Wednesday, July 11, 2012

Clawbacks expected for JPMorgan execs after trading blunder

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

Clawbacks. JPMorgan Chase & Co. intends to reclaim millions of dollars in stock from executives involved in the New York bank's massive trading loss, including former Chief Investment Officer Ina Drew, the Wall Street Journal reports, citing people familiar with the situation.The Journal reports that the bank could disclose those plans as early as Friday, when it reports its second-quarter results.

Trading firm bankruptcy. Peregrine Financial Group Inc. has filed to liquidate in bankruptcy after regulators sued the futures brokerage, alleging a $200 million shortfall in client funds, Bloomberg reports. A U.S. district court judge issued an order freezing the firm's assets, saying there was "good cause" to believe Peregrine and its founder - hospitalized after a suicide attempt - violated federal law.

Barclays. British lawmakers accused former Barclays CEO Bob Diamond of misleading a parliamentary inquiry into the Libor rate-fixing scandal, Reuters reports. Diamond, who was forced to resign and give up bonuses worth as much as $30 million, called the comments "unfair and unfounded."

Libor fallout. Baltimore officials say the city's troubles during the recession were aggravated by bankers' manipulation of Libor, the rate linked to money the city had borrowed, the New York Times reports. Baltimore has brought the complaints to federal court in New York - and now, other cities, states and municipal agencies are weighing similar action, the Times writes.

Job losses. A new report shows 3.5 million jobs have been lost in Europe since the 2008 financial crisis, and 4.5 million are still at risk, CNBC reports. Euro zone unemployment now stands at 11 percent, representing a total of 17.4 million people, the report said.

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