NPR : News

Filed Under:

JPMorgan Says It Will Replace 2 Million Credit Cards, Due To Breach

JPMorgan Chase says it will replace about 2 million of its customers credit cards because they were compromised in recent security breaches at major retailers.

NPR's Yuki Noguchi reports the bank's CEO Jamie Dimon said the problems on that front are likely not over. Yuki filed this report for our Newscast unit:

"When consumers' personal information is stolen from a retailer, both the retail chain and the banks that issue credit cards stand to lose big money. The result is often that the two sides point fingers, and banks sue the retailers to recover the cost of replacing cards.

"Speaking on an earnings conference call, Dimon said cybersecurity will be an ongoing problem, but called on the two industries to work together on better prevention.

"The statement was made during the company's fourth quarter earnings call. JPMorgan's profits dropped, amid slow investment banking business and high legal expenses from three recent fraud-related settlements."

NPR's Chris Arnold reports that Dimon also said he had no plans to step down. The bank, if you remember, has been hit by a series of costly settlements with the U.S. government. Chris reports:

"Over roughly the past year, JPMorgan has been hit with $22 billion dollars in fines for allegedly illegal banking practices. In one case the bank acknowledged that it misrepresented the quality of bad-home-loans that it sold to investors. It's also paying $2.6 billion over charges that it turned a blind eye Bernie Madoff's ponzi scheme. Last year, the bank suffered the first-ever quarterly loss since Dimon took the helm.

"This time around, earnings were down 7 percent, but they still beat analysts expectations. And JPMorgan reported a profit of $5 billion. When asked if he would resign, Dimon told investors quote — "no, no, and no" but he also said that was up to the bank's board of directors."

Copyright 2014 NPR. To see more, visit http://www.npr.org/.

NPR

Is It All Greek To You? Thank Medieval Monks, And The Bard, For The Phrase

Ben Zimmer, language columnist at The Wall Street Journal, explains the origin of the phrase "it's all Greek to me" — and shares a few variants from other languages.
NPR

Do Try This At Home: 3 Korean Banchan (Side Dishes) In One Pot

If you've ever eaten at a Korean restaurant, you're used to the endless side dishes that come out with the meal. They're called banchan, and they're remarkably simple to make for yourself.
WAMU 88.5

Cutting Local Taxes in The District

The D.C. Council has taken steps to accelerate tax cuts for all income earners. They're part of a broader overhaul of the city's tax levels, but some council members argued there wasn't enough time for a rigorous debate about the new schedule. We explore the debate over cutting taxes for D.C. residents and how it affects the city's ability to pay for critical local services.

NPR

Reddit CEO Says Miscommunication Led To Blackout Protest

A user revolt briefly shut down the social site last week after a key employee was dismissed. Interim CEO Ellen Pao says the company has "apologized for not communicating better" with site moderators.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.