Musk agrees with JP Morgan Chase CEO Jamie Dimon that it will take 50 years to transition to green energy
J.P. Morgan CEO Jamie Dimon and Elon Musk agreed Thursday that the world will be reliant on oil and gas for 50 years and that an immediate transition to alternative energy is unrealistic.foxnews.com
Jamie Dimon says inflation eroding consumer wealth may cause recession next year
JPMorgan Chase CEO Jamie Dimon said that inflation could tip the U.S. economy into recession next year. While consumers and companies are currently in good shape, that may not last much longer, Dimon said Tuesday on CNBC's "Squawk Box." "Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime mid year next year," Dimon said. It "may very well derail the economy and cause a mild or hard recession that people worry about." Dimon, 66, has led the New York-based bank since 2006.cnbc.com
Scams, fraud increasing on Zelle
The report also found that the large banks that partly own Zelle have been reluctant to compensate customers who have been victims of fraud or scams. For instance, less than half of the money customers reported being sent via Zelle without authorization was being reimbursed. Warren, D-Massachusetts, a long-time critic of the big banks, requested data on fraud and scams on Zelle from seven banks starting in April. The cases of growing fraud and scams at Zelle have been highlighted in previous news reports, including two by The New York Times. Truist had 9,455 cases of fraud and scams on Zelle in 2020, which ballooned to 22,045 last year.mlive.com
Fraud, scam cases increasing on Zelle, Senate report finds
Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into the growing problems at Zelle.
Bank CEOs questioned on consumer protections, social issues
The CEOs of the nation’s biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues.
JPMorgan CEO Jamie Dimon: 'Why can't we get it through our thick skulls?' America boosting oil and gas production is 'not against' climate change
"Because of high oil and gas prices, the world is turning back on their coal plants. It is dirtier," Jamie Dimon said Tuesday, according to Yahoo.news.yahoo.com
Ukraine will pursue war-crimes charges against leaders of JPMorgan Chase, Citi, and HSBC over Russia financing, Zelenskyy's economic advisor says
Oleg Ustenko told CNBC that Ukraine's justice and security services were gathering data on Western banks he says are financing the Russian state.news.yahoo.com
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.
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.