Jamie Dimon Says JPMorgan Bracing for More Regulatory Scrutiny and 2 Other Dow Movers to Watch
JPMorgan Chase & Co. (NYSE:JPM): Current price $53.11
Through a memo to employees on Tuesday, CEO Jamie Dimon said JPMorgan is bracing itself for added legal and regulatory scrutiny in the coming weeks and months, and described a series of steps the firm has taken to improve its operations. The big bank is already facing a broad range of investigations from a number of regulators and the Justice Department; it is allocating “unprecedented” resources to repair its risk, legal and compliance operations. In the memo, obtained by Reuters, Dimon said he has also started meeting personally with regulators to improve relationships.
3M Co. (NYSE:MMM): Current price $120.12
The Defense Department awarded 25 new contracts Monday worth just more than $903 million combined, out of which 3M’s subsidiary Ceradyne won the second largest. The latter was bought by 3M in late 2012 for $670 million, and the buyer could get back almost 25 percent of its purchase price from one single contract, which is worth $151.2 million to 3M. The deal is an option exercise on a contract to provide Enhanced Small Arms Protective Inserts to the military.
General Electric Co. (NYSE:GE): Current price $24.42
GE Oil & Gas on Tuesday said it will work jointly with Endurance Industry — which manufactures oil and gas, and environmental and auto equipment — for the purchase of 260 CNG In A Box systems during the next three years. The news is in conjunction with the grand opening of GE’s high-speed reciprocating compressor manufacturing facility in Shenyang, China. GE’s CNG In A Box system supplies Endurance and its customers with a small-scale, plug-and-play compressed natural gas fueling solution, helping to grow the local natural gas fueling infrastructure throughout China.