cavanagh has done an outstanding job as CFO of our company and has built one of the most respected financial teams in banking,” said Jamie Dimon, adding, “Mike is well-suited to build on Heidi’s success as the new head of TSS, one of our six major businesses
The TSS position was held by Heidi Miller, who left the role to become President of JP Morgan’s International division, a newly created role.
“Over the years at JPMorgan Chase we have worked hard to build a highly talented senior management team,” said Dimon. “Our firm has developed an excellent management bench, and today’s moves reflect our goal of building on our team’s experience and providing them with new opportunities to make our company even better.”
Dimon had announced a few months back that he was looking to shuffle some of executives at the bank as part of a succession plan.
This article (JP Morgan Chase (NYSE: JPM) Shuffles Executive Team) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.
Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE) Shares To Be Delisted
Posted by: | CommentsShares of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) will be delisted from the New York Stock Exchange for failure to meet minimum exchange requirements. Shares of both government controlled companies tumbled more than 40 percent on the news.
The Federal Housing Authority, which is in charge of regulating Fannie Mae and Freddie Mac, told the companies they need to delist since Fannie Mae fell below the NYSE’s $1 trading requirement for more than 30 days, receiving a delisting notice from the exchange.
Despite the delisting, both firms will continue to report their financial results to the Securities and Exchange Commission, while shares will trade on the Over-the-Counter- Bulletin Board, an exchange generally filled with penny stocks.
According to reports, shares are set to be delisted sometime around July 8.
This article (Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE) Shares To Be Delisted) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.
Goldman Sachs (NYSE: GS) Shares Hit 52-Week Low On New SEC Probe
Posted by: | CommentsShares of Goldman Sachs (NYSE: GS) tumbled on Thursday, down 2.5 percent to a new 52-week low of $133.50 as reports surfaced that the Securities and Exchange Commission is now probing a second collateralized debt obligation (CDO) deal, called Hudson Mezzanine 2006-1.
The Hudson Mezzanine deal occurred in December of 2006, which Goldman underwrote and sold. According to reports, Goldman was the only investor that was short the investment by buying derivatives against the $2 billion in assets that backed the CDO.
Goldman Sachs was first probed about its CDO activity in April when SEC officials sought information on a deal called Abacus 2007-AC1. In that deal, billionaire hedge fund manager John Paulson helped structure the deal, while then shorting the investment.
Shares of Goldman Sachs are down roughly 28 percent since the SEC launched its initial probe in April. The investigation is still ongoing as a settlement has not been reached and Goldman denies anywrong doing.
This article (Goldman Sachs (NYSE: GS) Shares Hit 52-Week Low On New SEC Probe) was originally developed by and is property of American Banking News. Checkout American Banking News for up-to-date banking news and peer to peer lending news.