Senate poised to confirm Janet Yellen as Fed chair

Reuters:  The U.S. Senate, kicking off its 2014 session on Monday, intends to waste no time making history as it moves to approve Janet Yellen to be the first woman to head the Federal Reserve. A Senate vote is set for 5:30 p.m. EST on Yellen, 67, who has been vice chair of the U.S. central bank since 2010. If confirmed, Yellen would succeed Ben Bernanke, whose second four-year term ends on Jan. 31.

JPMorgan Chase nears a $2 billion deal in a case tied to Madoff

The New York Times: Working through a long list of legal problems, JPMorgan Chase & Co. is starting the new year with another steep payout to the government. The bank plans to reach as soon as this week roughly $2 billion in criminal and civil settlements with federal authorities who suspect that it ignored signs of Bernard Madoff’s Ponzi scheme, according to people briefed on the case.

Men’s Wearhouse in hostile bid for Jos. A. Bank

CNNMoney: Men’s Wearhouse has made the latest move in its ongoing battle with Jos. A. Bank. On Monday, Men’s Wearhouse launched a hostile bid, making a $1.6 billion cash offer and notifying Jos. A. Bank that it will nominate two members for its board of directors. Jos. A. Bank made an offer to buy Men’s Wearhouse for $2.4 billion last year. Men’s Wearhouse rejected that bid and made an unsolicited bid of $55 a share for Jos. A. Bank — a bid that was rejected.