Monday, Dec 05, 2022 - 07:05:20
134 results - (0.006 seconds)

for JPMorgan:

latest news at page 1:
123
    Both suits accused the financial institutions of ignoring multiple red flags, including large cash withdrawals and payments to multiple females. "[Deutsche Bank] knowingly participated in the Epstein sex-trafficking venture by (among other things) providing the financial underpinnings for Epstein to have ready and reliable access to resources — including cash — to recruit, lure, coerce, and entice young women and girls to be sexually abused and to cause them to engage in commercial sex acts and other degradations," the suit said. The lawsuit against Deutsche Bank alleged that the institution estimated it would "earn between $2,000,000 to $4,000,000 annually by funding the sex-trafficking venture and handling the accounts of Epstein-related entities." "We believe this claim lacks merit and will present our arguments in court," a Deutsche Bank spokesman told the New York Post. The case against JPMorgan alleged that Epstein's business relationship with the bank's head of private banking, Jes Staley, allowed the financier to become "untouchable." "With JPMorgan's complicity, Epstein was free to sexually abuse hundreds of women, paying millions in hush money, without the fear of detection...
    Victims of Jeffrey Epstein are suing Deutsche Bank and JPMorgan Chase, alleging they 'played an integral role' in the pedophile financier's campaign of sexual abuse. In two lawsuits filed in New York on Thursday, the women say the banks facilitated Epstein's sex trafficking operation because large sums of money were withdrawn to pay his victims. They are also accused of ignoring 'red flags' and putting profit before the law.  Bradley Edwards, a lawyer in the case against Deutsche Bank, told the Wall Street Journal: 'The time has come for the real enablers to be held responsible, especially his wealthy friends and the financial institutions that played an integral role. 'These victims were wronged, by many, not just Epstein. He did not act alone.' Epstein took his own life in a New York prison in 2019 while awaiting trial for sex trafficking. Both lawsuits are class action cases that name the plaintiffs as 'Jane Doe 1, individually and on behalf of all others similarly situated'. Jeffrey Epstein is pictured outside his New York mansion in 2019. The suits say much of...
    Women who accused Jeffrey Epstein of sexual abuse sued Deutsche Bank and JPMorgan Chase on Thursday, accusing the mega banks of enabling the dead billionaire's alleged “commercial sex trafficking enterprise.” The lawsuits, filed in New York and first reported by the Wall Street Journal, claim the institutions overlooked several “suspicious” withdrawals and payments from Epstein’s bank accounts to profit off his alleged sex crimes—and to retain the business of wealthy clients associated with Epstein. “Knowing that they would earn millions of dollars from facilitating Epstein’s sex trafficking, and from its relationship with Epstein, Deutsche Bank chose profit over following the law,” one of the suits stated. Deutsche Bank released a statement to The Daily Beast saying the lawsuits were “without merit,” adding that they plan to fight the allegations in court. Representatives from JPMorgan did not respond to a request for comment. Both banks have been accused of violating the Victims of Trafficking and Violence Protection Act of 2000—a federal law passed to provide tools to combat trafficking in persons both worldwide and domestically. The lawsuit against Deutsche Bank...
    In this article JPM MSFT INTU Follow your favorite stocksCREATE FREE ACCOUNTA JPMorgan logo displayed on a smartphone.Omar Marques | SOPA Images | LightRocket via Getty ImagesJPMorgan Chase is betting that landlords and tenants are finally ready to ditch paper checks and embrace digital payments. The bank is piloting a platform it created for property owners and managers that automates the invoicing and receipt of online rent payments, according to Sam Yen, chief innovation officer of JPMorgan's commercial banking division. While digital payments have steadily taken over more of the world's transactions, boosted in recent years by the pandemic, there is one corner of commerce where paper still reigns supreme: the monthly rent check. That's because the market is highly fragmented, with most of the country's 12 million property owners running smaller portfolios of fewer than 100 units. As a result, about 78% are still paid using old-school checks and money orders, according to JPMorgan. More than 100 million Americans pay a combined $500 billion annually in rent, the bank said. "The vast majority of rent payments are still...
    David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, Jan. 23, 2020.Adam Galacia | CNBC Goldman Sachs CEO David Solomon and JPMorgan CEO Jamie Dimon both expect a U.S. recession as a tight labor market keeps the Federal Reserve on an aggressive monetary policy tightening trajectory. Speaking on a panel at the Future Initiative Investment conference in Riyadh, Saudi Arabia on Tuesday, Solomon said he expects economic conditions to "tighten meaningfully from here," and predicted that the Fed would continue raising interest rates until they reached 4.5%-4.75% before pausing. "But if they don't see real changes — labor is still very, very tight, they are obviously just playing with the demand side by tightening — but if they don't see real changes in behavior, my guess is they will go further," he said. "And I think generally when you find yourself in an economic scenario like this where inflation is embedded, it is very hard to get out of it without a real economic slowdown." The Fed funds rate is currently targeted between 3%-3.25%, but...
    President of JP Morgan Chase has said that a ‘deep recession‘ may have to be the price to pay to put inflation ‘back in the box’. Daniel Pinto, 59, believes that ‘putting inflation back in a box’ is ‘very important’, even if it causes a ‘slightly deeper recession.’ The Wall Street veteran pocketed a $28.5 million salary this year, a rise of 16 per cent from 2021, and is the latest in a line of other executives who say the US faces a recession because of the Fed’s predicament. He told CNBC: 'I think putting inflation back in a box is very important. If it causes a slightly deeper recession for a period of time, that is the price we have to pay. ‘We’re dealing with a market that is pricing the probability of recession and how deep it’s going to be.’ Dimon and Goldman Sachs CEO David Solomon has also agreed that the US is facing a recession after inflation has his a 40-year high. Pinto added that the markets have been functioning ‘better’ than he expected, before adding:...
    "Absolutely not — and that would be the road to hell for America," he told Tlaib. Tlaib then got personal, suggesting that Americans who benefit from President Joe Biden's controversial policies should cease doing business with Dimon's bank. "Yeah, that’s fine," she snarked. "That’s why, sir, you know what, everybody that got relief from student loan [who] has a bank account with your bank should probably take out their account and close their account. The fact that you’re not even there to help relieve many of the folks that are in debt, extreme debt because of student loan debt, and you’re out there criticizing it." Tlaib was referring to Dimon's earlier criticism of Biden's student loan forgiveness plan.What did the other CEOs say?The CEOs of Citigroup, Bank of America, and Wells Fargo each said they will continue working with fossil fuel companies and investing in clean energy. Tlaib then returned to Dimon, claiming without basis that he does not care about common Americans. "You obviously don't care about working-class people and front-line communities," she claimed, "that are facing huge amounts...
    Rep. Rashida Tlaib (D-MI) called for people who bank with JPMorgan Chase to close their accounts during a contentious House committee hearing Wednesday. CEO Jamie Dimon and the heads of five other major banks each refused to commit to divesting from the oil and gas industry after they were questioned about it by the Michigan Democrat. During testimony before the House Committee on Oversight and Reform, Tlaib asked the heads of banks such as Citigroup and Bank of America what they intend to do to fight climate change. She reminded each that their respective banks have made verbal commitments to contribute to net zero emissions by 2050. “I would like to ask all of you and go down the list, because again, you all have agreed to do this,” Tlaib stated. “Please answer with a simple yes or no, does your bank have a policy against funding new oil and gas projects?” Dimon answered his institution would not pull investments in fossil fuels. “Absolutely not, and that would be the road to hell for America,” he said. Tlaib lashed out...
    Daniel Pinto, JPMorgan's chief executive of corporate and investment bank. Simon Dawson | Bloomberg | Getty Images The deal-making slowdown that has weighed on Wall Street this year shows no signs of letting up. Investment banking revenue at JPMorgan Chase is headed for a 45% to 50% decline in the third quarter from a year earlier, president and chief operating officer Daniel Pinto said Tuesday during a conference.related investing newsBank of America warns that investors are ignoring dangers of 'synchronized' policy tighteningJeff Cox22 hours agoThe bank posted $3.3 billion in third-quarter investment banking revenue last year, amid what was then a bull market for IPOs, stock issuance and other deals. Now Wall Street is grappling with steep declines in capital markets activity as IPOs slow to a crawl and mergers declined after stocks had their worst first half since 1970. A bull market for bankers has turned to bust this year, and firms are expected to cut compensation and jobs in the coming months. Yesterday, Goldman Sachs became the first major Wall Street firm to acknowledge that it was pulling...
    Share this: To help prepare students for careers, New York City is launching an apprenticeship program that aims to place 3,000 students in companies focused on finance, technology and business operations over the next three years, officials announced Monday. Since taking the helm of the nation’s largest school system in January, Chancellor David Banks repeatedly promised he would bolster internships, hands-on work experiences, and partnerships with major corporations. Monday’s announcement represents the first glimpse of that approach. “Too often schools aren’t speaking to students’ passion and purpose or connecting the learning to the real world,” Banks said during a press conference at JPMorgan Chase headquarters in Manhattan, flanked by CEOs including JPMorgan’s Jamie Dimon and Accenture’s Julie Sweet.
    German officials conducted a raid on JPMorgan Chase offices in Frankfurt this week as part of its sprawling inquiry of a multibillion tax scandal, a spokesperson confirmed. The raid pertains to the so-called "cum-ex" scandal, which stems from the Latin words for "with" and "without," in which participants exploited flaws in the German tax code to bamboozle the government into paying them refunds on taxes that were never paid. JPMORGAN'S CHIEF ECONOMIST SAYS RECESSION UNLIKELY DESPITE CEO'S WARNING “We can confirm that our Frankfurt offices were visited this week. We continue to cooperate with the German authorities on their ongoing investigation,“ a JPMorgan Chase spokesperson told the Washington Examiner. Prosecutors confirmed that a search on an unnamed bank began Tuesday and coincided with the search of an auditing firm not targeted by the inquiry and the homes of four suspects, Bloomberg reported. The raid was intended to retrieve emails and written material, prosecutors added. German investigators have apparently conducted similar searches at competitors of the financial behemoth. During the scheme, which the German government subsequently...
    In this article JPM BAC The Bank of America headquarters in Charlotte, North Carolina.Joe Daniel Price | Getty ImagesAs banks reported second-quarter earnings, one thing stood out: Banks that focus on Wall Street were pessimistic about the outlook, and banks that mostly serve consumers and Main Street were much more bullish. The reasons for that aren't hard to identify, especially with a hard look at numbers Bank of America put out along with its earnings – which actually missed Wall Street forecasts, a fact glossed over as investors focused on its optimistic take on the American consumer. The bank painted a picture of a consumer in much better shape than before the Covid pandemic or the last recession in 2007-2009. It begins with a single number that appears on page 23 of B of A's supplemental charts accompanying their earnings report: 771. That's the average credit score of new credit card and mortgage borrowers at America's second-biggest bank (behind JPMorgan Chase), said CFRA Research analyst Ken Leon. The average new-car loan during the quarter came with a 791 score....
    NEW YORK (AP) — Bank of America’s second quarter profits fell 32%, the latest major U.S. bank to report a dip in earnings after a strong 2021. A better reflection of performance at the country’s second largest bank this quarter was revenue, which increased from $21.5 billion, to $22.7 billion year over year, largely due to higher interest rates and an increased level of lending. Quarterly profit fell to $6.2 billion, or 73 cents per share, the bank reported Monday, compared with a profit of $9.2 billion, or $1.03 a share, in the same period a year earlier. Profits last year were boosted after the bank releasing billions of dollars from its loan loss reserves, which is money the bank set aside in the pandemic to cover potentially bad loans. JPMorgan Chase, Wells Fargo and Citigroup all reported double-digit profit declines last week, citing similar reasons. Wall Street is largely focusing on the outlook for the second half of the year because of the potential for a recession that could be triggered by inflation and...
    New York (CNN Business)JPMorgan Chase kicked off the second quarter earnings season with bad news: The bank temporarily suspended share buybacks and fell short of analysts' expectations for earnings and revenue growth. Profit declined 28% from a year earlier to $8.65 billion and the bank reported earnings of $2.76 per share versus the $2.88 expected by analysts. Managed revenue clocked in at $31.6 billion, missing the $31.95 billion expected, according to Refinitiv data. Large market swings hurt dealmaking this quarter, the bank reported. Investment-banking fees fell by 54%, more than the 47% predicted by analysts.Shares of JPMorgan's stock fell by about 3% in premarket trading on Thursday and are down 29% this year. JPMorgan (JPM) is the largest US bank by assets and its earning reports are used by investors and analysts as a bellwether for how Wall Street fared over the past three turbulent months for markets and the economy. JPMorgan lays off hundreds of employees in mortgage division as rates spikeRead MoreCEO Jamie Dimon warned last month of an economic "hurricane" brewing and said that he was bracing...
    New York (CNN Business)Earnings season is upon us once again! It's just like the holiday season except instead of presents and sweets we get financial results and conference calls. Big bank earnings will mark the unofficial beginning of the second quarter earnings period when they report next week, starting with JPMorgan Chase (JPM) on Thursday. Citigroup (C) and Wells Fargo (WFC) will open their books on Friday. Investors, worried about recession, will be scrutinizing the results for any guidance by Wall Street's most powerful executives on the state of the economy.Last month JPMorgan CEO Jamie Dimon said that his company is preparing for a "non-benign environment" and "bad outcomes" and warned investors to brace themselves for an impending economic "hurricane." Investors will certainly want an update from the CEO-turned-meteorologist next week. Concerns about upcoming economic gloom have already driven a large market sell-off: The S&P 500 (INX) just closed its worst first-half of a year in over five decades, but earnings guidance has so far largely remained unchanged. This has led some analysts to wonder if the current projections will hold up during...
    Last month, the leaders of 50 minority female-owned small businesses attended a workshop created to help advance women who own businesses and those in the process of starting them. The D.C. event, which was held at the bank’s downtown D.C. headquarters, was part of a tour for JPMorgan Chase’s Women on the Move initiative, part of the company’s five-year, $30 billion racial equity commitment. Ola Wadibia, vice president of Women on the Move, said more resources are needed for women. More Local News More Business and Finance News “A lot of women have said they feel a lot of greater challenges to be able to run their business, which is really access to information, access to resources,” Wadibia said. Wadibia pointed out that sometimes women have other domestic responsibilities that don’t allow them to focus solely on growing a business. “Being able to determine a time that works for you to be fully engaged with the resources that you need, with a coach who’s really going to listen to you and your perspective, is such a critical, critical...
    In this article C JPM JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021.Brian Snyder | ReutersJPMorgan Chase, one of the largest employers in the U.S. financial industry, told workers that it will pay for travel to states that allow legal abortions, according to a memo first obtained by CNBC. The news came as part of an internal communication to employees explaining expanded medical benefits set to begin in July, according to the June 1 memo. "Effective in July, you will be able to access additional covered benefits under the U.S. Medical Plan," the New York-based bank told workers. Those changes include "family-building benefits, such as cryopreservation," and enhanced benefits for LGBT+ workers, the bank said. "We will also expand our existing health care travel benefit, which today covers certain services such as organ transplants, to all covered health care services that can only be obtained far from your home," JPMorgan told its staff. JPMorgan's announcement comes as the Supreme Court overturned Roe v. Wade, the landmark...
    JPMorgan Chase CEO Jaime Dimon has issued a stark economic warning, saying that rising commodity prices and tightening monetary policy could deliver a 'hurricane' blow to the US economy. Speaking at a banking conference in New York on Wednesday, Dimon warned the gathering of investors and analysts: 'You better brace yourself.'  'I said there were storm clouds out there, big storm clouds, but it's a hurricane,' said the US banking titan. 'Right now, it's kind of sunny, things are doing fine, everyone thinks the Fed can handle this. That hurricane is right out there, down the road, coming our way. We just don't know if it's a minor one or Super Storm Sandy,' he added.  'JPMorgan is bracing ourselves and we're going to be very conservative with our balance sheet,' he said.  JPMorgan Chase CEO Jaime Dimon has issued a stark economic warning, saying that rising commodity prices and tightening monetary policy could deliver a 'hurricane' blow On Wednesday the national average cost of gas soared to a record high of $4.67 per gallon Dimon pointed to two key factors...
    New York (CNN Business)Jamie Dimon is no meteorologist, but the JPMorgan Chase CEO is predicting an economic "hurricane" caused by the war in Ukraine, rising inflation pressures and interest rate hikes from the Federal Reserve."Right now it's kind of sunny, things are doing fine. Everyone thinks the Fed can handle this," Dimon said at a Bernstein conference. "That hurricane is right out there down the road coming our way." "We just don't know if it's a minor one or Superstorm Sandy. You better brace yourself," Dimon said, adding that JPMorgan Chase (JPM) is preparing for a "non-benign environment" and "bad outcomes." Dimon said that the economy is "distorted" by inflation. He's also worried that the Fed is starting to unwind its bond portfolio, a process known as quantitative tightening, at the same time it is raising interest rates. That's something that the market is not prepared for, Dimon said, adding that people will be "writing about [this] in history books for 50 years," JPMorgan shareholders vote down pay bump for CEO Jamie DimonBut the Fed is in a bind. Dimon...
    Investors took a break from selling in May and going away, for one day at least.Stocks soared Monday, as positive news about earnings from banking powerhouse JPMorgan Chase and comments from President Joe Biden about the possibility of lifting some US tariffs on China boosted sentiment on Wall Street.The Dow gained nearly 620 points Monday, a gain of about 2%. Dow component JPMorgan Chase surged 6% after the Wall Street giant raised its outlook for interest income, a key measure of profitability.Fellow financials Goldman Sachs, American Express and Visa were among the other big winners in the Dow Monday. The S&P 500 rose 1.9%. JPMorgan Chase was one of the best performers in that blue-chip index too. Citigroup, Bank of America, Wells Fargo and Comerica were also S&P 500 leaders.Banks have been market losers so far this year, even though many financials should benefit from the fact that the Federal Reserve is raising interest rates. Higher rates should boost lending profits, but investors seem more worried about surging inflation and rate hikes eventually leading to a slowdown in the housing...
    New York (CNN Business)JP Morgan Chase investors on Tuesday voted down a multimillion-dollar payout for CEO Jamie Dimon.The pay proposal they rejected included a massive $52.6 million retention bonus as part of Dimon's 2021 compensation package, just months after the bank's board approved the incentive. With the bonus, Dimon's total compensation was $84.4 million in 2021, up from $31.7 million in 2020. But Dimon may yet get that payout. The compensation package is for 2021 and results of the "say on pay" votes are non-binding. Still, this is an embarrassing blow to the bank, not to mention Dimon himself, and JPMorgan's board said it takes investor feedback "seriously." The new compensation package was designed to keep Dimon at the helm of the bank for the next five years by awarding him 1.5 million stock options that vest in 2026. Shareholders also voted down a similar one-time $27.8 million special awards package for JPMorgan Chase COO Daniel Pinto.Less than a third of shareholders approved Dimon's pay package at the bank's annual meeting this week. That's the first time since 2009, when...
    U.S. and Canadian oil refineries took a hit during the pandemic, with some closing permanently and others being converted to refine renewable fuels instead of crude oil, CNN reports. The war in Ukraine is exacerbating the problem by heavily restricting the supply of gas available to European countries that have relied on Russia for oil, which has led to increased demand for U.S. and Canadian exports. The shift in focus to exports has diverted U.S. and Canadian refineries from supplying Eastern U.S. gas stations, according to JPMorgan's analysis. "If exports persist at this elevated pace and refinery runs -- already near the top range for reasonable utilization rates -- fall within our expectations, gasoline inventories could continue to draw to levels below 2008 lows and retail gasoline prices could climb to $6/gallon or even higher," JPMorgan analysts wrote. If those assumptions hold, total U.S. gasoline inventories could fall below 160 million barrels by the end of August, which would be the lowest level since the 1950s and would translate to a national average price of $6.20 per gallon...
    A female JP Morgan Chase financial advisor is suing the banking giant because it allegedly allowed male staff to steal her clients and excluded her from key meetings. Gwendolyn Campbell, 53, said in a lawsuit filed Friday with California's Department of Fair Employment and Housing that America's biggest bank has discriminated against her because she is a woman, CBS reported.  Campbell's $1.1 billion New York-based financial advising group was recruited from Merrill Lynch in 2020. At the time, the veteran financial advisor with more than 30 years of experience cited JPMorgan's leadership in wealth management and unique career opportunities as reasons for joining the company. Her lawyers, Douglas Wigdor and Michael Willemin, argued in the court filing that Campbell told her employer she was an immunocompromised single mother of two children with disabilities. The suit alleges that JPMorgan agreed to provide accommodations and later took advantage of 'her vulnerable position,' harming her career irreparably as a result.  'J.P Morgan has thanked Campbell by trying to steal her clients pursuant to a well-known ''playbook,'' casting her aside,' the complaint reads.  Campbell's lawyers claimed that...
    A top JPMorgan executive has told his staff they can work from home three days a week, after workers at the multinational bank complained the company was tracking their in-office ID swipes in an effort to force them to come back. Drew Cukor, an executive at the bank's artificial intelligence machine and learning and engagement wing, sent out a memo to 'CTO and TRAIN members' on Tuesday. 'The Firm has heard from many around the business...and we're making a few adjustments,' he said, according to a copy of the memo obtained by Insider. 'Effective immediately: We are now authorized to invite our workforce to two days a week in the office.' It is unclear what the team acronyms refer to. JPMorgan Chase did not immediately respond to requests for comment from DailyMail.com. JPMorgan CEO Jamie Dimon has been adamant about getting workers back to the office, even as some have talked to the media about their experiences being 'forced' back into the office by supervisors who have had the 'fear of God' put into them. But last month, Dimon conceded...
    MANHATTAN, New York (WABC) -- A groundbreaking development is in the works that would bring New York City's largest all-electric skyscraper.JPMorgan Chase announced its new global headquarters, located on Park Avenue in Manhattan, will be fully powered by renewable energy.The near 60-foot tower will have "net-zero operational emissions" party by using power that comes from a state hydro-electric plant, officials say.ALSO READ | How local mass transit agencies are responding over mask mandate rulingEMBED More News Videos Bill Ritter talks to Dr. Jay Varma about the Florida judge who overturned the CDC's federal mask mandate for public transit. "This is a real challenge," Varma said. Other green features will include triple-glazed windows and systems that store and re-use water.The tower is scheduled to be completed by 2025.----------* Get Eyewitness News Delivered * More Manhattan news* Send us a news tip* Download the abc7NY app for breaking news alerts * Follow us on YouTube Submit a News Tip
    JPMorgan Chase has unveiled for the first time its design for a new all-electric 60-story skyscraper in the middle of Park Avenue in New York City. The investment bank unveiled the design of its massive 1,388-foot-tall super structure, which began construction in 2021 and is set to be completed by the end of 2025. Located at 270 Park Avenue in Midtown Manhattan, the $3 billion skyscraper will become the Big Apple's biggest all-electric tower with net-zero operational emissions. The sustainable building will be completely powered by renewable energy sourced from a New York State hydroelectric plant, as well advanced water storage and reuse systems to reduce water usage by more than 40 percent, Business Wire reported. JPMorgan Chase unveiled the design of its new massive 1,388-foot super structure, which is set to be completed by the end of 2025 The building will feature a fan-column structure and triangular bracing that will lift the building about 80 feet off the ground The building, designed by British architecture firm Foster + Partners, will feature a fan-column structure and triangular bracing that will...
    In this article JPMJamie Dimon, chairman and chief executive officer of JPMorgan Chase & Co., listens during a Business Roundtable CEO Innovation Summit discussion in Washington, D.C., Dec. 6, 2018.Andrew Harrer | Bloomberg | Getty ImagesThe risk that the Federal Reserve accidentally tips the U.S. economy into recession as it combats inflation is rising, according to JPMorgan Chase CEO Jamie Dimon. The CEO of the biggest U.S. bank by assets said Wednesday that economic growth will continue at least through the second and third quarters of this year, fueled by consumers and businesses flush with cash and paying off debts on time. "After that, it's hard to predict. You've got two other very large countervailing factors which you guys are all completely aware of," Dimon told analysts, naming inflation and quantitative tightening, or the reversal of Fed bond-buying policies. "You've never seen that before. I'm simply pointing out that those are storm clouds on the horizon that may disappear, they may not." Dimon's remarks show just how quickly major events can change the economic landscape. A year ago, he said...
    JPMorgan Chase CEO Jamie Dimon gave a bleak financial outlook for the world on Monday, warning of a hangover that could last decades thanks to the war in Ukraine, soaring inflation and COVID-19.   In his letter to shareholders, Dimon said the world was facing a 'confluence of three important and conflicting forces' that made the global economic outlook uncertain.   'These factors will likely have a meaningful effect on the economy over the next few years and on geopolitics for the next several decades,' he warned.  He then made a direct appeal to the President to take charge in order for the country to 'regain its competence'.  'Even before the war in Ukraine jeopardized the world order, we were facing exceptional and enormous global challenges — nuclear proliferation (this is still the biggest risk to mankind, bar none, and made all the more stark by the war in Ukraine), threats to cybersecurity, terrorism, climate change, pressures on free and fair trade, and vast inequities in society.  'Critical to solving these problems is strong American leadership. American global leadership is the best...
    NEW YORK (AP) — Jamie Dimon laid out a laundry list of big risks looming for the global and U.S. economy in his letter to JPMorgan Chase shareholders on Monday, Dimon’s annual letter has become something of a tradition for JPMorgan investors as well as the public. Never too shy to share his thoughts on anything, the CEO and chairman of JPMorgan often uses his shareholder letter to not only discuss ongoing challenges for the bank but also political or social issues that he feels need to be addressed. “We are facing challenges at every turn: a pandemic, unprecedented government actions, a strong recovery after a sharp and deep global recession, a highly polarized U.S. election, mounting inflation, a war in Ukraine and dramatic economic sanctions against Russia,” he wrote. The letter is a contrast to last year’s version, when vaccines were rolling out nationwide and it appeared like the U.S. economy was accelerating out of the pandemic-caused economic turmoil. Dimon spent much of the latest letter discussing the issue of inflation, which has accelerated sharply in...
    A Black doctor is suing JPMorgan Chase and two employees at the bank's Sugar Land, Texas, branch for racial discrimination after she says she was refused service to open a bank account. Dr. Malika Mitchell-Stewart, 34, completed her residency at the end of last year and planned to open a bank account with a $16,780.16 check at the Chase bank in Sugar Land, according to the lawsuit. The lawsuit claims that when Mitchell-Stewart presented her check to one of the bank's employees, they began to ask questions challenging the validity of the check as well as Mitchell-Stewart's employment as a doctor. The employee then allegedly told Mitchell-Stewart that they had to verify the check with the bank manager, the second employee named in the case, who is not actually a bank manager but an associate banker and lead teller-operations specialist, according to the lawsuit. The second employee allegedly told Mitchell-Stewart that the check was fraudulent without providing justification before turning her away. Mitchell-Stewart then left the bank to avoid being arrested and "had an adverse emotional reaction over this humiliation," according to the lawsuit. "What Dr. Mitchell-Stewart...
    A criminal IRS investigation into Hunter Biden — President Biden’s son — appears to have convened a grand jury as far back as May 2019, a confidential subpoena served to JPMorgan Chase bank reveals. The subpoena also seeks bank records of James Biden, the president’s brother, which appears to be the first time another Biden family member has surfaced in connection with the investigation. The document, obtained by Breitbart News, specifically demands information on related transactions between JPMorgan Chase Bank, which the document calls “correspondent bank,” and the Bank of China, which the document calls the “originating or beneficiary bank.” The document appears to show that as President Biden was launching his campaign that spring, federal prosecutors in the U.S. Attorney’s office in Delaware had impaneled a grand jury and were demanding the production of bank records relating to Hunter and James Biden, as well as two of their business associates Devon Archer and Eric Schwerin. While it has been reported that subpoenas were issued in a Hunter Biden criminal probe from federal investigators, the level of detail this document...
    New York (CNN Business)Fees for bounced checks or lacking enough money in your account could soon be a thing of the past.Bank of America (BAC) is the latest major financial institution to announce that it is ending fees for insufficient funds. It also plans to cut overdraft fees from $35 to $10.The end of the bounced check fee goes into effect next month, Bank of America said in a press release Tuesday. The overdraft fee reduction will begin in May. Bank of America said that once all these latest changes go into effect, the bank will wind up slashing its fees for overdrafts by 97% from 2009 levels."Over the last decade, we have made significant changes to our overdraft services and solutions, reducing clients' reliance on overdraft, and providing resources to help clients manage their deposit accounts and overall finances responsibly," said Holly O'Neill, president of retail banking for Bank of America, in the release. Read MoreBank of America's move comes a little more than a month after Capital One (COF), the nation's sixth-largest consumer bank by assets, said it...
    (CNN) — Fees for bounced checks or lacking enough money in your account could soon be a thing of the past. Bank of America is the latest major financial institution to announce that it is ending fees for insufficient funds. It also plans to cut overdraft fees from $35 to $10. READ MORE: Reward For Information That Helps Locate Missing NH Girl Harmony Montgomery Reaches $100,000The end of the bounced check fee goes into effect next month, Bank of America said in a press release Tuesday. The overdraft fee reduction will begin in May. Bank of America said that once all these latest changes go into effect, the bank will wind up slashing its fees for overdrafts by 97% from 2009 levels. “Over the last decade, we have made significant changes to our overdraft services and solutions, reducing clients’ reliance on overdraft, and providing resources to help clients manage their deposit accounts and overall finances responsibly,” said Holly O’Neill, president of retail banking for Bank of America, in the release. Bank of America’s move comes a little more than a...
    In this article JPMScott Mlyn | CNBCJPMorgan Chase is paying a $125 million fine to settle Securities and Exchange Commission charges that its Wall Street division allowed employees to use WhatsApp and other platforms to circumvent federal record-keeping laws. The SEC said Friday in a statement that JPMorgan Securities admitted to "widespread" record-keeping failures in recent years. The bank's employees used personal smartphones and email accounts, as well as messaging services including Meta-owned WhatsApp, to conduct securities business matters from at least January 2018 through November 2020, the regulator said. SEC officials who spoke to reporters Thursday evening said JPMorgan's failure to preserve those off-line conversations violated federal securities law and left the regulator blind to exchanges between the bank and its clients. Federal law requires financial firms keep and retain meticulous records of electronic messages between brokers and clients so that regulators can make sure those firms aren't skirting anti-fraud or antitrust laws. Regulators in New York and London have ratcheted up enforcement of record-keeping rules in recent years as traders migrated to encrypted messaging platforms including WhatsApp, Signal...
    JPMorgan CEO Jamie Dimon has issued two groveling apologies a day after saying his firm would outlast China's Communist regime.  Speaking at Boston College on Tuesday, Dimon quipped: 'I was just in Hong Kong and I made a joke that the Communist Party is celebrating its hundredth year. So is JP Morgan. I'd make a bet we last longer.' 'I can't say that in China. They probably are listening anyway,' the 65-year-old banker added. But in a sign that even the King of Wall Street is wary of Beijing, he has since apologized – twice.   First Dimon said: 'I regret and should not have made that comment. I was trying to emphasize the strength and longevity of our company.' Hours later, he added: 'I truly regret my recent comment because it's never right to joke about or denigrate any group of people, whether it's a country, its leadership, or any part of a society and culture. 'Speaking in that way can take away from constructive and thoughtful dialogue in society, which is needed now more than ever.'   Speech: JP Morgan...
    JPMorgan Chase is suing Tesla for $162 million in dispute of a contract between the two companies signed in 2014. The two companies entered into a warrant transaction in 2014, in which Tesla agreed to deliver shares of its stock or cash to JPMorgan if its shares rose above a strike price. The warrants expired this year. “We have provided Tesla multiple opportunities to fulfill its contractual obligations, so it is unfortunate that they have forced this issue into litigation,” a spokesperson for JPMorgan said. WARREN AND JPMORGAN'S JAMIE DIMON GET IN HEATED EXCHANGE OVER BANK OVERDRAFT FEES A warrant is a contract in which a company agrees to allow an investor to purchase a set amount of shares at a fixed price for a prescribed period of time. Investors are typically not obligated to purchase the shares. They reserve the right to purchase a certain amount of them at a set price for that period of time. The dispute between JPMorgan and Tesla began after JPMorgan adjusted the value of its warrants in...
    In this article JPM TSLA Maja Hitij | Getty Images News | Getty ImagesJP Morgan Chase filed suit against electric vehicle maker Tesla in a dispute over warrants, according to court filings out Monday. The bank is seeking $162.2 million plus interest, attorneys' fees and expenses. JP Morgan alleges that Tesla has breached the terms of a contract that the companies signed pertaining to re-pricing the warrants. Tesla was supposed to deliver shares, or cash, if its share price went above a contractually set "strike price" by a certain expiration date, the complaint says. But a dispute arose when JP Morgan made adjustments to the value of the warrants when Tesla CEO Elon Musk tweeted in August 2018 that he was considering taking the company private for $420 a share, and again when he rescinded the idea of privatizing Tesla a few weeks later. JP Morgan claims it had a contractual right to make those adjustments, while Tesla said in a letter that they were "unreasonably swift and represented an opportunistic attempt to take advantage of changes in volatility...
    A woman walks past JPMorgan Chase & Co's international headquarters on Park Avenue in New York.Andrew Burton | Reuters LONDON — JPMorgan has upgraded U.K. stocks to "overweight," ending years of caution on British equity markets which the bank said are now trading at a "record discount." The Wall Street giant had held a longstanding cautious call on U.K. equities since the Brexit referendum in 2016, before moving to "neutral" in July 2020 after a particularly dire spell for U.K. stocks and after the worst of the coronavirus pandemic. With U.K. equities having delivered a more range-bound performance against their transatlantic and European peers over the past 12 months, however, JPMorgan on Monday upped them to overweight in both a European and global context. Since the Brexit referendum, U.K. equities have lagged the U.S. by a cumulative 50% and the euro zone by 24%, JPMorgan Head of Global and European Equity Strategy Mislav Matejka highlighted in a research note. JPMorgan's aggregated data showed that the U.K. has opened up a "record discount" versus other regions, both on a price-to-earnings and...
    NEW YORK (AP) — The Treasury Department has hired a former JPMorgan Chase executive to head a new government program aimed at combatting racial inequality issues in banking and other financial-services industries. Treasury Secretary Janet Yellen said Monday that Janis Browdler will be the department’s first counselor for racial equity, part of a multi-pronged strategy by the Biden administration to deal with systemic racism found in many parts of the economy. Banking and finance have long had issues with racial inequity, from the lack of representation of Blacks and other minorities at the highest levels of companies to ongoing issues of getting equal access to services for non-white borrowers. “Treasury must play a central role in ensuring that as our economy recovers from the pandemic, it recovers in a way that addresses the inequalities that existed long before anyone was infected with COVID-19,” Yellen said in a statement. Last week the Justice Department announced a new coordinated plan with the Consumer Financial Protection Bureau and the Comptroller of the Currency to investigate and prosecute redlining, the historic...
    JPMorgan cut its forecast for Apple Inc's projected sales of the iPhone during the holiday quarter following a series of factory closures in Asia and a global chip shortage, according to a new report released Tuesday. The investment banking company initially estimated iPhone sales would bring in close to $63 billion in revenue during the first fiscal quarter of 2022, according to analysis. These numbers would signal a 4% yearly fall, JPMorgan analyst Samik Chatterjee said. Still, analysts at Needham announced last week they expect shipments for the iPhone 13 to total roughly 80 million units, cutting it by 10 million units due to supply chain chaos and the chip shortage, Reuters reported. BILL GATES WAS REPORTEDLY CHIDED FOR EXTRAMARITAL MESSAGES OVER A DECADE AGO JPMorgan stated it anticipates iPhones to accumulate $46 billion for the fourth quarter after the sale of 58 million units. Holiday quarter projections for iPhone sales register at around 45 million units and 79.4 million total units for the first quarter, according to analysts at Refinitiv IBES. Apple's...
    More from the Wall Street Journal on the debt ceiling:A vote to increase the debt limit doesn't authorize new spending; instead it essentially allows the Treasury Department to raise money to pay for expenses the government has authorized.Congress can either raise the limit, which allows the Treasury to borrow up to a certain dollar amount, or suspend it, which allows the agency to borrow as much as is necessary until a certain date.What about a government shutdown?Finding a solution to the debt ceiling is not the only economic problem looming over Washington. Partisan politics is also complicating efforts to ensure the government stays funded beyond midnight on Thursday, the end of the fiscal year. To avert a government shutdown, lawmakers need to pass an appropriations bill. House Democrats passed a bill last week to fund the government through Dec. 3. The problem is, however, they entangled a debt ceiling increase in the appropriations bill, which received condemnation from Republicans. But as the government shutdown looms closer, Democrats are backing down from the debt fight to ensure the government doesn't shut...
    JPMorgan Chase has begun preparing for the possibility of the United States hitting its debt limit, CEO Jamie Dimon told Reuters on Tuesday, adding he nevertheless expected policymakers to find a solution to avoid that 'potentially catastrophic' event. With federal funding due to expire on Thursday and a potential debt default by October 18, Democrats who narrowly control the Senate and House are racing to head off fiscal disaster while also passing President Joe Biden's ambitious $3.5 billion spending package.  JPMorgan, the country's largest bank, has begun scenario-planning for how a potential U.S. credit default would affect the repo and money markets, client contracts, its capital ratios, and how ratings agencies would react, Dimon said in an interview. 'This is like the third time we've had to do this, it is a potentially catastrophic event,' he said, referring to prior Congressional deadlocks over federal debt limits. JPMorgan Chase CEO Jamie Dimon says the bank has begun preparing for the possibility of the United States hitting its debt limit, calling it a 'potentially catastrophic' scenario With pressure mounting, President Joe Biden and...
    (CNN Business)JPMorgan Chase CEO Jamie Dimon says America's largest bank is once again preparing for a potential US default even though he expects Congress to avoid that "potentially catastrophic" event by lifting the debt ceiling.In an interview with Reuters on Tuesday, Dimon said JPMorgan has begun scenario-planning for how a possible default would affect financial markets, capital ratios, client contracts and America's credit ratings. That's something Dimon has indicated the bank did during previous close calls with the debt ceiling."Every single time this comes up, it gets fixed, but we should never even get this close," Dimon told Reuters. "I just think this whole thing is mistaken and one day we should just have a bipartisan bill and get rid of the debt ceiling. It's all politics." US default would wipe out nearly 6 million jobs, Moodys says Treasury Secretary Janet Yellen told lawmakers Tuesday that the federal government will run out of cash and extraordinary measures by October 18, setting the stage for a potential default if Congress does not raise the debt limit before then.Dimon said JPMorgan is...
    VIDEO2:4302:43Hydrogen will be a clean energy source for these sectors in China: JPMorganSquawk Box Asia Hydrogen fuel cell vehicles are set to become a major player in China's commercial truck market, predicts JPMorgan's Elaine Wu. "Currently, the fuel cell vehicles account for less than 5% of the commercial truck market in China and that could grow to about one-third of total market share in 2050," Wu, head of Asia ex-Japan ESG and utilities research at the firm, told CNBC's "Squawk Box Asia" on Monday. Fuel cell electric vehicles run on electricity powered by hydrogen, which can can be used to store and deliver energy derived from other sources. Hydrogen is a clean fuel and when consumed in a fuel cell, produces only water. One reason why fuel cell vehicles are a "very good option" for the commercial truck market is due to their refueling time of only around 10 to 15 minutes, Wu said. They also have a travel range of around 800 kilometers, about 50% to 100% above lithium battery electric vehicles. Major automakers such as Toyota, Honda and...
    Former President Donald Trump is going after a banking titan for his push to do business with China. Speaking with Maria Bartiromo on Fox Business Wednesday, Trump took aim at JPMorgan Chase CEO Jamie Dimon over his stance on China. Bartiromo set up the former president’s comments by playing a clip of Dimon appearing on her program several weeks earlier — in which he stated that he would follow the foreign policy mandates of the United States as they relate to China, and not set a policy just for his company. “I am patriot way before I worry about any money or anything like that,” Dimon said. “Or about JPMorgan per se. But you should imagine that foreign policy of the United States, is set by the government of the United States. If you start telling companies that they should be setting their own foreign policies, you are making a huge error for the United States.” Dimon — according to the Wall Street Journal — welcomed the recent approval by President Joe Biden’s administration for JPMorgan Chase to take full...
    The US investment and financial services bank, JPMorgan, extended the service to trade bitcoin (BTC) and cryptocurrencies to all its clients. This is a fact that years ago could be considered as something unusual, given the organization’s history of questioning against the first cryptocurrency on the market. Now, brokers in the bank’s wealth management division will be able to accept orders for buying and selling up to five bitcoin-related corporate products and other digital assets, according to a report released Thursday, July 22 by Forbes. The advisers of the aforementioned division, which manages about $ 630 billion, are now authorized to process investments in the following funds: Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic products and Bitcoin Trust of Osprey Funds. The change of decision would have been formalized on Monday, July 19. “We are very excited to be added to JPMorgan’s digital finance platform. OBTC remains the lowest priced bitcoin fund publicly traded in the United States and we believe that JPMorgan clients will see the value of the product, ”said Greg King, founder of Osprey...
    More On: jamie dimon JPMorgan’s first-year analysts will now make six figures Mega-bank bringing back employees regardless of vaccine status There’s a brutal battle going on at JPMorgan to succeed Jamie Dimon Elizabeth Warren calls Jamie Dimon ‘star of the overdraft show’ at Senate hearing Jamie Dimon has been at the helm of JPMorgan Chase since before the financial crisis — and the board doesn’t want him going anywhere. As a “special award” on Wednesday, the JPMorgan Chase board granted the billionaire CEO a trove of new stock options worth an estimated $50 million. But to get the money, Dimon has to stick around as CEO at least five more years and won’t be able to sell the shares until 10 years from now. Also, Dimon will only make money if he can hike the share price higher. For Dimon, who is worth an estimated $1.8 billion according to Forbes, a $50 million reward might not be significant from a monetary standpoint. But people close to the bank emphasize its the thought that counts. “It’s symbolic that the board...
123