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The new company will be "free from profit-making incentives and constraints" as it tries to find ways to cut costs and improve health care plan satisfaction for employees.
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"People who have been briefed on the situation," say the losses from bungled trading have more than tripled from the initial estimate, The New York Times reports. The bank isn't commenting for the record.
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JPMorgan Chase is the largest banking corporation in America. It stood out as a beacon of stability during the recent U.S. financial meltdown. But not…
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The largest U.S. bank lost $2 billion due to a single, London-based "rogue trader," the company's CEO admits.
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What happens when the captain of the financial industry is brought to Seattle to celebrate business leadership in the middle of a populist revolt aimed…