Weekly Roundup: Obama Nominates Yellen for Fed Chair, JPMorgan Forms AML ‘SWAT’ Team Amid Legal Woes, and More

President Obama Wednesday formally nominated Federal Reserve Vice Chair Janet Yellen to head the central bank. The nomination of Yellen, who would be the first woman to lead the Fed, follows a decision by White House officials to abandon plans to nominate former Treasury Secretary Larry Summers, the Washington Post reported. More JPMorgan Chase reported a net loss of 17 cents per share due, in large part, to approximately $9.2 billion in legal expenses, The New York Times reported. That total includes money set aside for regulatory proceedings, a portion of which could represent expenses related to questions about whether...