Hackers who hit JPMorgan attacked some 9 other firms – report

About nine other banks and brokerages were infiltrated by the same group of hackers who recently attacked computer systems at JPMorgan Chase & Co, the New York Times reported late on Friday, citing unnamed people briefed on the matter.

The report, which could not be independently verified and did not identify any of the victims beyond JPMorgan, said it was not clear how serious the attacks had been.

JPMorgan said on Thursday that names and contact information for some 83 million household and small business customers were stolen, making it one of the biggest data breaches in history.

The New York Times said the breadth of the attacks and uncertainty about the motives of the hackers are troubling US policymakers and intelligence officials.

Representatives with the US Secret Service could not be reached for comment on Saturday morning. The Secret Service is investigating the attack on JPMorgan. — Reuters

Wall Street falls on Ukraine unrest, weak China data

NEW YORK - U.S. stocks fell on Monday on concern China's economy is continuing to lose momentum and the confrontation between Ukraine and pro-Russia separatists escalated.

Bank shares led the market lower with JPMorgan Chase (JPM.N) down 2.3 percent to $54.33. The bank said late on Friday it expects second-quarter revenue from bond and equity trading to decline by about 20 percent from a year earlier.

Geopolitical events kept the market under pressure as Ukrainian forces were ambushed by separatists on Monday, triggering heavy fighting on the outskirts of the rebel stronghold of Slaviansk, a day after a Ukrainian police station in Odessa was stormed.

On the macro front, growth in the U.S. services sector in April rose at the fastest pace in eight months. The data slightly offset news that China's manufacturing sector contracted for a fourth consecutive month in April, adding to concerns over the health of the world's second-largest economy.

"Ukraine and China were likely contributors to the low open," said Peter Jankovskis, co-chief investment officer at OakBrook Investments in Lisle, Illinois.

He said the better-than expected U.S. data "explains why we're off the early lows" and Ukraine's pull on equities could soften as the session advances.

"We could see more gains later on, after European markets close," Jankovskis said.

The Dow Jones industrial average .DJI fell 77.16 points or 0.47 percent, to 16,435.73, the S&P 500 .SPX lost 5.55 points or 0.3 percent, to 1,875.59 and the Nasdaq Composite .IXIC dropped 7.536 points or 0.18 percent, to 4,116.362.

Pfizer Inc (PFE.N) added to the gloomy sentiment as the biggest U.S. drugmaker reported revenues well below analysts' expectations. Shares fell 2.6 percent to $29.95.

Target Corp (TGT.N) shares fell 3 percent to $60.15 after news that Chief Executive and Chairman Gregg Steinhafel will leave the company in the wake of a data breach late last year that hurt profits, shook customer confidence in the No. 3 U.S. retailer and prompted congressional hearings.

German aircraft seating maker Recaro said it was studying the possibility of buying assets from B/E Aerospace (BEAV.O) after the U.S. company announced a surprise review. B/E Aerospace shares jumped 10.9 percent to $98.69.

Occidental Petroleum (OXY.N), the fourth-largest U.S. oil and gas company, reported a better-than-expected profit for the third straight quarter, helped by higher prices for crude oil and natural gas in the United States. Shares rose 0.6 percent to $95.01.  — Reuters

source: gmanetwork.com

JPMorgan nears multibillion-dollar mortgage settlement: NY Post

CHICAGO - JP Morgan Chase & Co could reach a multibillion-dollar deal as early as Tuesday, putting an end to the bank's woes from mortgage securities-related investigations, the New York Post reported over the weekend.

The bank and government officials met last week to try to negotiate a settlement in the $11 billion range to resolve many of the probes into how it sold mortgage bonds before the financial crisis, a source familiar with the matter told Reuters.

Negotiations have involved the possibility of JP Morgan paying up to $7 billion in cash and $4 billion in consumer relief—a large sum, but representing little more than half the bank's 2012 profit of $21 billion.

JP Morgan CEO Jamie Dimon met with U.S. Attorney General Eric Holder on Thursday. While it is unusual for a company CEO to meet with the head of the U.S. Justice Department, the bank is seeking to tamp down its legal difficulties.

The settlement, if it goes ahead, would likely include claims from the regulator of Fannie Mae and Freddie Mac, which has sought some $6 billion from the bank over risky mortgage securities sold to the government-sponsored entities, according to two people familiar with the matter, Reuters reported.

JPMorgan was saddled with about 70 percent of the debt in nonperforming home loans during the financial crisis. — Reuters

source: gmanetwork.com