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Local 4 News at Noon

The latest Detroit news, weather and sports from WDIV Local 4.

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JAMIE DIMON


1 day ago

JPMorgan investors hand Jamie Dimon a rare rebuke with disapproval of $52.6 million bonus

The disapproval was the first time JPMorgan's board suffered a down vote on compensation since "say on pay" measures were introduced more than a decade ago.

cnbc.com

What Are Civil Rights Audits, and Why Are Companies Doing Them?

Calls for U.S. companies to perform what are known as civil rights audits grew in the wake of the protests that erupted across the U.S. in 2020 after the murder of George Floyd. They’ve been promoted by advocates as a way to help corporations understand and address their role in creating or sustaining racial disparities. They’ve also been dismissed by JPMorgan Chase & Co. Chief Jamie Dimon for adding “bureaucracy and BS,” although his company later agreed to conduct a narrow analysis. Shareh

washingtonpost.com

Jamie Dimon’s Subtle Message to Regulators

The head of the biggest U.S. bank points out how much unregulated competition is out there.

washingtonpost.com

Jamie Dimon, other JP Morgan executives donated to centrist Democrat Kyrsten Sinema

J.P. Morgan Chase CEO Jamie DImon and other executives donated to Democratic Sen. Kyrsten Sinema as she opposed key elements of her party's agenda.

cnbc.com

Goldman, Citi and Morgan Stanley Gain From Investor Anxiety

The three big Wall Street banks smashed expectations for stock- and bond-trading revenue but don’t know how long that can last.

washingtonpost.com

Look for durable stocks to weather this 'hyper-confusing moment' in the market, Jim Cramer says

"Search for stocks that can work long-term regardless of whether we're in the best of times, the worst of times, or both," the "Mad Money" host said.

cnbc.com

Jamie Dimon sees ‘storm clouds’ ahead for U.S. economy later this year

The JPMorgan CEO's remarks show just how quickly events can change the economic landscape.

cnbc.com

Jamie Dimon’s Cloudy Crystal Ball Disappoints Investors

JPMorgan’s CEO can’t predict how the war in Ukraine or the Fed’s inflation fight will play out, but he is optimistic about the U.S. consumer.

washingtonpost.com

JPMorgan profits drop 42%, bank writes down Russian assets

JPMorgan Chase said its first quarter profits dropped by 42% from last year, partly because the bank had to write down nearly $1.5 billion in assets due to higher inflation and Russia’s war in Ukraine.

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Jamie Dimon’s U.K. Startup Is Really a Global Story

JPMorgan Chase’s digital-only British operation will be a testing ground for infrastructure, technology, products and ideas.

washingtonpost.com

Ron Insana: Peter Thiel's 'sociopaths' know something he doesn't

Thiel's highly personal attack on Buffett, Dimon and Fink does nothing to make the case for bitcoin.

cnbc.com

Peter Thiel calls Warren Buffett a 'sociopathic grandpa from Omaha' and bitcoin's 'enemy number one'

At a bitcoin conference in Miami, Peter Thiel went on a rant about financial opinion leaders who he says are trying to stop the cryptocurrency.

cnbc.com

JPMorgan's Dimon warns of myriad issues for economy, bank

Jamie Dimon laid out a laundry list of big risks looming for the global and U.S. economy in his annual letter to JPMorgan Chase shareholders on Monday.

JPMorgan Chase's Jamie Dimon says the U.S. economy faces "unprecedented" risks

High inflation and Russia's Ukraine war may "dramatically increase the risks ahead," Dimon wrote in his annual shareholder letter.

cbsnews.com

Dimon says confluence of inflation, Ukraine war may 'dramatically increase risks ahead' for U.S.

Jamie Dimon's annual letter to JPMorgan shareholders, read widely in business circles, took a more downcast tone from his missive just last year.

cnbc.com

Amazon renews Prime credit card tie-up with JPMorgan Chase after flirting with American Express

Credit card deals with popular brands including Amazon, Costco and American Airlines are some of the most hotly contested contracts in the financial world.

cnbc.com

JPMorgan rolls back Covid precautions including masking and mandatory testing as U.S. cases drop

Two years after sending employees home en masse in the early days of the pandemic, corporations are preparing for the return to office life.

cnbc.com

JPMorgan is winding down its Russia operations amid widening business exodus over Ukraine war

JPMorgan Chase, the biggest U.S. bank by assets, is stepping away from Russia.

cnbc.com
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U.S. Business Leaders Place Their Bets on Prosperity

There are plenty of things to worry about in the world, but neither inflation nor war nor Covid-19 can blunt the optimism of chief executive officers.

washingtonpost.com

Global Money Markets Pass Their Stress Test — For Now

Global liquidity is easier to safeguard than it was during the global financial crisis.

washingtonpost.com

Western business flight from Russia continues with Shell, GM and others ending or suspending dealings

The invasion of Ukraine is bringing to an end Western investment in Russia.

washingtonpost.com

Secret JPMorgan project aims to push bank deeper into growing market serving private companies

CEO Jamie Dimon is aggressively investing to help his bank battle fintech firms.

cnbc.com

Robo-advisor dream of disrupting Wall Street wealth is not working out exactly as planned

Wealthfront and Personal Capital were acquired by financial services firms in billion-dollar deals. Not bad exits, but far from the loftiest fintech dreams.

cnbc.com

Wall Street’s Pandemic Bonanza

Most Americans have missed out on the asset-price boom created by the policy response to the pandemic. Not so the big banks.

newyorker.com

Bank profits soared in 2021, but inflation is front of mind

Three of the nation’s biggest banks reported blowout profits for 2021 on Friday, helped by the improving economy and consumers and businesses willing to spend and take on loans.

JPMorgan Chase is set to report fourth-quarter earnings – here’s what the Street expects

Analysts have pointed to a lending rebound in the fourth quarter, driven by demand from corporations and credit card borrowers.

cnbc.com

JPMorgan Chase's Jamie Dimon says bank won't pay its unvaccinated workers

CEO Jamie Dimon said employees must be vaccinated to work in JPMorgan Chase's HQ after Citi said it will fire holdouts.

cbsnews.com
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JPMorgan Chase's Jamie Dimon says bank won't pay its unvaccinated workers

CEO Jamie Dimon said employees must be vaccinated to work in JPMorgan Chase's HQ after Citi said it will fire holdouts.

cbsnews.com

Jamie Dimon sees the best economic growth in decades, more than 4 Fed rate hikes this year

JP Morgan CEO Jamie Dimon speaks at the Boston College Chief Executives Club luncheon in Boston, Massachusetts, U.S., November 23, 2021. Jamie Dimon said the U.S. is headed for the best economic growth in decades. "We're going to have the best growth we've ever had this year, I think since maybe sometime after the Great Depression," Dimon told CNBC's Bertha Coombs during the 40th Annual J.P. Morgan Healthcare Conference. Dimon said the growth will come even as the Fed raises rates possibly more than investors expect. Goldman Sachs predicted four rate hikes this year and Dimon said he would be surprised if the central bank only raises four times.

cnbc.com

Jamie Dimon says he regrets joke about Chinese Communist Party

"It's never right to joke about or denigrate any group of people," JPMorgan Chase CEO said in a statement.

cbsnews.com

As Bitcoin goes mainstream, Wall Street looks to cash in

Whether you love cryptocurrencies or hate the very idea of them, they’re becoming more mainstream by the day.

UK secures $13 billion of investment as it seeks to overcome post-Brexit slump

The British government is set to announce that it has secured £9.7 billion ($13.4 billion) of new foreign investment.

cnbc.com

JPMorgan’s Dealmakers Provide Cover for Idle Cash

As investment banking and trading normalizes at the bank, investors are going to want to see better deployment of the deposits it has attracted during the pandemic.

washingtonpost.com

The consumer price index rose 5.4% year over year in September vs. 5.3% estimate

The consumer price index was expected to rise 0.3% in September and 5.3% on a year over year basis, according to economists surveyed by Dow Jones.

cnbc.com

Stocks making the biggest moves premarket: JPMorgan Chase, BlackRock, Delta Air and others

These are the stocks posting the largest moves before the bell.

cnbc.com

JPMorgan's 3Q profits rise, but low rates weigh on revenue

JPMorgan Chase says profits rose 24% in the third quarter, largely driven by one-time items that boosted its results, as the bank struggled to grow revenues with interest rates at near-zero levels.

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JPMorgan Chase is set to report third-quarter earnings – here’s what the Street expects

JPMorgan Chase is the first big bank to report third-quarter earnings.

cnbc.com

JPMorgan’s Dimon says supply-chain hiccups will soon ease, points to `extraordinary’ consumer demand

The pandemic has laid bare how interconnected global supply systems are.

cnbc.com

Jamie Dimon said his daughter wrote him a 'long, elegant, nasty letter' after he joined Trump's business council. He referenced MLK to explain why he did it.

JPMorgan Chase's CEO said his daughter asked 'how could you, Dad?' when he joined Donald Trump's business council. He cited Martin Luther King.

news.yahoo.com

Jamie Dimon says bitcoin is 'a little bit of fool's gold'

Jamie Dimon, JPMorgan Chase chairman and CEO, remains a skeptic of bitcoin, the largest cryptocurrency by market value.

cnbc.com

Bash back better: Here's what governing by crisis looks like

It's been a tempestuous week in Washington, with insults and accusations flying, deadlines pressing and some major things to get done.

Jamie Dimon warns it's possible the Fed could be forced into a sharp move next year

Jamie Dimon said that if the U.S. continues to see inflation running hot over the next few months then the central bank could be forced to act quickly.

cnbc.com

JPMorgan Chase is buying college financial aid platform Frank to deepen ties with students

JPMorgan has been acquiring start-ups at a steady clip since CEO Jamie Dimon declared last year that he would be "much more aggressive" in searching for deals.

cnbc.com

Slow-Walking the Climate Crisis

“Greenwashing” is too kind a term; this is more like careful sabotage.

newyorker.com

After George Floyd's death, big business pledged nearly $50 billion for racial justice. This is where the money is going.

George Floyd’s murder prompted unprecedented corporate giving towards racial justice causes. Most of the money went towards reducing the racial wealth gap, with only a fraction targeting police reform, the cause that sent millions of Americans into the streets last summer

washingtonpost.com
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JPMorgan, led by bitcoin skeptic Jamie Dimon, quietly unveils access to a half-dozen crypto funds

The moves, on the heels of similar steps from Morgan Stanley and Goldman Sachs, makes it clear that Wall Street's reluctance to deal with crypto is over.

cnbc.com

JPMorgan gives Jamie Dimon a special stock option bonus to keep him as CEO for several more years

"This special award reflects the board's desire for Mr. Dimon to continue to lead the firm for a further significant number of years," the bank said in a regulatory filing.

cnbc.com

JP Morgan: US banking giant gives boss 'special award'

The award to Jamie Dimon is to persuade him to lead the company for a "significant number of years".

news.yahoo.com

JPMorgan Chase is set to report second-quarter earnings – here’s what the Street expects

JPMorgan Chase is the first major lender to report second-quarter earnings.

cnbc.com

The great post-pandemic pay debate: Should where you work affect your salary?

Some corporate leaders have proposed cutting people's pay if they choose to work from home. Big mistake, experts say.

cbsnews.com

The great post-pandemic pay debate: Should where you work affect your salary?

Some corporate leaders have proposed cutting people's pay if they choose to work from home. Big mistake, experts say.

cbsnews.com

JPMorgan is buying an ESG investing platform in bank’s third fintech acquisition of the past year

The move will help JPMorgan's financial advisors customize clients' investments in ESG, the category that includes environmental, social and governance factors.

cnbc.com

JPMorgan Chase ‘strongly’ urges all U.S. employees to get vaccinated ahead of office return

JPMorgan is taking a more gradual approach to vaccine enforcement than smaller rival Morgan Stanley.

cnbc.com

Big US banks to employees: Return to the office vaccinated

Wall Street’s big investment banks are sending a message to their employees this summer: Get back into the office and bring your vaccination card.

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Coronavirus: JP Morgan bankers told to report vaccine status

US bank JP Morgan Chase will instruct US staff to register their vaccine status online this week.

news.yahoo.com

JPMorgan is buying UK robo-advisor Nutmeg to boost overseas retail banking expansion

Nutmeg is one of the U.K.'s biggest robo-advisors, with assets under management of over £3.5 billion.

cnbc.com

'If you can eat out, you can go to the office', says bank boss

Morgan Stanley's chief executive said New York-based employees should be ready to return to the workplace.

news.yahoo.com

Female CEOs saw ranks dwindle in 2020; median pay fell 2%

Most of the women running the biggest U.S. companies saw their pay increase last year, even as the pandemic hammered the economy and many of their businesses.

Bank CEOs outline pandemic support; senators split on issues

Eager to lay out their support for struggling consumers and small businesses in the pandemic, the CEOs of the six biggest U.S. banks went before Congress.

JPMorgan dives back into fixing health care with new venture

JPMorgan Chase will take another crack at fixing health care after a push with two other corporate giants dissolved earlier this year.

JPMorgan elevates 2 women to run bank's biggest division

JPMorgan Chase will promote two women to jointly manage the bank’s consumer finance division, potentially signaling that a woman may eventually run the nation’s biggest bank.

JPMorgan 1Q profit up sharply, helped by improving economy

JPMorgan Chase saw its first quarter profits jump nearly five fold from a year earlier, as the improving economy allowed the bank to release roughly $5 billion from its loan-loss reserves that it had stored away in the early weeks of the pandemic.

Banks to see big profits as COVID 'bad' loans become 'good'

The nation’s largest banks are expected to report big profits for the first quarter amid renewed confidence that pandemic-battered consumers and businesses can repay their debts and start borrowing again.

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JPMorgan's profits jump as economy, investment bank recovers

JPMorgan Chase & Co., the nations largest bank by assets, said its fourth quarter profits jumped by 42% from a year earlier, as the firms investment bank division had a stellar quarter and the banks balance sheet improved despite the pandemic. Excluding one-time items, the bank earned $3.07 a share, which is well above the $2.62 per share forecast analysts had for the bank. Banks had set aside tens of billions of dollars to cover potentially bad loans, and JPMorgan had been particularly aggressive in setting aside funds early in the pandemic. The driver of JPMorgan's profits this quarter was the investment banking business. The corporate and investment bank posted a profit of $5.35 billion compared with $2.94 billion in the same period a year earlier.

Bid to address health costs by 3 corporate giants is over

A health care venture created in 2018 by the three corporate giants to attack soaring care costs will shutter only a couple years after launching. (AP Photos, File)INDIANAPOLIS – A health care venture conceived by Amazon, Berkshire Hathaway and JPMorgan to attack soaring costs is dissolving. Haven, which was formed in 2018 by the three U.S. corporate giants, will cease operations by the end of February, a company spokeswoman said Monday. Health care costs have grown faster than wages and inflation for years, stressing families and employers. It started new designs for health care benefits that eliminated patient out-of-pocket payments like deductibles and coinsurance and encouraged access to primary care.

Bank profits remain resilient despite lingering pandemic

They set aside, yet again, tens of billions of dollars to cover additional potentially bad loans. Collectively the five biggest banks put aside $34.62 billion to cover bad loans just in the second quarter. JPMorgan set aside $611 million to cover potentially bad loans in the third quarter, a fraction of the $10.47 billion the bank set aside to cover bad loans in the second quarter. On Wednesday, Bank of America said it set aside $1.4 billion to cover potentially bad loans, far less than the $5.1 billion it set aside three months earlier. Most of the worry seems to reflect investors' uncertainty about whether banks will have to set aside additional billions in the future.

JPMorgan, Citi profits improve amid signs of recovery

Both Citi and JPMorgan set aside fewer funds to cover potentially bad loans, contributing to the improvement in their third-quarter results. JPMorgan had $611 million in loan loss provisions this quarter, a fraction of the $10.47 billion the bank set aside in the second quarter. Meanwhile Citigroup’s provision for credit losses was $2.26 billion in the third quarter compared to $7.9 billion the quarter before. Citi said its third-quarter net income fell to $3.23 billion from $4.91 billion a year earlier. JPMorgan and Citi were the first of the major banks to report its results this week.

JPMorgan puts $30B toward fixing banking's 'systemic racism'

CHARLOTTE, N.C. – JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort toward fixing what the bank calls “systemic racism” in the country’s economic system. “Systemic racism is a tragic part of America’s history,” said JPMorgan Chase CEO Jamie Dimon in a statement. Citigroup announced last month it is committing $1 billion toward closing “the racial wealth gap” in the United States, including $550 million toward homeownership programs for racial minorities. He noted that there’s a 30% gap between Black and white homeownership, amounting to about 4.5 million households. JPMorgan was one of 27 major New York-based companies that joined a program to recruit 100,000 workers from the city's low-income, predominately Black, Latino and Asian communities over the next 10 years.

Citi picks Jane Fraser as next CEO, first woman in that role

NEW YORK Citigroup announced that Jane Fraser would succeed Michael Corbat as the bank's next chief executive, making Fraser the first woman to ever lead a Wall Street bank. Fraser is currently head of Citi's global consumer banking division, a major part of the bank that includes checking and savings accounts but also Citi's massive credit card business. Fraser will be the first woman to lead one of Wall Street's big six banks. JPMorgan Chase's Jamie Dimon has had women as his second-in-command for years, but shows no signs of stepping down from the CEO role. Corbat turned Citi into a much smaller and stable entity, focusing on its credit card businesses and its international banking franchise.

Banks set aside billions, bracing for more economic pain

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. In its second-quarter results, JPMorgan said it set aside $10.5 billion to cover potentially bad loans. Thats on top of the $8.3 billion the bank set aside in April, when the pandemic was only just starting to impact the U.S. economy. Citi, which is heavily exposed in credit cards, set aside an additional $7.9 billion to cover potentially bad loans. Wells Fargo, which did not set aside as much money as its peers in April, had to play catch up this quarter, setting aside $8.4 billion to cover potentially bad loans.

Dow pops 250 points on blockbuster earnings

Blockbuster earnings from the likes of JPMorgan Chase and UnitedHealth sent the Dow climbing more than 250 points, or roughly 1%, in afternoon trading. After weeks of trying to decipher the latest developments in the trade war, the start of earnings season has allowed investors to refocus on the fundamentals. The IMF on Tuesday cut its 2019 global growth forecast, calling for the weakest pace since the financial crisis. However, the big banks on the front lines of America's economy reported mostly upbeat results on Tuesday. The Wall Street firm was hurt by slowdowns in M&A and the trouble in the IPO market.

JPMorgan closer to controlling second Chinese joint venture

JPMorgan confirmed Tuesday that it had the winning bid for 2% of China International Fund Management, a joint venture between the bank and its local partner. The price values the entire venture at 12 billion yuan ($1.7 billion), one third higher than an earlier valuation of 9 billion yuan ($1.3 billion), according to the exchange filing. JPMorgan has already received Chinese approval to run a separate securities joint venture. Foreign banks have geared up the process of controlling their Chinese joint ventures, after Beijing said it would eventually allow majority foreign ownership of domestic companies. Last week, Morgan Stanley signed a contract with its Chinese partner to buy enough of their joint venture in order to gain a 51% controlling stake.

JPMorgan Chase increases Detroit investment to $200 million

DETROIT - JPMorgan Chase is doubling down on its investment in Detroit, pumping millions of dollars more into the city after handing over $150 million previously. Cynt-Sational Popcorn is just one of the many businesses spawned from the small business investment JPMorgan Chase is funding. CEO Jamie Dimon rolled out his original Detroit investment on the "Today" Show five years and $100 million ago. They needed a licensed commercial kitchen to get into stores and discovered the Detroit Kitchen Connect, renting twice a week. She said without JPMorgan Chase putting $5 million into Shed 5 or backing business development, none of it would be possible.

JPMorgan Chase offers additional $50 million Detroit investment

DETROIT - JPMorgan Chase has announced a new $50 million commitment to Detroits economic recovery, bringing the firms total investment to $200 million by 2022. The firm is hosting two events Wednesday to celebrate their investment announcement. 3:30-4:15 p.m. at the A. Philip Randolph Technical High School Auditorium -- JPMorgan Chase CEO Jamie Dimon and Detroit Mayor Mike Duggan will hold a townhall Q&A conversation with Randolph High School graduates. 6-8 p.m. -- Event at Charles H. Wright African American MuseumThe announcement comes as the firm exceeded its initial five-year, $150 million commitment. Too many people are being left behind, and we need to build an economy that works for everyone, said Jamie Dimon, Chairman and CEO, JPMorgan Chase.

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