Wall Street rallies as OPEC reaches output deal
Wall Street ended higher on Wednesday after an OPEC agreement to limit crude output fueled a rally in oil and more than offset nervousness about a tight race for the U.S. presidency.
PHILADELPHIA Investment bank JPMorgan Chase & Co (JPM.N) said on Monday it had no plans to purchase new corporate jets or build an airport hangar until it has repaid the funds it got through the U.S. governments Troubled Asset Relief Program (TARP).
ABC News had reported that JPMorgan, the recipient of $25 billion in TARP funds, planned to spend $138 million to buy two new luxury planes and build a corporate hangar.
JPMorgan spokesman Joseph Evangelisti, however, said the company would not buy any aircraft or spend money on a hangar until 100 percent of the TARP funds were repaid.
(Reporting by Jessica Hall; editing by Gunna Dickson)
WASHINGTON Federal Reserve Chair Janet Yellen was thrust into the election-year boxing ring during a congressional committee hearing on Wednesday, defending the central bank's regulatory role, taking and landing punches on Wells Fargo and other banks considered too big to fail, and addressing accusations of political conflicts of interest.
Embattled Wells Fargo & Co plans to eliminate sales goals for its retail banking business sooner than planned, according to prepared remarks its chief executive officer will deliver at a congressional hearing on Thursday.