Saturday, April 21, 2018
Business

JPMorgan Chase loss draws crowd outside annual shareholders meeting in Tampa

TAMPA — Dozens of people gathered outside JPMorgan Chase's annual shareholders meeting Tuesday morning in anticipation of a protest of the massive bank's staggering $2.3 billion trading loss revealed last week.

Most of those outside the bank offices near Interstate 75 and Martin Luther King Boulevard were members of the media, though Hillsborough County sheriff's deputies also were on the scene. Shortly before 10 a.m., around 10 protesters had started to organize nearby.

Shareholders were checking in for a meeting in which CEO Jamie Dimon has the unenviable task of explaining the loss to upset investors.

Dimon has called the loss terrible and egregious.

The details of the loss are reminiscent of what nearly took down the financial system four years ago — trades so complicated and so large that they go unnoticed until they come smashing down.

It's the kind of loss that helped breathe life into the Occupy Wall Street movement and the local contingency.

The huge loss was expected to complicate banks' efforts to fight certain regulatory changes and has led lawmakers and critics of the banking industry to call for stricter regulation of Wall Street

Dimon made $23 million last year and until this point had fared better than his counterparts at Bank of America and Citibank.

The surprise loss was a black eye for the country's largest bank and Dimon, who is known in the industry both as a master of risk management and as an outspoken opponent of some proposed regulation since the financial crisis.

The loss came in the past six weeks. Dimon has said it came from trading in so-called credit derivatives and was designed to hedge against financial risk, not to make a profit for the bank.

The Associated Press contributed to this report. Danny Valentine can be reached at [email protected] or (813) 226-3386.

Comments
Some people are paying for cuddles. And it’s not what you might think.

Some people are paying for cuddles. And it’s not what you might think.

When Samantha Hess’s marriage ended five years ago, she felt she was lacking a basic human need: Physical touch. As a woman in her late 20s living in Portland, Oregon, she found plenty of men interested in dating, but sexual contact was not what she ...
Published: 04/21/18
Judge: Foreclosure defense lawyer Mark Stopa violated numerous rules of conduct

Judge: Foreclosure defense lawyer Mark Stopa violated numerous rules of conduct

Tampa Bay foreclosure defense lawyer Mark Stopa has violated numerous rules of professional conduct and caused two clients to nearly lose their homes because he failed to tell them about settlement offers from their banks. Those were among the prelim...
Published: 04/20/18
Updated: 04/21/18
Goodwill to open second store in greater Brandon

Goodwill to open second store in greater Brandon

Times staffThe greater Brandon area will celebrate the grand opening of its second Goodwill store beginning at 9 a.m. on Saturday (April 28) at 1407 U.S. 301. The new store will add another 12,000 square feet to the complex, which includes a 200,000-...
Published: 04/20/18
Updated: 04/21/18
Regulators allow major solar company to lease home equipment

Regulators allow major solar company to lease home equipment

State regulators Friday determined that one of the country’s largest residential solar companies, San Francisco-based Sunrun, is allowed to lease solar energy equipment for homes in Florida. The decision, solar energy advocates say, could open the do...
Published: 04/20/18
Florida unemployment at 3.9 percent for sixth straight month

Florida unemployment at 3.9 percent for sixth straight month

For the sixth month running, Florida’s unemployment rate held at a nearly 11-year low of 3.9 percent in March as steady job gains continued. While many factors kept Florida’s economy chugging along, three industries stand out for leading year-over-ye...
Published: 04/20/18
Owners say new house is a disaster; developer accuses them of ‘online terrorism’

Owners say new house is a disaster; developer accuses them of ‘online terrorism’

ST. PETERSBURG --- Stretched across the front of Tim and Hyun Kims’ two-year-old house is a big banner with the name of a developer and the words: "I have to fix my new house."Some of what needs fixing is instantly apparent. The front steps are too ...
Published: 04/20/18
Florida hits a milestone: More than 100,000 people are registered to use medical marijuana here

Florida hits a milestone: More than 100,000 people are registered to use medical marijuana here

Florida has hit a milestone of sorts as it slowly moves toward wider availability of medical marijuana.The number of patients in the state who are registered to use the substance has surpassed 100,000 for the first time, according to Florida Departme...
Published: 04/20/18
Q&A: Walmart leader chats about Florida stores, and the chain’s latest retail strategy

Q&A: Walmart leader chats about Florida stores, and the chain’s latest retail strategy

The Tampa Bay Times recently sat down with Walmart director of corporate communications Phillip Keene to chat about the retail giant’s latest retail strategies and how the company is winning over customers in a competitive market.Already, two of the ...
Published: 04/20/18
SunTrust warns 1.5 million clients of potential data breach

SunTrust warns 1.5 million clients of potential data breach

Associated PressNEW YORK — SunTrust Banks Inc. says accounts for 1.5 million clients could be compromised following a potential data breach. The Atlanta bank says that it became aware of the potential theft by a former employee and that the investiga...
Published: 04/20/18
Spring break, hurricane relief boosted Tampa Bay hotels in March

Spring break, hurricane relief boosted Tampa Bay hotels in March

The Tampa Bay area’s hotel occupancy rate rose to 87.5 percent in March, the highest level in three years. The rise was fueled by spring break vacationers as well as insurance adjusters and hurricane cleanup crews flooding the state to restore it aft...
Published: 04/20/18