JPMorgan hit by Madoff, investment bank woes
JPMorgan Chase posted a 7.3% decline in quarterly profit on Tuesday, as legal woes and weak demand for investment banking services capped off a tough year for CEO Jamie Dimon. The largest US bank had $1.1 billion of legal expenses in the fourth quarter, about $850 million of which was linked to a recent settlement for failing to report its suspicions of fraud at its client Bernard Madoff?s fund.
GM to pay first quarterly dividend in almost 6 yrs
General Motors (GM) will pay the first quarterly dividend on its common stock in almost six years, marking another step in the US automaker?s recovery from bankruptcy in 2009 and sending shares up 3.2% in after-hours trading. The No. 1 US automaker said it will pay shareholders a quarterly dividend of 30 cents a share. Chief financial officer Dan Ammann will become GM?s president on Wednesday.