JPMorgan announces cuts to profit target, jobs
Reuters: JPMorgan Chase & Co., the largest U.S. bank, is reducing both its profit target and headcount in 2014, according to a Tuesday presentation. The bank trimmed its profit target to a range of 15 percent to 16 percent return on tangible common equity, down from 16 percent. JPMorgan also said it expected total headcount to fall by 5,000 to 260,000 in 2014.
Western Union faces probe for fraud-induced money transfers
Reuters: Money-transfer company Western Union Co. is being probed by the Federal Trade Commission and a U.S. district court over fraud-induced money transfers, the company said in a regulatory filing on Monday. The company said it received a civil investigative demand from the FTC on Feb. 21, requesting documents related to consumer complaints regarding fraud-induced money transfers sent from or received in the United States since 2004.
12 percent of Americans say it's OK to cheat on taxes
CNNMoney: While the vast majority of Americans say cheating on taxes is unacceptable, a good number think it's perfectly fine to underreport income, claim bogus deductions and inflate credits. When asked how acceptable it is to cheat on taxes, if at all, 12 percent of respondents answered "a little here and there" or "as much as possible," according to a survey from the IRS Oversight Board that polled 1,000 people. That's up slightly from 11 percent in 2012 and up from a low of 9 percent in 2008.