Monday, March 26, 2012

JPMorgan wins decimal point lawsuit

Welcome to the morning roundup. Here's a look at today's banking and finance news.

JPMorgan wins decimal suit. JPMorgan Chase & Co. doesn't have to pay a trader after a missing decimal point in an employment contract led him to believe his salary would be 10 times what he was actually paid, Bloomberg reports. The Switzerland-based currency trader had sued the bank, claiming he signed a contract for 24 million rand (about $3.1 million). JPMorgan said there was a typo - the figure should have been 2.4 million rand.

Anger at Goldman. A prominent hedge fund seemed well positioned to capitalize on market turmoil before the financial crisis, but Copper River Partners soon went out of business. The firm blamed its broker, Goldman Sachs, recently in testimony that's part of an unrelated lawsuit, the New York Times writes.

Big bank profit. China Construction Bank Corp., which Charlotte's Bank of America owns a stake in, said Sunday its net profit rose more than 25 percent last year on higher interest income and commissions, the Wall Street Journal reports. BofA still owns 10 percent of the company, after selling a major stake last year.

Stocks rise. Stock index futures suggested big gains at the open after Ben Bernanke indicated the Fed would continue supportive monetary policies, even as the unemployment rate improves, Reuters reports.