Sunday, Nov 27, 2022 - 11:24:41
40 results - (0.006 seconds)

from JPMorgan:

latest news at page 1:
1
    Signage outside a Chase bank branch in San Francisco, California, on Monday, July 12, 2021.David Paul Morris | Bloomberg | Getty Images JPMorgan Chase is giving some customers early access to their direct deposits, a feature popularized by fintech rivals, as it hopes to attract users to a no-overdraft checking account. The bank is switching on this feature — which accelerates payments including payroll, tax refunds, pensions and government benefits by up to two days — to customers of its Secure Banking product starting this week, according to Ryan MacDonald, head of growth financial products for Chase. That typically means getting paid on a Wednesday rather than Friday, he said. "Those couple days are often the difference between looking for money from family or not paying that bill on time and getting charged a late fee," MacDonald said in an interview. JPMorgan, the biggest U.S. bank by assets, is taking this step as the industry faces rising pressure from regulators and lawmakers on overdraft and other fees. While smaller rivals including Capital One have said they are dropping overdraft fees,...
    The CEO of JPMorgan Chase has warned that the US is just months away from a recession as the Federal Reserve ramps up interest rates to battle high inflation.  Jamie Dimon, head of the largest bank in America, predicted that the US will fall into a recession by 2023, citing 40-year high inflation, the central bank's push to raise interest rates, and the impacts of Russia's invasion of Ukraine.  'These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they're likely to put the U.S. in some kind of recession six to nine months from now,' he told CNBC. Dimon ultimately put the blame on the central bank because it 'waited too long and did too little' to combat inflation, saying the Fed is only now 'catching up.'    JPMorgan Chase CEO Jamie Dimon predicted that the US will fall into a recession in the next six to nine months as the Federal Reserve tries to combat rampant inflation  Inflation soared a 40-year high...
    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...
    Several major Wall Street banks have begun offering to facilitate trades in Russian debt in recent days, according to bank documents seen by Reuters, giving investors another chance to dispose of assets widely seen in the West as toxic. Most U.S. and European banks had pulled back from the market in June after the Treasury Department banned U.S. investors from purchasing any Russian security as part of economic sanctions to punish Moscow for invading Ukraine, according to an investor who holds Russian securities and two banking sources. Following subsequent guidelines from the Treasury in July that allowed U.S. holders to wind down their positions, the largest Wall Street firms have cautiously returned to the market for Russian government and corporate bonds, according to emails, client notes and other communications from six banks as well as interviews with the sources. The banks that are in the market now include JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, Deutsche Bank AG, Barclays and Jefferies Financial Group Inc, the documents show. Russian President Vladimir Putin is seen in a meeting on...
    In this article JPMDr. Charles Lim, Global Head of Quantum Communications and Cryptography, JP Morgan ChaseCourtesy: JP Morgan ChaseJPMorgan Chase has hired a Singapore-based quantum computing expert to be the bank's global head for quantum communications and cryptography, according to a memo obtained by CNBC. Charles Lim, an assistant professor at the National University of Singapore, will be focused on exploring next-generation computing technology in secure communications, according to the memo from Marco Pistoia, who runs the bank's global technology applied research group. Lim is a "recognized worldwide leader" in the area of quantum-powered communications networks, according to Pistoia. Hired from IBM in early 2020, Pistoia has built a team at JPMorgan focused on quantum computing and other nascent technologies. Unlike classical computers, which store information as either zeros or ones, quantum computing hinges on quantum physics. Instead of being binary, qubits can simultaneously be a combination of both zero and one, as well as any value in between.'New horizons'The futuristic technology, which involves keeping hardware at super-cold temperatures and is years away from commercial use, promises the ability to...
    Robert Reich is breaking down and criticizing the newly-enacted Texas state law that now prohibits companies from discriminating against gun manufacturers. "A new Texas law went into effect that bans state agencies from working with any firm that 'discriminates' against companies or individuals in the gun industry," Reich wrote regarding the law passed in September 2021. "Texas’s new pro-gun industry law requires banks and other professional service firms submit written affirmations to the Texas attorney general that they comply with it." Using J.P. Morgan Chase as an example, Reich noted how banking relationships with gun manufacturers changed significantly after the 2017 Parkland shooting. Chase was one banking institution to notably distance itself from gunmakers. But under Texas state law, such action is frowned upon and it puts companies a compromising position to face punishment. "JPMorgan’s dilemma since Texas enacted its law has been particularly delicate because Jamie Dimon, its chairman and CEO, has been preaching the doctrine of corporate social responsibility: repeatedly telling the media that big banks like JPMorgan Chase have social duties to the communities they...
    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...
    New York (CNN Business)As oil rapidly approaches $100 a barrel, JPMorgan warned Tuesday that a spike in energy prices and other ripple effects from the Russia-Ukraine crisis could hurt both the stock market and the economic recovery."An energy price shock amidst an aggressive central bank pivot focused on inflation could further dampen investor sentiment and growth outlook," JPMorgan strategists wrote in a note to clients.Brent crude, the world benchmark, surged to a fresh seven-year high of $99.50 a barrel Tuesday morning before backing off. In recent trading, Brent was up 2% to $97.30 a barrel. US crude rose nearly 3% to $93.65 a barrel.JPMorgan noted that US companies have low direct exposure to Russia and Ukraine and the earnings risk for US businesses is low. Some exceptions include Boeing, Pepsi, Carnival, McDonald's, Mondelez and Philip Morris International, which the bank noted have significant revenue exposure to Russia and Ukraine."Indirect risks are potentially more substantial, which could include slower global growth and consumer spending due to higher oil and food prices, negative second-order effects through Europe, supply chain distortions, credit and...
    The CEO of America's largest bank has threatened to dismiss about 600 of its New York-based employees who have not been vaccinated against the coronavirus.  Under JPMorgan Chase's vaccination mandate, workers at the company's Manhattan headquarters cannot come to the office if they have not received their jabs.  Chairman and chief executive Jamie Dimon this week announced those who remain unvaccinated will not have the option to work remotely. 'To go to the office you have to be vaxxed and if you aren't going to get vaxxed you won't be able to work in that office,' Dimon, who has advocated for in-person work throughout the pandemic, said Monday on CNBC's The Exchange.  'And we're not going to pay you not to work in the office.'  The company has approximately 20,000 employees in its New York City office, the Columbus Dispatch reported in July 2021. About 97 percent of Manhattan office staff have been vaccinated, leaving approximately 600 with the possibility of termination.  It is unclear when the potential firings will occur. The bank did not immediately respond to DailyMail.com's request for comment. JPMorgan...
    America’s largest bank, JPMorgan Chase & Co., told unvaccinated employees at the Manhattan offices that they must remain at home and work remotely, multiple sources reported. Tuesday’s new rule allows only vaccinated employees and visitors to enter the bank’s Manhattan offices, a JPMorgan spokesperson told the Daily Caller News Foundation. Maks will be required when walking through lobbies, using elevators and in the company restaurants when not eating. I meant to only stop by our office today because it’s now all-masked. Instead, I wound up staying in order to write about how JPMorgan put the burden on the unvaccinated and didn’t make the majority of its employees wear masks all day. ????https://t.co/cKIvphHPtv — Dave Benoit (@DaveCBenoit) December 14, 2021 “We are taking this step because we have very high rates of vaccination amongst our employees,” according to an internal company memo obtained by the DCNF. “With rates well above 90%, it seems unfair to require our vaccinated employees to wear masks all day at their desks, and would be a step that would slow the progress we’ve already...
    Elon Musk has threatened to give JPMorgan 'a one-star review on Yelp' unless the bank withdraw a $162 million lawsuit against him, accusing him of violating their agreements with his erratic and provocative tweets. Musk in August 2018 tweeted that he had enough funding to take his company Tesla private, referencing 420 - the slang for marijuana. The tweet sent the share price on a rollercoaster ride, and Musk was fined by the Securities and Exchange Commission (SEC) in October 2018: he was ordered to pay $20 million, and Tesla ordered to pay the same.  On November 15 the bank sued, and The Wall Street Journal on Monday reported on the intense animosity between Jamie Dimon, the head of the bank, and Musk. Musk and Dimon have attempted to restore their relationship, sources told the paper, but were unable to find common ground.  JPMorgan, America's biggest bank, reportedly concluded that it was better off without the most valuable car manufacturer in the U.S., the paper said.   'We have provided Tesla multiple opportunities to fulfill its contractual obligations, so it is...
    In this article DSX EGLE GNK GOGL SBLK 316-HK 1919-SZ Aerial view of shipping containers sitting stacked at Shenzhen Yantian Port on February 27, 2021 in Shenzhen, Guangdong Province of China.Xie Feng | Getty ImagesSkyrocketing shipping prices, exacerbated by limited vessel supply, could bode well for some of analysts' favorite shipping stocks. Global supply chains have been severely disrupted this year by a slew of issues right as a resurgence in trade and strong demand for commodities meant more goods needed to be moved.  In April, one of the world's largest container ships became wedged in the Suez Canal, halting traffic for nearly a week. The waterway is one of the busiest in the world, with about 12% of trade passing through it. The massive cargo ship dominated headlines, but there have been several other disturbances in global trade. In a recent report, JPMorgan analysts pointed to ongoing bottlenecks such as port congestion as well as a shortage of containers and vessels. "In particular, Yantian (Shenzhen) port's incident could potentially evolve into Suez Canal Incident 2.0, leading to shipment...
    JPMorgan has hiked its base pay for junior bankers from $85,000 to $100K as the bank orders its staff to get back in the office after more than a year working from home. The Wall Street stalwart, one of the few big banks to have brought their employees back on a full-time basis, is playing catch up after rivals Bank of America and Wells Fargo both paid gave their first-year analysts a $10,000 raise this year. In contrast, JPMorgan didn't offer its junior bankers huge bonuses, pay bumps, or special perks like all-expense-paid vacations, Business Insider reports.  Now, as investment banks reportedly remain short on junior talent, JPMorgan is upping its base pay for junior staff to be able to compete with the other Wall Street financial giants. In an attempt to reel in young talent, JPMorgan is raising its base pay from $85,000 to $100,000 for junior bankers, Business Insider reports . In early April, Bank of America announced it will raise salaries for associates and vice presidents in its US investment-banking division by $25,000, and analysts by $10,000.  The next month, Guggenheim...
    Bloomberg | Getty Images The ruble has been on a steady incline since mid-April, supported by rising oil prices and a hawkish Central Bank of Russia, but a geopolitical cloud is forming as President Vladimir Putin prepares to meet with U.S. President Joe Biden on Wednesday. The currency notched its strongest level against the greenback since July 2020 last week, according to Reuters data. The dollar dipped to below 72 against the Russian currency to an intraday low of 71.5, as the price of oil notched a 26-month high and Russian inflation surged in May, raising interest rate expectations further. The greenback was trading at 71.97 against the ruble early on Tuesday morning. Meanwhile Russian bond yields rose last week even as U.S. yields retreated. However, the threat of Western sanctions has consistently clouded the outlook. Biden and Putin will meet in Switzerland to discuss strategic nuclear stability and the deteriorating ties between the Kremlin and the West. The Russian leader has said relations with Washington are at their lowest point in years, while the White House has vowed that...
    JPMorgan Chase said Friday that it will refrain from donating to Republicans who voted to overturn President Joe Biden’s victory even as it prepares to resume its political contributions overall. The bank was one of many that paused its political donations in the wake of the Jan. 6 attack, where a pro-Trump mob stormed the Capitol in an attempt to stop Congress from certifying Biden’s win. JPMorgan announced its decision in an internal memo that was first reported by Reuters. In the hours after the attack, 147 congressional Republicans voted to overturn Biden’s wins in Arizona and Pennsylvania. House Republicans also sought to overturn Biden’s wins in Nevada, Georgia and Michigan, but no Senate Republican joined them. (RELATED: ‘A Dangerous Ploy’: Some Republicans Rip GOP Effort To Overturn Biden’s Win) House Majority Leader Steny Hoyer speaks after the January 6 Capitol attack. Congress resumed its business following the riot, and certified Biden as the winner early on January 7 . (Greg Nash – Pool/Getty Images) JPMorgan’s PAC will resume political giving this month, but will continue its freeze on a “handful”...
    JPMorgan Chase CEO Jamie Dimon told a House committee Thursday that businesses are struggling to find workers because Americans don't want to work right now.   'People actually have a lot of money,' Dimon said. 'And they don't particularly feel like going back to work.'  There's a record high of 8.1 million job openings, as 27 states continue to allow workers to get enhanced benefits through President Joe Biden's COVID-19 relief bill.  JPMorgan Chase CEO Jamie Dimon told a House committee Thursday that businesses are struggling to find workers because Americans don't want to work right now Republican governors from 23 states are ending $300 per week unemployment benefits from President Joe Biden in an effort to encourage citizens to return to the workforce. States who will opt out of the federal relief program by the end of June are: Alabama, Alaska, Arizona, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Mississippi, Missouri, Montana, New Hampshire, North Dakota, Ohio, Oklahoma, South Carolina, South Dakota, Tennessee, Texas, Utah, West Virginia, and Wyoming Economists have pointed to the unemployment boost, but also said...
    More On: jpmorgan chase JPMorgan reportedly hiring more junior bankers to battle burnout JPMorgan CEO Jamie Dimon predicts post-COVID economic boom Forget griping staffers, investors love Goldman Sachs’ David Solomon Lenders mull plan to take Hertz public post-bankruptcy Banking giant JPMorgan made a rare public apology on Friday, admitting that it regrets backing Europe’s doomed Super League of top-tier soccer teams, which has sparked a violent backlash from fans. “We clearly misjudged how this deal would be viewed by the wider football community and how it might impact them in the future,” a representative for the bank said. “We will learn from this.” JPMorgan provided a $4.2 billion cash infusion to the founding 12 soccer teams to break away from the established soccer league, the Union of European Football Associations, in order to form its own more lucrative league. But the plan fell apart on April 21 after the rogue breakaway group lost the backing of all six Premier League teams, with eight of the 12 founding clubs from England, Italy and Spain backing out under massive...
    Bloomberg Goldman Close to Offering Bitcoin to Private Wealth Clients (Bloomberg) — Goldman Sachs Group Inc. is close to offering investment vehicles for Bitcoin and other digital assets to clients of its private wealth management unit.″We are working closely with teams across the firm to explore ways to offer thoughtful and appropriate access to the ecosystem for private wealth clients, and that is something we expect to offer in the near-term,” Mary Rich, who was recently named global head of digital assets for the unit, said in an interview with CNBC.Wall Street banks have largely shied away from cryptocurrencies. While Bitcoin is now more than 11 years old, there are very few things it can actually buy, and volatility is a major risk. Three years ago, Goldman hired a crypto trader to help lead digital-asset markets, with a goal of familiarizing people in the company as well as clients with cryptocurrencies, but the firm has more recently played down the idea of Bitcoin as an asset class.Bitcoin’s rally over the past few months has intrigued wealthy investors in a new...
    VIDEO0:5800:58J.P. Morgan's Joyce Chang: 'Fintech is coming into the mainstream'Trading Nation With the pandemic boosting demand for alternative assets, JPMorgan's Joyce Chang is seeing a new dynamic unfolding in the cryptocurrency space: a battle between banks and fintech. "Fintech is coming into the mainstream from this pandemic as there has really been demand for digital services — less in person transactions," the firm's chair of global research told CNBC's "Trading Nation" on Thursday. The activity is playing out as bitcoin, the predominant cryptocurrency, is taking Wall Street on a wild ride. Bitcoin is up about 66% this year and 452% over the last 12 months. "We've seen demand from millennials," Chang said. "We've seen demand from institutional investors for the first time, as well." In a research note last week, Chang wrote along with colleague Amy Ho that investors could consider owning up to 1% of bitcoin in a multiasset portfolio.'We also are concerned about valuations'However, she finds near-term issues connected to cryptocurrencies' popularity. "We also are concerned about valuations here," said Chang. "We've seen that just $11 billion of...
    A bitcoin ATM is seen inside the Big Apple Tobacco Shop on February 08, 2021 in New York.Michael M. Santiago | Getty Images Pressure is building on Wall Street banks to accept bitcoin as a legitimate asset class – and it's coming from within, CNBC has learned. Last month, during a town hall meeting held for thousands of JPMorgan Chase traders and sales personnel around the world, global markets head Troy Rohrbaugh acknowledged a question that is increasingly being asked by the bank's own employees: When will they get involved in bitcoin? To answer that question, Rohrbaugh, who had logged into the Jan. 18 Zoom call from his New York office, brought on his boss, JPMorgan co-president Daniel Pinto, according to people with knowledge of the meeting. In a response that took up a chunk of the hour-long call, Pinto signaled he was open-minded about bitcoin, said the people, who declined to be identified speaking about an internal event. When asked later by CNBC to clarify his remarks, Pinto, who leads the world's biggest investment bank by revenue, said the...
    Invictus Games postponed again to 2022 due to coronavirus pandemic The best breakfast burrito in every state Miners decline as JPMorgan downgrades sector and silver prices slide from eight-year high © amy coopes/Agence France-Presse/Getty Images EUROPE MARKETS Load Error Shares in many of the major European miners slid in Tuesday trading, as the sector was downgraded by investment bank JPMorgan and silver prices fell back from the highs reached on Monday. Strategists at JPMorgan “tactically” downgraded the Europe, Middle East, and Africa mining sector to neutral from overweight, viewing it as “short term profit-taking as miners could continue to benefit if reflation takes hold, if U.S.$ weakens further and have resilient balance sheets.” JPMorgan said that the European mining and metals sector has been one of the standouts in the past year, up 150% since March 2020 and the best sector in the MSCI Europe stock index.  Miners have been boosted by massive fiscal stimulus in China — a major purchaser of iron ore — as well as loose monetary policy and coordinated fiscal stimulus elsewhere. Read...
    Fact check: Josh Hawley Spineless Traitor book cover is satire Facebook, Reddit get low marks for handling of Holocaust denial content Holiday halo bodes well for advertising spend: Heres what 4 Wall Street analysts expect from Facebooks 4th-quarter earnings report © Jeff Chiu/AP Jeff Chiu/AP Facebook is set to release its fourth-quarter earnings report after the close on Wednesday, and expectations are mixed. The social media platform is expected to have benefited from a strong holiday season, but beef with Apple could cloud outlook. Here's what four Wall Street analysts expect to see from Facebook's fourth-quarter earnings report. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Facebook will release its fourth-quarter earnings after the market closes on Wednesday, and analyst expectations are mixed. Load Error Uncertainties remain on Apple's updated IDFA policy in iOS 14, which could spark a multi-billion dollar decline in Facebook's revenue, and the upcoming political environment with the White House and Congress controlled by the Democratic party. But a strong holiday spending season likely means...
    VIDEO2:2602:26JPMorgan says Biden's stimulus plan is a 'positive surprise'Street Signs Asia SINGAPORE — Asia's emerging markets could become a casualty as a result of U.S. President-elect Joe Biden's latest $1.9 trillion Covid relief plan. That's according to James Sullivan, head of Asia ex-Japan equity research at JPMorgan. "Most investors were very positive on Asia and emerging markets relative to the U.S." before details of the latest rescue package were announced, Sullivan told CNBC's "Street Signs Asia" on Friday. "We've seen over 18 consecutive weeks of fund inflows into Asia ex-Japan over the course of the last couple of months," he said, adding that it is "highly likely" that funds start to rotate out of emerging markets in Asia back to the U.S. as a result of the boost to economic growth from Biden's plan.U.S. President-elect Joe Biden speaks as he lays out his plan for combating the coronavirus and jump-starting the nation’s economy at the Queen theater January 14, 2021 in Wilmington, Delaware.Alex Wong | Getty ImagesBiden on Thursday revealed the breakdown of his proposed package, titled the American Rescue...
    JPMorgan Chase CEO Jamie Dimon suffered an aortic rip in March which nearly killed him JPMorgan Chase held crisis talks to implement their 'Jamie gets hit by a bus plan' when CEO Jamie Dimon suffered a tear in his aortic lining in March, he has revealed.  On March 5, Dimon, 65, says he 'felt' the injury to his heart while he was at home with his wife Judy on the Upper East Side in Manhattan.   'I felt it. I thought I heard it,' Dimon told The Wall Street Journal in an interview on Thursday.  She rushed him to the hospital where doctors confirmed that half of his bloody was not getting enough blood.  Dimon was supposed to be at St Patrick's Cathedral attending the funeral of General Electric CEO Jack Welch at the time.    He notified his secretary and the bank's lead counsel then headed into a risky, seven-hour surgery to fix it.  While he was operated on, the bank's executives convened to discuss what would happen if he didn't survive.  It involved getting Daniel Pinto, JPMorgan’s corporate and...
    More On: jamie dimon Jamie Dimon takes jab at Trump’s refusal to concede the election Jamie Dimon should be top choice for Joe Biden’s Treasury secretary Goldman Sachs CEO tells bankers to ‘look up’ amid election unrest Jamie Dimon urges ‘faith’ and ‘patience’ amid election uncertainty When Jamie Dimon took over as CEO of JPMorgan Chase 15 years ago, he noticed something strange: Occupying the bank’s most expensive real estate, with prime Park Avenue views, was a floor full of computer servers. Dimon, according to JPMorgan insiders, asked why couldn’t those same servers be located in, say, Columbus, Ohio, where the real estate costs are much lower? I can’t tell you where JPMorgan eventually put those servers other than to say they aren’t located in the Big Apple anymore. And the same will soon be said of many other banks and financial businesses now seeking to move out of the once-friendly confines of New York City, which isn’t so friendly anymore. The trend has been a slow burn over the past two decades, but now it has kicked into...
    Haas F1 team chastises new driver Mazepin for ‘abhorrent’ video of apparent harassment This Is Where Youre Most Likely to Get COVID Right Now, White House Says Tesla, Trading at $650, Gets $90 Price Target From JPMorgan Tesla Inc. shares fell from their record high close of $650 per share Wednesday as analysts from JPMorgan lifted their price target on the clean energy carmaker to just $90. © TheStreet Tesla, Trading at $650, Gets $90 Price Target From JPMorgan The assessment from JPMorgan analyst Ryan Brinkman reflects some of the concern on Wall Street for the pace of Tesla's meteoric rise this year, which has added more than 660% to the group's share price and more than half a trillion dollars to the company's market value. Its net income for the third quarter of this year was $337 million. Load Error Brinkman says Tesla shares are "in our view and by virtually every conventional metric not only overvalued but dramatically so", citing a stock price that trades at 1,325 times its long-term PE multiple and 291...
    A 53-year-old man has been found dead after jumping from a 32-floor skyscraper in Midtown Manhattan.  Police responding to a 911 call found the man's body on a 10th floor balcony at 390 Madison Avenue just after 10am on Monday. Authorities say the man was dead when they arrived and that they believe he jumped to his death. Police responding to a 911 call found the man's body on a 10th floor balcony at 390 Madison Avenue in Midtown Manhattan (above) just after 10am on Monday The man's injuries were consistent with falling from a high position, authorities say.   Police have not yet released the man's name or age.  They were unable to confirm if the man was an office worker.   The skyscraper is home to tenants including JPMorgan.  The banking giant currently leases 16 of the skyscraper's 23 floors. 
    (Reuters) - JPMorgan Chase & Co told thousands of workers across its consumer unit that they could plan to work from home until next year, Bloomberg News reported on Monday, citing memos sent to the bank's staff. The directive applies to most of JPMorgan's U.S.-based employees in the consumer unit and excludes branch workers and some in operations, according to the report. JPMorgan did not immediately respond to a request for comment. Earlier this month, Bloomberg reported that the bank had sent its Manhattan workers home after an employee in the equities trading division tested positive for COVID-19. JPMorgan 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. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Devika Syamnath) Copyright 2020 Thomson Reuters.
    New York (CNN Business)Deutsche Bank informed its staff Wednesday they don't need to return to the office at 60 Wall Street until July 2021, according to an internal memo obtained by CNN.The bank, which has about 5,000 workers in New York City, said it's giving employees the option to work from home to accommodate parents who need to balance work with the "sporadic school schedule" of children."In addition, despite New York's success in containing Covid, with the understandable concerns about public transportation, cleanliness, security and other quality of life issues, many of you do not wish to return to 60 Wall Street soon," the memo said.News of Deutsche Bank's (DB) decision comes a day after another big bank, JPMorgan Chase (JPM), made headlines for sending some workers home after they tested positive for COVID, Bloomberg reported this week.The report of positive cases at JPMorgan's Madison Avenue building was particularly noteworthy because JPMorgan's CEO Jamie Dimon expressed skepticism on extended work-from-home arrangements and had begun recalling some workers but not all.Read MoreJPMorgan's move to recall some workers spurred an incorrect tweet...
    The coronavirus will likely leave a permanent mark on the world’s largest asset management company, and CEO Larry Fink isn’t thrilled about it. “I don’t believe BlackRock will be ever 100 percent back in office,” the New York company’s billionaire chairman and chief executive revealed on Thursday. “I actually believe maybe 60 percent or 70 percent, and maybe that is a rotation.” Fink, made the remarks during a virtual appearance at the Morningstar Investment Conference on Thursday morning. And while he was blunt about the realities of a post-COVID workplace, he warned that having more than a quarter of his employees managing the firm’s $7.4 trillion in assets from their basements and bedrooms could have a deleterious effect on the company, headquartered in midtown Manhattan. “Cultures were not meant to be done in a remote fashion, and culture is what binds and unifies us,” mused the 67-year-old Fink. “I’m still not sure how well we’re doing on a cultural basis.” Fink’s concerns echo those of JPMorgan Chase chief Jamie Dimon, who has been very vocal about his desire to...
    The coronavirus will likely leave a permanent mark on the world’s largest asset management company, and CEO Larry Fink isn’t thrilled about it. “I don’t believe BlackRock will be ever 100 percent back in office,” the New York company’s billionaire chairman and chief executive revealed on Thursday. “I actually believe maybe 60 percent or 70 percent, and maybe that is a rotation.” Fink, made the remarks during a virtual appearance at the Morningstar Investment Conference on Thursday morning. And while he was blunt about the realities of a post-COVID workplace, he warned that having more than a quarter of his employees managing the firm’s $7.4 trillion in assets from their basements and bedrooms could have a deleterious effect on the company, headquartered in midtown Manhattan. “Cultures were not meant to be done in a remote fashion, and culture is what binds and unifies us,” mused the 67-year-old Fink. “I’m still not sure how well we’re doing on a cultural basis.” Fink’s concerns echo those of JPMorgan Chase chief Jamie Dimon, who has been very vocal about his desire to get...
    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...
    Jets-Bills Preview 17 Bible Verses to Remind You of Gods Constant Protection JPMorgan is requiring that its traders return to the office by September 21 after 6 months of working from home © Reuters JP Morgan Chase & Co sign outside headquarters in New York Reuters   JPMorgan will require its traders to return to their offices by September 21, The Wall Street Journal reported Thursday. CEO Jamie Dimon is already working out of the office. Executives said on a conference call that offices needed to reopen for the sake of team spirit and employee training. Bank reopening plans vary widely, with some pledging to wait until 2021 before requiring that employees head back into the office. Visit Business Insider's homepage for more stories.  JPMorgan traders will be required to return to their offices by September 21 after six months of working from home, The Wall Street Journal reported Thursday. Load Error In Wednesday morning conference calls, JPMorgan's head of global markets Troy Rohrbaugh and head of sales and research Marc Badrichani told senior managers to bring their...
    Consumer spending data from JPMorgan indicates that the economic recovery has been stuck in neutral since mid-June, mirroring data of weekly jobless claims and hours worked by service sector employees. The chart, which measures use of select Chase credit and debit cards, showed that spending has been roughly 10% or more below its 2019 levels for over a month after rising sharply from its low point in late-March and early April.  Zoom In IconArrows pointing outwardsChange in consumer spending by JPMorgan card users. JPMorganThe data, disclosed by JPMorgan research in a note to clients, shows a continued divergence between different sectors, with spending in supermarkets and wholesale retailers up year-over-year but sharp drops for restaurants, gas stations, lodging and airlines.  There was also a gap between different age groups. Spending by millennials and gen-z consumers was down 4.1% relative to last year, while spending by baby boomers was down more than 18%.  The stalled recovery in consumer period includes the period that will be reflected in the non-farm payrolls report for July, slated for release on Friday morning. Economists surveyed...
    Ex-NBA star Al Harrington explains why marijuana policy change is essential to police reform The Secret History of the Dolls That Inspired Diors Couture Collection Big U.S. banks predict more economic pain from coronavirus By Elizabeth Dilts Marshall and Imani Moise © Reuters/Gary Cameron FILE PHOTO: FILE PHOTO: A man walks past a Wells Fargo Bank branch on a rainy morning in Washington NEW YORK (Reuters) - Three of the largest U.S. banks said on Tuesday they had set aside a whopping $28 billion for loan losses, in a stark reminder that much of the economic pain from the coronavirus pandemic is still to come. © Reuters/Jim Young FILE PHOTO: FILE PHOTO: A man uses a Citibank automated teller machine at a branch in Washington Borrowers have been propped up by trillions of dollars in government and bank assistance, cheap credit and loan forbearance programs, but some of that support is going away, and banks said they fear losses will spike. © Reuters/Stephanie Keith FILE PHOTO: A J.P. Morgan logo is seen in New York City "The consumers'...
    Earlier this year, thousands of lenders rushed to arrange loans under the U.S. government’s Paycheck Protection Program. Now, some of them will be rewarded handsomely. The Wall Street Journal reports the total at $24 billion with JPMorgan Chase & Co. and Bank of American splitting between $1.5 billion and $2.6 billion in fees. More than 30 banks across the country, including dozens of community banks and some lenders with more than $1 billion in assets, could generate fees that surpass their 2019 net revenue before set-asides for loan losses, according to a study distributed Tuesday by S&P Global Market Intelligence. The firms that will reap the biggest gains are the ones that punched above their weight in arranging loans for the rescue program. The Small Business Administration’s $669 billion Paycheck Protection Program was launched in April as part of the $2 trillion CARES Act passed by Congress to help the U.S. economy through the coronavirus pandemic. The program was initially marred by confusion and technological glitches as banks large and small raced to secure loan funding for their clients. As...
    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...
    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
1