Category: JPMorgan Chase & Co

A third of foreign banks in Australia had no taxable income

Nearly a third of the 26 large foreign banks operating in Australia, including Goldman Sachs, JPMorgan, Lloyds and BNP Paribas, had no taxable income in 2014, data released by the Australian Taxation Office shows. Eight banks with total revenue of $9 billion had no taxable income, while Credit Suisse, which...

Labour and Tories Unite over Tax Avoidance

Information from Reuters has brought to light the fact that five of the biggest banks operating in the UK (and worldwide) paid not a penny in corporation tax in 2014. Efforts to crack down on this kind of corporation tax avoidance have brought together Westminster’s political right and left. Deutsche...

A hidden network of hidden wealth

If taxed on the nearly $100 billion dollars they keep offshore, the largest U.S. financial institutions could cover the U.S.’s entire poverty-focused foreign assistance budget for 2014. Tax havens are a scourge. They allow individuals and institutions to cloak their financial activity in secrecy to escape and undermine other jurisdictions’...

United States: Global Tax Enforcement in 2016: What You Need To Know

The investigation and prosecution of tax evasion has, in the last decade, grown from a specialized subcategory of law enforcement into a first-tier policy concern for the global community. Starting with the U.S. government’s crackdown on Swiss bank UBS in 2008, there has been a steady drumbeat of news about...

Bid to stamp out corporate tax avoidance unites Westminster parties

Current system viewed as unfair and too easy to circumvent Abolition of corporation tax is to be considered by a new cross-party group of MPs and peers who will subject ministers and business leaders to public interrogations in a bid to secure fairer and more responsible tax policies. The all-party...

UK Tax Haven: Five Big Investment Banks Paid No Corporation Tax in 2014

The British government is facing a credibility crisis over its pledge to ensure multinational corporations pay their fair share of tax, after it was revealed that five of the world’s largest investment banks paid no corporation tax in Britain last year, despite making billions in profits. Analysis of the banks’...

Top Wall Street Banks Stash Billions Of Dollars In Nearly 400 Offshore Tax Havens

Six of the nation’s largest banks — Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Morgan Stanley and Goldman Sachs — utilize a combined 395 known tax havens to avoid potential tax bills in the billions, according to a new analysis. In total, the big six banks kept $126 billion...

American Dream Relocates to Bermuda, Says Fishman, Blaming Taxes

Jay Fishman, who built New York-based Travelers Cos. into one of the world’s biggest insurers, lamented that disparities in tax rates are pushing established rivals and industry newcomers outside the U.S. Over the past 15 years or so, “we’ve counted 10, 12, maybe even 15 Bermuda-based startups that ultimately became...

PBOC Easing Cushions China Issuers From Fed Hike Volatility

Stimulus unleashed by China’s central bank will cushion Chinese companies –the region’s biggest dollar debt issuers — from a potential Federal Reserve interest rate increase, making cheaper yuan funds available. Five interest rate cuts by the People’s Bank of China since November and rules to relax yuan bond issuance onshore...

Barclays Pressing Swiss Private Bankers to Double Client Assets

The new head of Barclays Plc’s Swiss unit is pushing private bankers in Geneva and Zurich to double client assets in four years as international competitors exit the world’s largest hub for offshore wealth. James Buchanan-Michaelson, who joined from Coutts International in June, aims to increase Swiss assets, including loans,...

The critical importance of the Cayman Islands to the U.S. economy

In May of 2012, and soon before Facebook’s IPO, Eduardo Saverin renounced his U.S. citizenship. Saverin was a co-founder of the social-networking site, and the consensus was that he gave up his citizenship to avoid U.S. taxes that would be levied after the offering. Saverin was widely denounced for his...

China Thwarts Morgan Stanley, UBS as It Opens Yuan Bond Market

When it comes to opening its $5.7 trillion bond market to global central banks, China is rolling out the red carpet. The world’s top underwriters are struggling to get in the back door. Morgan Stanley set up a joint venture that’s helped manage 30.2 billion yuan ($4.9 billion) of note...

Look Out, Washington: Goldman-Busting Senate Panel Now Sets Sights on Government

A U.S. Senate investigative subcommittee, which has used its power for more than a decade to scrutinize corporations and financial institutions for wrongdoing, is shifting its focus to keeping tabs on the government. The U.S. Senate Permanent Subcommittee on Investigations is slated to hold its first hearing under new leadership...

Taxpayers Still Facing Big Challenges One Year After FATCA Goes Into Effect

June 30 — Taxpayers continue to wrestle with big questions a year after the Foreign Account Tax Compliance Act opened for business. Acknowledging that the Internal Revenue Service is doing its best to implement a complex law, issues still remain as the reach of FATCA goes global, practitioners told Bloomberg...

HSBC, JPMorgan may move parts of businesses to Luxembourg – The Times

HSBC Holdings Plc and JPMorgan Chase & Co are in talks to relocate parts of their businesses to Luxembourg from the UK as they weigh the possibility of a British exit from the European Union, the Times reported. JPMorgan is close to setting up a bank based in Luxembourg to...

Big bucks, but no bankers jailed in $5.7B settlement

Six of the biggest names in global finance shelled out billions of dollars Wednesday to settle charges of rigging currency markets, but liberal lawmakers complain the government is just doling out slaps on the wrist. On Wednesday, the Justice Department announced a settlement that also saw five banks plead guilty...

Here’s Why HSBC Holdings Plc (ADR) (HSBC) Is In Trouble

Legal problems have caused a serious strain on the credibility of Europe’s biggest bank HSBC Holdings plc (ADR) (NYSE:HSBC), which is currently up by 0.34% and trading at $44.69, has found itself at the center of a series of serious legal and possibly criminal tangles in recent years. Tax evasion,...

Banks Say “Thanks for the Bailout,” Now We’ll Park our Profits in Overseas Tax Havens

Giant financial institutions that benefitted from federal bailouts during the depths of the recession have repaid the American people’s largesse by hiding profits overseas to avoid paying their fair share of taxes. According to a report (pdf) commissioned by Senator Bernie Sanders (I-Vermont), four big banks—Citigroup, Goldman Sachs, Bank of...

Foreign investors raise tax concerns with FM

Discuss issues related to applicability of minimum alternate tax and permanent establishment Foreign Investor on Saturday raised several tax-related issues with Finance Minister Arun Jaitley at a meeting organised by the National Stock Exchange (NSE). According to sources, issues regarding applicability of minimum alternate tax (MAT) and permanent establishment (PEs)...

When Mega Corporations Get Mega Tax Breaks, We All Pay

Is corporate CEO pay really out of control? Well, consider Fleecing Uncle Sam, a new report from the Institute for Policy Studies and the Center for Effective Government. Of the 100 highest-paid CEOs in the US, the study finds, twenty-nine of them received more compensation than their companies paid in...

US Corporate Giants Pay More to CEOs than in Federal Taxes

Seven of the biggest U.S. corporations received billions of dollars in tax refunds from the Internal Revenue Service, while dolling out an average of US$17.3 million to CEOs. While Congress is set to renew a slew of corporate tax breaks, new research published Tuesday found some of United States’ biggest...

Regulators fine global banks $4.3 billion in currency investigation

(Reuters) – Regulators fined six major banks a total of $4.3 billion for failing to stop traders from trying to manipulate the foreign exchange market, following a yearlong global investigation. HSBC Holdings Plc, Royal Bank of Scotland Group Plc, JPMorgan Chase & Co, Citigroup Inc, UBS AG and Bank of...