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    A former JPMorgan Chase foreign exchange trader was sentenced Thursday to eight months in prison, following his November 2019 conviction for conspiring with traders at other banks to rig currency trades. Akshay Aiyer, 37, was also sentenced to two years supervised release and fined $150,000 by Manhattan Federal Judge John Koeltl. Prosecutors had sought up to 46 months in prison, while the defendant sought probation. Aiyer was charged with colluding with other traders from October 2010 to July 2013 to fix prices of and rig bids for Central and Eastern European, Middle Eastern and African currencies. Prosecutors said the traders would swap trading positions, customer information and order pricing through chat rooms, phone calls and text messages, to boost profits at customers’ expense. Aiyer’s case was part of a broad US probe into currency manipulation by the banking industry. “The conspiracy threatened the integrity of the market,” and the idea “everyone did it” is “plainly not an excuse,” Koeltl said. Aiyer grew up in Pune, India, about 93 miles southeast of Mumbai. He came to the United States in...
    JPMorgan Chase will not pay for junior sales and trading staff to take an Uber to work, reversing actions the bank took after the COVID-19 pandemic to help staff feel comfortable about commuting to work, Bloomberg News reported. The change was communicated by managers last week, Bloomberg reported on Wednesday, citing people with knowledge of the matter, who asked not to be identified discussing an internal policy. JPMorgan had started reimbursing employees for Uber and taxi rides to work for traders below the managing director level right after the pandemic started, according to the report, which added the recent change is causing anxiety among junior staff who are uncomfortable taking public transport. The bank’s executives had previously told managing directors and some executive directors within its sales and trading operation that they must return to the office by Sept. 21. Bloomberg News on Tuesday had reported that JPMorgan sent some of its Manhattan workers home this week after an employee in equities trading tested positive for COVID-19. The bank did not immediately respond to Reuters request for comment.
    JPMorgan Chase will not pay for junior sales and trading staff to take an Uber to work, reversing actions the bank took after the COVID-19 pandemic to help staff feel comfortable about commuting to work, Bloomberg News reported. The change was communicated by managers last week, Bloomberg reported on Wednesday, citing people with knowledge of the matter, who asked not to be identified discussing an internal policy. JPMorgan had started reimbursing employees for Uber and taxi rides to work for traders below the managing director level right after the pandemic started, according to the report, which added the recent change is causing anxiety among junior staff who are uncomfortable taking public transport. The bank’s executives had previously told managing directors and some executive directors within its sales and trading operation that they must return to the office by Sept. 21. Bloomberg News on Tuesday had reported that JPMorgan sent some of its Manhattan workers home this week after an employee in equities trading tested positive for COVID-19. The bank did not immediately respond to Reuters request for comment. Filed under...
    JPMorgan Chase has sent a number of securities traders in New York City back home after some employees tested positive for the coronavirus, a setback for the banking giant as it moves to start bringing workers into physical offices. JPMorgan has been "managing individual cases" of employees testing positive "across the firm over the course of the last few months and following appropriate protocols when they occur," bank spokesman Brian Marchiony said Tuesday. He declined to say how many had tested positive. At least one case occurred in an employee who worked on the fifth floor of the company's New York City office, according to Bloomberg, which first reported news of the positive tests. News of the infection was communicated to employees on Sept. 13 — less than one week after workers began returning to the bank's headquarters, according to the report.  Get Breaking News Delivered to Your Inbox New York-based JPMorgan has been insisting its traders and senior management return to their physical offices, setting a required start date of Sept. 21. President Donald Trump last week tweeted congratulations...
    President Donald Trump has praised JPMorgan Chase & Co for a plan to bring some senior managers back to its offices on September 21. 'Congratulations to JPMorgan Chase for ordering everyone BACK TO OFFICE on September 21st. Will always be better than working from home!' Trump said in a tweet on Friday. A source familiar with the matter told DailyMail.com on Thursday that JPMorgan's plan to bring sales and trading employees back to the office in late September was only directed at senior managers, contradicting earlier reports that all workers in those departments would be returning.  Trading chief Troy Rohrbaugh and Marc Badrichani, the bank's global head of sales and research, delivered the message in conference calls with senior managers on Wednesday morning, the Wall Street Journal reported, citing people familiar with the matter.  President Donald Trump has praised JPMorgan Chase & Co for a plan to bring some senior managers back to its offices on September 21 JPMorgan Chase & Co executives have reportedly told senior employees of the bank's sales and trading operation that...
    President Donald Trump praised JPMorgan Chase for its plan to get employees back to the office this month. “Congratulations to JPMorgan Chase for ordering everyone BACK TO OFFICE on September 21st,” Trump tweeted on Friday morning. “Will always be better than working from home!” According to The Wall Street Journal, the bank is calling its most senior sales and trading employees back to their offices. Unless an employee has a medical condition or can’t coordinate childcare, managing directors and executive directors are to report back to the office by Sept. 21. Sources familiar with the return to office plan told the Journal that trading chief Troy Rohrbaugh and Marc Badrichani, the bank’s global head of sales and research, informed employees about the change during conference calls on Wednesday morning. Most employees have been working remotely amid the coronavirus pandemic. Related Stories: JPMorgan Tells Senior Traders to Restaff Offices by Sept. 21 Experts Predict the Death of the Office as We Know It © 2020 Newsmax. All rights reserved.
    JPMorgan Chase has uncovered evidence that some of its customers and employees broke federal rules when obtaining and distributing billions of dollars in loans from one of the government's key coronavirus relief programs, according to an internal memo viewed by CBS MoneyWatch. The nation's largest bank said it is conducting an internal investigation looking into a number of issues, including how the financial giant helped distribute money from the Paycheck Protection Program –– the $650 billion government relief initiative created under the Coronavirus Aid Relief and Economic Security Act.  JPMorgan is also working with law enforcement authorities who are also looking into the potential misdeeds. The bank said it believes some of the conduct by its employees may have broken the law. Get Breaking News Delivered to Your Inbox "It's been nearly six months since the pandemic began, and during that time we've seen our people at their very best," the memo stated, which was issued to bank employees on Tuesday and which was signed by JPMorgan CEO Jamie Dimon and other top executives. "Unfortunately, we've also seen conduct that does...
    President Trump is growing more likely to win a second term in November, according to a JPMorgan market guru who says investors should plan accordingly. Violent protests against police brutality and skewed political polls have helped increase the betting odds of Trump beating Democratic nominee Joe Biden in November, according to Marko Kolanovic, JPMorgan’s global head of macro quantitative and derivatives research. “Certainly a lot can happen in the next ~60 days to change the odds, but we currently believe that momentum in favor of Trump will continue, while most investors are still positioned for a Biden win,” Kolanovic wrote in a Monday research note. Trump has been trailing Biden in many public polls, including a Suffolk University survey released Wednesday that showed the president seven points behind. But Kolanovic says the polls could be inflating Biden’s advantage by 5 to 6 percent because “the liberal trend of ‘cancel culture’” has made some Trump supporters less likely to be honest with pollsters. His analysis is reminiscent of the 2016 election, in which Trump pulled out an Electoral College victory...
    JPMorgan Chase & Co. informed investors on Monday that they should prepare for rising odds that President Donald Trump could win reelection in 2020. Company strategist Marko Kolanovic indicated that although most investors were preparing for a Joe Biden win, they should be aware of the growing trends in Trump’s favor. Biden still leads Trump by a slim margin in many polls, but Kolanovic warned that poll bias could miss a five to ten point unseen gap for Trump. “Betting odds that earlier had Trump well behind challenger Joe Biden are now nearly even – largely due to the impact on public opinion of violence around protests, as well as potential bias in polls,” Kolanovic wrote according to Bloomberg News. He noted that shifting public opinion against the ongoing riots in America’s major cities could help Trump as well as an improvement in coronavirus numbers. JPMORGAN: “Trump’s re-election chances are rising, .. due to two effects: 1) the impact of the degree of violence in protests on public opinion and voting patterns and 2) a bias in polls due to...
    JPMorgan tries to rescue ConsenSys According to anonymous sources from The Block media, JPMorgan will pilot a funding cycle for the publisher of blockchain solutions based on Ethereum (ETH), ConsenSys. The objective would be to obtain $ 50 million in convertible debt. The American banking giant would also consider a contribution of $ 20 million, or 40% of the expected value. Although ConsenSys can claim to be in great shape in terms of technological innovation, the company has been the subject of several rumors of financial difficulties. This can be justified by its multiple cycles of layoffs, including that of last April which resulted in the departure of 14% of its staff. In addition, in April 2019, certain media reported on ConsenSys’ intention to lift $ 200 million from private investors. It could be that the company has so far been primarily funded by the holdings of its CEO, Joe lubin. Lubin was one of the first to invest in Ethereum, which would have allowed him to amass a small fortune. ???? To find out more: Ethereum Incubator ConsenSys...
    (Reuters) - JPMorgan Chase & Co's private bank managed at least $10 million for Ghislaine Maxwell, the longtime associate of Jeffrey Epstein, Bloomberg News reported on Wednesday, citing two people familiar with the matter. Maxwell's money was handled by a team that included several dozen relationship managers, advisers and others who specialize in closely held businesses, Bloomberg reported. (https://bloom.bg/2OJ8gnY) JPMorgan declined to comment. A lawyer for Maxwell was not immediately available for comment. Maxwell faces six criminal charges, including four related to transporting minors for illegal sexual acts, and two for perjury in depositions about her role in Epstein's abuses. She has pleaded not guilty. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Anil D'Silva) Copyright 2020 Thomson Reuters.
    Judge denies release of teenage Black girl jailed after not doing homework Discount grocer Aldi to open more than 70 stores by end of year Opinion: You should invest in big banks now for their rich dividends If you hate big banks, you are part of a tradition going back centuries. But don’t let that cloud your investment judgment. © Getty Images You should own big banks now for their rich dividends. They are secure despite the economic turmoil. Their stocks look cheap. And banks perform well as economies recover — which is likely from here. “Banks will be doubles or triples in a few years,” predicts Ian Lapey, who manages the Gabelli Global Financial Services Fund (GGFSX) Load Error But not just any banks. Narrow the field by favoring big banks with a broad mix of businesses, including investment banking. This gives them the funds needed to offset the reserves they’re posting against bad debts because of the COVID-19 crisis. Here’s a look at four reasons to own the big banks, and some of...
    Jamie 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 Images Attempting to forecast the path of the American economy right now is like peering into a dark well — nobody knows how deep the hole goes. Even Jamie Dimon, CEO of JPMorgan Chase and veteran prognosticator of all things financial, is flummoxed. As head of the financial system's bellwether, a bank with $3.2 trillion in assets that serves almost half of U.S. households and a wide swath of its businesses, Dimon has a unique vantage on the world's largest economy. "The word unprecedented is rarely used properly," Dimon said this week after JPMorgan reported second-quarter earnings.  "This time, it's being used properly. It's unprecedented what's going on around the world, and obviously Covid itself is a main attribute." More than four months into the coronavirus pandemic, the financial damage wrought by the outbreak has yet to fully register. Take JPMorgan, for instance: The bank added $15.7 billion...
    Citigroup and JPMorgan Chase announced Tuesday that they have each set aside more than $7 billion to cover potential losses on loans to customers hurt by the coronavirus pandemic, causing their profits to plummet. Both New York banks saw their profits fall by more than half in the second quarter due to the increased need to stockpile reserves, but both also saw their revenues rise from a year earlier. "Savings are up. Incomes are up. Home prices are up," JPMorgan CEO Jamie Dimon said during the bank's second-quarter earnings call with analysts. "You will see the effect of this recession. You're just not going to see it right away." JPMorgan Chase also said it was preparing for double-digit unemployment through the first half of 2021 with expectations of "much more protracted" pain as increases in coronavirus cases keep parts of the economy shuttered. The bank's financial models predict a large number of loan defaults in the coming year, particularly if the coronavirus pandemic cripples the U.S. economy for longer than expected. "Despite some recent positive macroeconomic data and significant,...
    By KEN SWEET, AP Business Writer NEW YORK (AP) — With tens of millions of Americans out of work and many businesses shut down or operating under restrictions due to the coronavirus, three of the nation's biggest banks set aside nearly $30 billion in the second quarter to cover potentially bad loans that were fine only a few months ago. The results from JPMorgan Chase, Wells Fargo and Citigroup on Tuesday offer perhaps the broadest glimpse yet into how badly the pandemic is impacting the financial health of American consumers and businesses. Bank executives, in conference calls with analysts and reporters, said they underestimated how long the pandemic would last and its impacts on the overall economy. Thanks largely to the funds set aside for bad loans, JPMorgan's profit fell by half in the April-June quarter, Citigroup's sank about 70% and Wells Fargo reported its first quarterly loss since the financial crisis of 2008. Back in April the talk among many economists and Wall Street analysts was that the U.S. economy was going to go through a “V-shaped” recovery: the...
    NEW YORK (AP) — With tens of millions of Americans out of work and many businesses shut down or operating under restrictions due to the coronavirus, three of the nation’s biggest banks set aside nearly $30 billion in the second quarter to cover potentially bad loans that were fine only a few months ago. The results from JPMorgan Chase, Wells Fargo and Citigroup on Tuesday offer perhaps the broadest glimpse yet into how badly the pandemic is impacting the financial health of American consumers and businesses. Bank executives, in conference calls with analysts and reporters, said they underestimated how long the pandemic would last and its impacts on the overall economy. Thanks largely to the funds set aside for bad loans, JPMorgan’s profit fell by half in the April-June quarter, Citigroup’s sank about 70% and Wells Fargo reported its first quarterly loss since the financial crisis of 2008. Back in April the talk among many economists and Wall Street analysts was that the U.S. economy was going to go through a “V-shaped” recovery: the shutdowns and stay-at-home orders...
    (CNN) — The state of California is shutting down again — a huge blow to the fragile recovery logged in recent months. The latest: As Covid-19 cases surge, Gov. Gavin Newsom ordered the closure of all indoor restaurants, wineries, movie theaters, zoos, museums and bars. Los Angeles and San Diego said their kids would start the new school year online only. On its own, California is the fifth largest economy in the world, according to World Bank data. That means fresh lockdown measures in the state are a huge blow to the economic outlook, both in the United States and globally. The governor’s announcement weighed on stocks Monday. The S&P 500 at one point was up 1.6% and briefly turned positive for 2020, but sank about 0.9% by market’s close. Still, the decline seems muted when considering California’s heft. US stocks ticked up again in premarket trading, and the S&P 500 remains 41% above its March low. Not just California: Restrictions are also being tightened in other US states, including Oregon and New Mexico. And they’re returning in Hong Kong, where Disneyland is closing...
    London (CNN Business)The state of California is shutting down again — a huge blow to the fragile recovery logged in recent months.The latest: As Covid-19 cases surge, Gov. Gavin Newsom ordered the closure of all indoor restaurants, wineries, movie theaters, zoos, museums and bars. Los Angeles and San Diego said their kids would start the new school year online only.On its own, California is the fifth largest economy in the world, according to World Bank data. That means fresh lockdown measures in the state are a huge blow to the economic outlook, both in the United States and globally.The governor's announcement weighed on stocks Monday. The S&P 500 at one point was up 1.6% and briefly turned positive for 2020, but sank about 0.9% by market's close. Still, the decline seems muted when considering California's heft. US stocks ticked up again in premarket trading, and the S&P 500 remains 41% above its March low.Read MoreNot just California: Restrictions are also being tightened in other US states, including Oregon and New Mexico. And they're returning in Hong Kong, where Disneyland is...
    Mayweather, Brady companies among sports entities given PPP relief A Low-Back Swimsuit Is Everyones Favorite One-Piece This Summer Trump claims only he can keep your portfolio afloat, but JPMorgan says a Biden win could be positive for these stocks NEED TO KNOW © Getty Images Presumptive Democratic presidential nominee Joe Biden highlights a contrasting leadership style with that of President Donald Trump in speaking at Philadelphia City Hall on June 2 about protests following George Floyd’s death, which Biden labeled “a wake-up call for our nation.” President Donald Trump said Monday that if Americans wanted their 401(k) and stocks to “disintegrate and disappear” they should vote for Joe Biden. Load Error Recent national polls show presumptive Democratic presidential nominee Joe Biden pulling ahead of President Donald Trump, a Republican. Analysts and investors have viewed some of Biden’s policies as being potential negatives for stocks, while Trump argued last week that “the stock market will drop down to nothing” if he is not re-elected Nov. 3. However, JPMorgan strategists say that, contrary to that view, a Biden win...
    Drivers used by top 10 golfers in strokes gained off the tee Volumizing Mascara for Bold and Clump-Free Lashes Trump claims only he can keep your portfolio afloat, but JPMorgan says a Biden win could be positive for stocks NEED TO KNOW © Getty Images Presumptive Democratic presidential nominee Joe Biden highlights a contrasting leadership style with that of President Donald Trump in speaking at Philadelphia City Hall on June 2 about protests following George Floyd’s death, which Biden labeled “a wake-up call for our nation.” President Donald Trump said Monday that if Americans wanted their 401(k) and stocks to “disintegrate and disappear” they should vote for Joe Biden. Load Error Recent national polls show presumptive Democratic presidential nominee Joe Biden pulling ahead of President Donald Trump, a Republican. Analysts and investors have viewed some of Biden’s policies as being potential negatives for stocks, while Trump argued last week that “the stock market will drop down to nothing” if he is not re-elected Nov. 3. However, JPMorgan strategists say that, contrary to that view, a Biden win...
    (Opinion) Long voting lines threaten our democracy. Fixing them is easier than you think How a coin shortage is impacting Mich. retailers and grocery stores Trump claims only he can keep your portfolio afloat, but JPMorgan says a Biden win would be neutral to positive for stocks NEED TO KNOW © Getty Images Presumptive Democratic presidential nominee Joe Biden highlights a contrasting leadership style with that of President Donald Trump in speaking at Philadelphia City Hall on June 2 about protests following George Floyd’s death, which Biden labeled “a wake-up call for our nation.” The holiday weekend has done nothing to slow the positive momentum for U.S. stocks. Strong U.S. jobs data buoyed investors on Thursday and the three major benchmark indexes made significant gains at the open on Monday. The Dow Jones Industrial Average (DJIA) was 1.2%, or 310 points higher in early trading. Load Error But coronavirus cases continue to rise, with another daily new-cases record for the U.S. on Friday, while election uncertainty and the risks attached also linger on the horizon. Recent national polls...
    Opinion: College football should consider punting its season until the spring This Dog Water Bottle Has a Hidden Feature That Makes It Easy to Keep Pets Hydrated on Long Walks Don’t fear a Trump loss — a Biden win could be positive for these stocks, JPMorgan says NEED TO KNOW © Getty Images Democratic presidential nominee Joe Biden speaks about the unrest across the U.S. from Philadelphia City Hall on June 2, 2020, in Philadelphia, Pennsylvania, contrasting his leadership style with that of President Donald Trump, and calling George Floyd’s death “a wake-up call for our nation.” The holiday weekend has done nothing to slow the positive momentum for U.S. stocks. Strong U.S. jobs data buoyed investors on Thursday and futures are higher early on Monday, implying a 350-point gain for the Dow Jones Industrial Average (DJIA) at the open. Load Error But coronavirus cases continue to rise, with another daily increase record for the U.S. on Friday, while election uncertainty and the risks attached also linger on the horizon. Recent national polls show Democratic presidential nominee Joe...
    The coronavirus pandemic and the destruction left in its wake could lead to a greater adoption of socially responsible investing, according to JPMorgan. In a report released Wednesday, the firm said that Covid-19 could prove to be a "major turning point for ESG," which is when investors consider a company's environmental, social and governance factors alongside traditional metrics like balance sheet strength and earnings growth potential.  "The COVID-19 crisis has not only brought on the greatest recession since World War II, but investors are also calling it the 21st century's first "sustainability" crisis and one that has renewed the focus on climate change, acting as a wake-up call for decision makers to prioritize a more sustainable approach to investment," wrote JPMorgan's co-heads of sustainability research Jean-Xavier Hecker and Hugo Dubourg. The firm surveyed investors around the world totaling nearly $13 trillion in assets under management and found that more than 70% believe unforeseen events like Covid-19 will spark investor interest over tackling issues like the climate crisis. And more than 50% said the pandemic would be positive for ESG momentum over...
    Expect investors to fixate more on pandemic-related data than economic reports in coming weeks — and the emerging picture is not looking good, JPMorgan Chases's chief global strategist, David Kelly, cautioned clients Monday. "Evidence is mounting that a second wave is indeed upon us, even before the first one has ebbed," Kelly wrote of the increasing spread of the coronavirus in the U.S. Data dispels the notion that rising COVID-19 infections in the U.S. are largely due to increased testing, the economist said. He cited numbers showing confirmed infections jumped by 70% from early-to-late June, while testing rose just 21% during the same period. Get Breaking News Delivered to Your Inbox The latest surge in COVID-19 infection rates illustrates the nation's inability to get a handle on the spread of the coronavirus, a failure that will continue to play havoc with people's lives and livelihoods, Kelly warned.  He faulted the country's political divide: "Sadly, the simple but effective steps of social distancing and mask-wearing have become political issues, with millions of Americans refusing to adopt these basic precautions either...
    Getty Images Banks have pulled back from a popular credit card promotion on concerns that borrowers struggling during the coronavirus crisis may leave them with defaulting loans. Balance transfer offers, which typically entice borrowers to move their debt to a new lender in exchange for a temporary 0% interest rate, have been sharply reduced at banks including JPMorgan Chase, Citigroup, Bank of America, Barclays and Capital One, according to people with knowledge of the matter at each firm. American Express took the most drastic step, dropping the product altogether, according to a company spokesperson. "We are not currently offering balance transfers across all our card products," American Express said in a statement. "From time to time, we make adjustments to our offerings to ensure we're managing risk for our customers and the company in a responsible way." When the economy was booming, credit card issuers fell over themselves to lure borrowers and their debt, mailing hundreds of millions of no-interest solicitations. Banks made money from transfer fees, typically around 3%, and begin to earn interest on debt after the promotional period, usually...
    Stocks that moved heavily or traded substantially on Friday: Nike Inc., down $7.73 to $93.67. The sneaker and apparel company reported a fiscal fourth-quarter loss as the pandemic shut down stores. Amazon.com Inc., down $61.71 to $2,692.87. The online retailer is buying self-driving technology company Zoox. Progress Software Corp., down 21 cents to $37.60. The software company raised its profit and revenue forecast for the year. Gap Inc., up $1.91 to $12.07. Kanye West will design adult and kids’ clothing that will be sold at the retailer’s stores next year. JPMorgan Chase & Co., down $5.37 to $92.59. The Federal Reserve ordered banks to suspend buybacks of their own stock and to cap dividend payouts until Sept. 30. Vaxart Inc., up $1.78 to $8.04. The biotechnology company’s potential COVID-19 vaccine was selected for a study aimed at producing a vaccine by January. CoreLogic Inc., up $15.02 to $67.95. Cannae Holdings and Senator Investment Group offered to buy the provider of financial and property information. Synnex Corp., up $14.80 to $116.48. The...
    People walk by a Nike store in New York.Spencer Platt | Getty Images Check out the companies making headlines in midday trading.  Nike — The sportswear maker slid more than 5% after the company reported a surprise loss for the fourth quarter as sales slumped 38% year-over-year. Nike lost 51 cents per share, compared with analyst expectations of a 7-cent profit per share. Revenue also came up short as stores closed amid the pandemic. Gap — Shares of the retailer soared more than 28% after it announced a partnership with musician Kanye West. West's Yeezy design studio will design clothing lines for Gap, and the first products are expected in 2021, according to a press release. Goldman Sachs, JPMorgan, Wells Fargo — Bank stocks fell across the board on Friday after the Federal Reserve said it was banning buybacks and capping dividends for large financial companies and will require them to resubmit payout plans later this year. Shares of Goldman Sachs dropped 7.2%, while JPMorgan fell 4.9%. Wells Fargo, which is seen by many Wall Street analysts as likely to cut its dividend,...
    The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, April 26, 2020.Jeena Moon | Reuters Federal banking regulators eased restrictions on investments that large banks can make on Thursday, including the so-called "Volcker Rule," sending bank stocks surging. Officials from the Federal Deposit Insurance Commission said on a call that they are loosening the restrictions from the Volcker Rule, allowing banks to more easily make large investments into venture capital and similar funds, and also allowing banks to avoid setting aside cash for derivatives trades between different affiliates of the same firm.  Shares of major banks, including JPMorgan, Citigroup and Morgan Stanley, were trading more than 2% higher for the session following the announcement.  —With reporting from CNBC's Wilfred Frost.  This is a developing story. Check back for updates. Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.Related Tags Breaking News: Markets Markets JPMorgan Chase & Co Citigroup Inc Morgan Stanley
    London (CNN Business)This spring, investors could have bought almost any asset class and reaped incredible returns. See here: Every market, with the exception of emerging market currencies and agricultural products, has recouped at least 50% of its Covid-19 losses, JPMorgan strategist John Normand observed in a recent note to clients. Some markets, like investment-grade credit, have regained at least 80%."When the business cycle is turning higher, policy hyper-stimulative and downside risks manageable, the obvious investment strategy might be to own anything but cash," Normand wrote. "This indiscriminate approach would not have damaged absolute returns over the past few months."But Normand thinks it may be time to rethink the "everything wins" playbook, making the case for greater selectivity heading into the second half of the year. As the pace of bond-buying by central banks slows, country- and industry-specific characteristics will become relevant again, according to the bank.Read MoreWhat it means: JPMorgan is now urging clients to favor top-rated corporate bonds over those with higher yields due to concerns about rising defaults, and to focus on those issued in developed instead of...
    Months afterwards, the coronavirus pandemic established off an epic collapse in oil price ranges as demand from customers imploded. And nonetheless the financial institution is doubling down on its bullish watch.The United States, Russia and Saudi Arabia — the 3 greatest producers — have dramatically slashed manufacturing in response. The large supply cuts helped breathe lifetime again into oil charges. While desire remains frustrated, JPMorgan still thinks a bullish oil supercycle is on the horizon. A enormous amount of money of source has been taken offline and the market could have significant problems attracting long term funds. “The reality is the possibilities of oil likely toward $100 at this place are greater than a few months ago,” reported Christyan Malek, JPMorgan’s head of Europe, Middle East and Africa oil and gasoline investigation. Looming deficit implies prices will ‘go by way of the roof’ For many years, the world has experienced more oil than it needs. That glut triggered storage tanks to fill up to the point that crude turned destructive in April. So oil producers slashed supply. But now the...
    New York (CNN Business)In a little-noticed report, JPMorgan Chase warned in early March that the oil market could be on the cusp of a "supercycle" that sends Brent crude skyrocketing as high as $190 a barrel in 2025.Weeks later, the coronavirus pandemic set off an epic collapse in oil prices as demand imploded. And yet the bank is doubling down on its bullish view.Brent hit a two-decade low of $15.98 a barrel in April. US crude crashed below zero for the first time ever, bottoming at negative $40 a barrel. The United States, Russia and Saudi Arabia — the three largest producers — have dramatically slashed production in response. The massive supply cuts helped breathe life back into oil prices. Oil is up $80 in seven weeks. The remarkable recovery could be too good to be trueThough demand remains depressed, JPMorgan still thinks a bullish oil supercycle is on the horizon. A huge amount of supply has been taken offline and the industry could have major trouble attracting future capital. Read More"The reality is the chances of oil going toward...
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