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Jamie Dimon sees America at a ‘Pivotal Moment’Jamie Dimon’s annual letter to JPMorgan Chase shareholders has just been published. The economy is resilient but the government underpinning it is a red flag. Consumers are spending and investors expect a soft landing. But Dimon warns that the economy is being fueled by government spending and rising deficits. “These markets seem to be pricing in at a 70% to 80% chance of a soft landing — modest growth along with declining inflation and interest rates,” Dimon writes, adding that the odds are actually a lot lower.

Persons: Jamie Dimon, Jamie Dimon’s, Dimon, ”, ” Dimon Organizations: JPMorgan Chase Locations: America, Ukraine

☆ JPMorgan fails Jeffrey Epstein stress test
▼ + stars: | 2023-06-15 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +8 min

At least, that’s the impression left by Jamie Dimon’s answers to recent questioning in relation to Jeffrey Epstein, the dead sex-trafficker who was a JPMorgan (JPM.N) client for 15 years. Taken altogether, the case is a sign that the bank is simply too big for one person to manage. Epstein was a JPMorgan client from 1998 until 2013. Epstein killed himself in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges. Litigation related to Epstein is still pending between the U.S. Virgin Islands and JPMorgan, as are claims by JPMorgan against its former head of investment banking, Jes Staley.

Persons: Jamie Dimon’s, Jeffrey Epstein, ” Dimon, “, Dimon, Epstein, Stephen Cutler, JPMorgan’s, Jes Staley, Mary Erdoes, Staley, fraudster Bernard Madoff, Cleave, Wells, Morgan Stanley, Jeffrey Epstein’s, John Foley, Streisand Neto Organizations: YORK, Reuters, JPMorgan, U.S, Securities, Exchange Commission, Department of Justice, Federal Reserve, Reuters Graphics, London Whale, Citigroup, U.S ., U.S . Virgin Islands, Thomson Locations: Wall, U.S, U.S . Virgin, Manhattan

☆ How risky bank debt makes customers safer
▼ + stars: | 2023-05-25 | by ( Liam Proud | ) www.reuters.com time to read: +6 min

LONDON, May 25 (Reuters Breakingviews) - Bank watchdogs are mulling changes to deposit insurance schemes after a string of lenders failed. That’s a problem for depositors, since long-term debt acts as a buffer for customers too. Forcing the issuance of more long-term bank debt could make them cheaper too. The trickier part is figuring out who ultimately bears the cost of loss-absorbing debt. Relying more on loss-absorbing debt could make such giant ad-hoc bills less likely in the future.

☆ Could the Fed raise rates again in June?
▼ + stars: | 2023-05-21 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Traders saw a roughly 36% chance last Thursday that the Fed will raise rates by another quarter point in June, up from around 15.5% on May 12, according to the CME FedWatch Tool. Traders pared down their expectations to about a 18.6% chance that the central bank will raise rates next month, as of Friday evening. Experts seem to agree that the Fed is unlikely to raise rates again in June. Jim Baird, chief investment officer at Plante Moran Financial Advisors, also expects the Fed to hold rates steady in June. Dimon said in the same Bloomberg interview that he’d “love to get rid of the debt ceiling thing” altogether.

☆ Opinion: Vladimir Putin’s anxious time
▼ + stars: | 2023-05-07 | by ( Richard Galant | ) edition.cnn.com time to read: +15 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. He imagines a boy sitting “upon the high and giddy mast” of a ship tossed by wind and waves. “Uneasy lies the head that wears a crown,” concludes the king in Shakespeare’s play. Russia said that President Vladimir Putin was the intended target of a foiled Ukrainian drone attack on the Kremlin, an allegation Ukraine denied. The unfortunate monarch who was the last to own the original St. Edward’s Crown, King Charles I, was convicted of treason and beheaded on January 30, 1649.

☆ BNP only partly earns title of Europe’s JPMorgan
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 3 (Reuters Breakingviews) - Bank investors and analysts often like to say that BNP Paribas (BNPP.PA) is the closest Europe has to a JPMorgan (JPM.N), the goliath of U.S. banking that just bought First Republic Bank (FRC.N). Compare that with Deutsche Bank (DBKGn.DE), whose deposits fell by 4.7% over the same period. JPMorgan will earn a 19% return on tangible equity this year, using Visible Alpha consensus data, which is good even for a U.S. bank. There’s no shame in losing to a bigger stateside rival on returns, but BNP also risks falling behind regional peers. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ JPMorgan Chase CEO Jamie Dimon says Ukraine invasion is a top economic concern
▼ + stars: | 2023-03-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —The war in Ukraine and US-China relations are two of JPMorgan Chase CEO Jamie Dimon’s largest economic concerns, he said Monday. “The thing I worry the most about is Ukraine,” he told Bloomberg Television in an interview Monday morning. “This is the most serious geopolitical thing we’ve had to deal with since World War II,” Dimon said Monday, also highlighting the war’s impact on relations with China. Dimon said JPMorgan Chase is taking an active role in improving the relationship between the United States and China by advising and engaging with both governments on keeping cordial relations. Dimon added that he believes the war in Ukraine could continue for years to come.

☆ Goldman’s brainwaves are best left for its clients
▼ + stars: | 2022-10-18 | by ( John Foley | ) www.reuters.com time to read: +4 min

A strategic swerve is an acknowledgement that brainwaves are best pitched to clients than executed by the Wall Street firm itself. Jamie Dimon’s bank drops around $12 billion a year on technology, an entire quarter of Goldman’s revenue. It’s a U-turn, but that’s okay since Goldman is still a leader on the bread-and-butter Wall Street stuff. The Wall Street firm made an 11% return on equity. Revenue from fixed-income trading increased 41% year-on-year, and equities trading revenue slipped 14%.

The nation’s largest banks are nervous about a recession, but their third-quarter earnings showed few signs of one yet. JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup all said Friday they had socked away hundreds of millions of dollars apiece to cover potential loan defaults, dragging down their profits. Still, revenue rose at all three banks and beat analyst forecasts.

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