U.S. stocks rose to records as JPMorgan Chase, Wells Fargo and other big financial companies rallied on better-than-expected profit reports.

U.S. stocks drifted to a mixed close following several weeks of sharp swings.

Asian stocks are mixed as investors grappled with weak economic data from China and waited to see the outcome of a top Communist Party policy meeting in Beijing.

Signs of consumers slowing down spending and falling behind on their bills weighed down shares of the big banks on Friday.

JPMorgan CEO Jamie Dimon says he’s hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation.

Three of the nation’s biggest banks say their profits fell last quarter.

JPMorgan Chase has agreed to pay $75 million to the U.S. Virgin Islands to settle claims that the bank enabled the sex trafficking acts committed by financier Jeffrey Epstein.

Some of the companies that formed what is now Citigroup likely benefitted financially from slavery in the 1800’s, the financial giant acknowledged Thursday, an admission that comes at a time when numerous institutions are re-examining their historic roots and the roles they played in slavery in the U.S. In research conducted last year, Citi found that none of its predecessor companies directly purchased, sold, or held slaves.

Another winning week for Wall Street drifted to a quiet close following profit reports from several big U.S. companies that topped expectations.

JPMorgan Chase announced a tentative settlement with the sex victims of financier Jeffrey Epstein, the bank said Monday, which had accused the bank of being the financial conduit that Epstein used to pay off his victims for several years.

JPMorgan Chase announced a new $2 million commitment to nonprofit organizations dedicated to advancing support for underserved small businesses in Detroit on Monday.

JPMorgan Chase is defending itself against a lawsuit by the U.S. Virgin Islands accusing it of empowering Jeffrey Epstein to abuse teenage girls.

The government of the U.S. Virgin Islands is asking a federal judge to help it serve billionaire Elon Musk with a subpoena for documents in its lawsuit seeking to hold JPMorgan Chase liable for sex trafficking acts committed by businessman Jeffrey Epstein.

Asian shares have declined, tracking losses on Wall Street as shares of beleaguered banks tumbled again and worries about the economy deepened.

Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to stop further banking turmoil that has dominated the first half of this year.

Asian shares are trading mixed Tuesday as pessimism about global uncertainties remained even as China reported a better-than-expected economic growth data.

JPMorgan Chase has sued its former executive Jes Staley, alleging that he aided in hiding Jeffrey Epstein’s yearslong sex abuse and trafficking in order to keep the financier as a client.

Bank of America says its fourth-quarter profits rose slightly from a year ago, as higher credit costs and potentially bad loans more than offset a sharp rise in interest revenue.

The governor of the U.S. Virgin Islands has fired the attorney general of the U.S. territory who led a lengthy legal case against disgraced financier Jeffrey Epstein that resulted in a $105 million settlement.

Profits at JPMorgan Chase fell by 28% in the second quarter, as the bank tries to navigate an economy that’s showing strength in many areas but losing steam as interest rates continue to rise.

Pay for CEOs who run the biggest U.S. companies soared 17.1% last year, up to a median of $14.5 million.

Bank of America posted a 12% decline in first-quarter profits from a year earlier, a decline that was much less than the ones its rivals had reported the previous week.

Michigan Attorney General Dana Nessel joined two multistate actions aimed at eliminating unnecessary fees from banks.

Four big banks reported noticeable declines in their first quarter profits on Thursday, as the volatile markets and war in Ukraine caused dealmaking to dry up and a slowdown in the housing market caused the mortgage market to slow.

JPMorgan Chase said its first quarter profits dropped by 42% from last year, partly because the bank had to write down nearly $1.5 billion in assets due to higher inflation and Russia’s war in Ukraine.

Jamie Dimon laid out a laundry list of big risks looming for the global and U.S. economy in his annual letter to JPMorgan Chase shareholders on Monday.

Four of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has allowed banks to have fewer bad loans and charge-offs.

JPMorgan Chase says profits rose 24% in the third quarter, largely driven by one-time items that boosted its results, as the bank struggled to grow revenues with interest rates at near-zero levels.

Stocks closed broadly lower after a day of choppy trading on Wall Street Monday as investors prepare for a busy week of corporate earnings and inflation updates.

JPMorgan Chase says its second quarter profits more than doubled from a year ago — a reflection of the improving global economy and fewer bad loans on its balance sheet.

Recently freed from regulators’ coronavirus restrictions, the largest U.S. banks have announced plans to return tens of billions of dollars to their shareholders over the next year in the form of dividends and stock buybacks.

Wall Street’s big investment banks are sending a message to their employees this summer: Get back into the office and bring your vaccination card.

Eager to lay out their support for struggling consumers and small businesses in the pandemic, the CEOs of the six biggest U.S. banks went before Congress.

JPMorgan Chase will take another crack at fixing health care after a push with two other corporate giants dissolved earlier this year.

Bank of America’s profits doubled in the first quarter, the bank said Thursday, as the improving economy allowed it to release billions from its loan-loss reserves that it originally set aside in the early days of the pandemic.

The nation’s largest banks are expected to report big profits for the first quarter amid renewed confidence that pandemic-battered consumers and businesses can repay their debts and start borrowing again.

Asian stock markets have risen after Wall Street hit a record high following an uptick in U.S. inflation and a order by regulators to suspend use of Johnson & Johnson’s coronavirus vaccine.

NEW YORK – Retail sales in the U.S. grew a sluggish 0.3% in October, even as retailers offered early holiday discounts online and in stores. Economists had expected sales to rise 0.5%, already a significant tail off from September's gain of 1.6%. Sales rose at home and garden stores, electronics and appliance stores, and online retailers. Nationwide, spending fell to 7.4% below a year ago, JPMorgan said, a drop of about 2.5 percentage points from two weeks earlier. Yet at clothing stores and sporting good shops, sales fell more than 4%.

“More people may die if we don’t coordinate,” Biden told reporters during a news conference in Wilmington, Delaware. The Trump administration is working on its own distribution plan, while Biden’s chief of staff indicated his transition team will proceed with their own planning separately because of the obstruction. Last week, a larger group of Republicans in Congress called on the Trump administration to allow Biden to begin receiving national security briefings. Since defeating Trump, Biden has devoted most of his public remarks to encouraging Americans to wear masks and embrace social distancing measures. But on whether Biden should receive coronavirus briefings, many of Trump's allies on Capitol Hill remained dug in.

They set aside, yet again, tens of billions of dollars to cover additional potentially bad loans. Collectively the five biggest banks put aside $34.62 billion to cover bad loans just in the second quarter. JPMorgan set aside $611 million to cover potentially bad loans in the third quarter, a fraction of the $10.47 billion the bank set aside to cover bad loans in the second quarter. On Wednesday, Bank of America said it set aside $1.4 billion to cover potentially bad loans, far less than the $5.1 billion it set aside three months earlier. Most of the worry seems to reflect investors' uncertainty about whether banks will have to set aside additional billions in the future.

CHARLOTTE, N.C. – Consumer banking giant Bank of America says third-quarter profit declined 15.6% from a year earlier, but saw less need to put aside money to cover potentially bad loans, citing improvements in the U.S. economy. The North Carolina-based bank said Wednesday that it earned a profit of $4.88 billion, or 51 cents per share, down from a profit of $5.78 billion, or 56 cents per share, in the same period a year earlier. BofA had $1.4 billion in loan-loss reserves in the third quarter, down from the $5.1 billion it set aside in the second quarter. BofA’s loan-loss reserves were higher than JPMorgan's, which only set aside $611 million in the quarter, but less than the $2.26 billion that Citigroup had set aside. The bank’s net interest yield — a measurement of how much profit the bank is earning on the loans it approved — was 1.72% in the quarter, down from 2.41% a year earlier.

Both Citi and JPMorgan set aside fewer funds to cover potentially bad loans, contributing to the improvement in their third-quarter results. JPMorgan had $611 million in loan loss provisions this quarter, a fraction of the $10.47 billion the bank set aside in the second quarter. Meanwhile Citigroup’s provision for credit losses was $2.26 billion in the third quarter compared to $7.9 billion the quarter before. Citi said its third-quarter net income fell to $3.23 billion from $4.91 billion a year earlier. JPMorgan and Citi were the first of the major banks to report its results this week.

CHARLOTTE, N.C. – JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort toward fixing what the bank calls “systemic racism” in the country’s economic system. “Systemic racism is a tragic part of America’s history,” said JPMorgan Chase CEO Jamie Dimon in a statement. Citigroup announced last month it is committing $1 billion toward closing “the racial wealth gap” in the United States, including $550 million toward homeownership programs for racial minorities. He noted that there’s a 30% gap between Black and white homeownership, amounting to about 4.5 million households. JPMorgan was one of 27 major New York-based companies that joined a program to recruit 100,000 workers from the city's low-income, predominately Black, Latino and Asian communities over the next 10 years.

DETROIT – As Detroit continues to come back, Mayor Mike Duggan wants to make sure the city is affordable for everyone. On Tuesday, Duggan, along with nonprofit organizations and JPMorgan Chase, announced a $50 million pledge to keep affordable housing in the city. The overall goal is to raise $75 million to develop housing, such as the Saint Rita building. Affordable housing can quickly evaporate when new jobs and businesses move into the city. But over the last few years, Duggan said of 4,000 affordable housing units that have expired, all have been renewed.

NEW YORK – A number of JPMorgan Chase traders have been sent home after employees tested positive for COVID-19, less than a week into the bank's push to start bringing its workers physically back into the office. New York-based JPMorgan has been insisting its traders and senior management return to their physical offices, setting a required start date of Sept. 21. Marchiony declined to say whether JPMorgan would continue its push to reopen the offices or what percentage of the its workforce of about 257,000 was now working physically in branches and offices. Few other banks or financial companies had been as insistent as JPMorgan to return its workers to the office. For example, American Express, which has a substantial presence in New York City like JPMorgan, announced that all its employees could continue to work remotely until July 2021.

The number of laid-off Americans who have applied for unemployment benefits has topped 1 million for 19 straight weeks. The $1,200 checks have been largely spent, though, and the $600 in unemployment benefits is expiring. Doing so would weaken spending by consumers, the primary driver of the economy. Unemployed Americans have been receiving both state unemployment aid and $600 a week in additional benefits from the federal government. The federal aid has pumped nearly $20 billion a week into the economy and enabled many of the unemployed to stay afloat.

Thanks largely to the funds set aside for bad loans, JPMorgan's profit fell by half in the April-June quarter, Citigroup's sank about 70% and Wells Fargo reported its first quarterly loss since the financial crisis of 2008. In its second-quarter results, JPMorgan said it set aside $10.5 billion to cover potentially bad loans. Thats on top of the $8.3 billion the bank set aside in April, when the pandemic was only just starting to impact the U.S. economy. Citi, which is heavily exposed in credit cards, set aside an additional $7.9 billion to cover potentially bad loans. Wells Fargo, which did not set aside as much money as its peers in April, had to play catch up this quarter, setting aside $8.4 billion to cover potentially bad loans.

Blockbuster earnings from the likes of JPMorgan Chase and UnitedHealth sent the Dow climbing more than 250 points, or roughly 1%, in afternoon trading. After weeks of trying to decipher the latest developments in the trade war, the start of earnings season has allowed investors to refocus on the fundamentals. The IMF on Tuesday cut its 2019 global growth forecast, calling for the weakest pace since the financial crisis. However, the big banks on the front lines of America's economy reported mostly upbeat results on Tuesday. The Wall Street firm was hurt by slowdowns in M&A and the trouble in the IPO market.

(CNN) - Three JPMorgan Chase traders in gold and other precious metals have been charged with alleged market manipulation by the US Department of Justice. The alleged conduct spanned eight years, the Justice Department said Monday. The government charged Gregg Smith, an executive director, and Michael Nowak, a managing director and head of the bank's global precious metals desk. The government claims the defendants engaged in "widespread spoofing, market manipulation and fraud" by placing trade orders they planned to cancel before executing them, according to a Justice Department statement. The aim "was to trick" other traders into buying and selling futures contracts at prices and at times they wouldn't have otherwise done, the Justice Department alleges.

Justin Sullivan/Getty Images(CNN) - President Donald Trump and his advisers insist their trade war with China won't hurt American consumers. The tariffs Trump has already imposed on China are estimated to cost the average American household $600 per year, according to a report by JPMorgan Chase. He said the tariffs on China will wipe out most of the benefits households got from the Republican tax cuts. Trade war casts shadow on economyThe tit-for-tat battle between the world's two largest economies threatens to set off a severe slowdown or even recession. Trump escalated the trade war with China this month by vowing to impose 10% tariffs on $300 billion of U.S. imports from China on Sept. 1.

More than $1 billion worth of cocaine seized at Philadelphia port, U.S. Attorney's office says. (CNN) - US authorities in Philadelphia seized a cargo vessel in June with nearly 20 tons of cocaine on board. The ship, as it turns out, is owned by a fund run by banking giant JPMorgan Chase. That means JPMorgan Chase does not have any operational control of the vessel, a Liberian-flagged ship that is run by the Swiss-based Mediterranean Shipping Company. At the time, just the drugs were seized by the United States Customs and Border Protection (CBP) agency.

DETROIT - JPMorgan Chase is doubling down on its investment in Detroit, pumping millions of dollars more into the city after handing over $150 million previously. Cynt-Sational Popcorn is just one of the many businesses spawned from the small business investment JPMorgan Chase is funding. CEO Jamie Dimon rolled out his original Detroit investment on the "Today" Show five years and $100 million ago. They needed a licensed commercial kitchen to get into stores and discovered the Detroit Kitchen Connect, renting twice a week. She said without JPMorgan Chase putting $5 million into Shed 5 or backing business development, none of it would be possible.

A view of the Ambassador Bridge over the Detroit River on June 26, 2019. (WDIV)DETROIT - ClickOnDetroit Morning Briefing -- June 26, 2019JPMorgan Chase has announced a new $50 million commitment to Detroits economic recovery, bringing the firms total investment to $200 million by 2022. More local headlines:For more Local News head to ClickOnDetroit.com/news/local. Submit a news tipTell us what's happening in your community -- submit a news tip to Local 4 and ClickOnDetroit right here. Tweets by Local4NewsCopyright 2019 by WDIV ClickOnDetroit - All rights reserved.

DETROIT - JPMorgan Chase has announced a new $50 million commitment to Detroits economic recovery, bringing the firms total investment to $200 million by 2022. The firm is hosting two events Wednesday to celebrate their investment announcement. 3:30-4:15 p.m. at the A. Philip Randolph Technical High School Auditorium -- JPMorgan Chase CEO Jamie Dimon and Detroit Mayor Mike Duggan will hold a townhall Q&A conversation with Randolph High School graduates. 6-8 p.m. -- Event at Charles H. Wright African American MuseumThe announcement comes as the firm exceeded its initial five-year, $150 million commitment. Too many people are being left behind, and we need to build an economy that works for everyone, said Jamie Dimon, Chairman and CEO, JPMorgan Chase.