JPMorgan Chase & Co. (NYSE: JPM) told regulators that it may attempt to recoup some of the money that it used to purchase the assets of Washington Mutual Inc.
The New York-based bank told the FDIC in letters that it may seek the money, according to a report from the Associated Press. The report cited an anonymous source speaking on the condition that there are pending lawsuits between JPMorgan Chase & Co. (NYSE: JPM) and the FDIC in relation to the bankruptcy of Washington Mutual.
Washington Mutual’s assets were seized by the FDIC in September 2008 and sold to JPMorgan Chase & Co. (NYSE: JPM) for $1.9 billion. Washington Mutual was the largest bank to fail in the United States during the financial crisis.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. JPMorgan Chase’s principal bank subsidiaries are JPMorgan Chase Bank, National Association (JPMorgan Chase Bank, N.A.), a national banking association with United States branches in 23 states, and Chase Bank USA, National Association (Chase Bank USA, N.A.), a national banking association that is the Firm’s credit card-issuing bank. JPMorgan Chase’s principal nonbank subsidiary is J.P. Morgan Securities Inc. (JPMorgan Securities), its United States investment banking firm. Its activities are organized into six business segments: Investment Bank, Retail Financial Services (RFS), Card Services (CS), Commercial Banking (CB), Treasury & Securities Services (TSS) and Asset Management (AM). Its wholesale businesses comprise the Investment Bank, Commercial Banking, Treasury & Securities Services and Asset Management segments. Its consumer businesses comprise the Retail Financial Services and Card Services segments.
Shares of JPMorgan Chase & Co. (NYSE: JPM) traded down 1.69% during mid-day trading on Monday.
