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☆ Earnings season is here. These are the biggest storylines the market is watching.
▼ + stars: | 2024-04-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

JPMorgan CEO Jamie Dimon issued a warning in the bank's earnings report Friday. With so much at stake, here's an earnings season cheat sheet of when some of the biggest companies are reporting and the storylines to follow. Themes to watch: AI could reduce the number of junior bank employees thanks to the tech automating their grunt work . Themes to watch: Netflix was dubbed the king of streaming earlier this year after a big earnings report. The bank's earnings report beat analysts' expectations, but advisory revenues were down 21% year-over-year.

Persons: —, Donald Trump's, iStock, Rebecca Zisser, Jamie Dimon, Dimon, Michael M, Goldman Sachs, Blackstone, Will Meta, Bob Iger's, Brooks Kraft, Jeremy Barnum, it's, Jeff Currie, Justin Sullivan, Tesla, Elon Musk, Musk, Marco Bottigelli, Yevgen Romanenko, Tyler Le, Michelle Grisé, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Business, JPMorgan . Tech, JPMorgan, New York Stock Exchange, Finance Key Companies, Bank of America, Companies, Meta, Microsoft, Apple, Nvidia, Amazon, Retail, Walmart, Costco, Netflix, Disney, Paramount Global, Boeing, Brooks Kraft LLC, Getty, BI, Healthcare, RAND, Boston Marathon Locations: Israel, Russia, United States, New York, London, Chicago

☆ Here's why JPMorgan's top brass are doubtful that a major M&A comeback is on the horizon
▼ + stars: | 2024-04-12 | by ( Reed Alexander | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewWall Street has been hopeful that M&A activity will return this year as rates fall. On Friday, the bank reported $41.9 billion in revenue for the quarter, up 9% year-over-year — a figure that surpassed analysts' expectations. The retreat from dealmaking produced a nine-year low in terms of the number of individual M&A transactions in the quarter, LSEG reported. Dimon's warningsThe comments from JPMorgan's top brass come as Dimon issues warnings about the prospect of a gloomier economic environment.

Persons: —, Jamie Dimon, Jeremy Barnum, Barnum, Biden, that's, Goldman Sachs, Stephan Feldgoise, LSEG, EY, Dimon, Reed Alexander Organizations: Service, JPMorgan, Business, London Stock Exchange Group Locations: megamergers, dealmaking, Asia, Pacific

☆ JPMorgan Chase to open more than 500 new branches in the next 3 years
▼ + stars: | 2024-02-06 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

The bank, which already boasts the largest number of branches compared to its competitors in the United States, said it would open more than 500 new Chase branches and hire 3,500 employees in the next three years. JPMorgan said it plans to expand its footprint in cities like Boston, Minneapolis, and Charlotte, North Carolina. Morgan” branches, its higher-end offering for more affluent customers, across the country. Morgan” branches were previously First Republic branches, JPMorgan said. JPMorgan purchased most of First Republic Bank in May after it joined a string of regional bank failures in the spring of 2023.

Persons: JPMorgan Chase, we’re, ”, Marianne Lake, ” Jeremy Barnum, J.P, Morgan ” Organizations: CNN, JPMorgan, Chase, Bank of America, First Republic Bank Locations: United States, Boston , Minneapolis, Charlotte, North Carolina, Wells Fargo, Bankrate, New York, San Francisco, Republic

☆ What Wall Street bosses from Goldman Sachs to JPMorgan are saying about the jobs outlook for 2024 in investment banking, wealth management, and more
▼ + stars: | 2024-01-16 | by ( Emmalyse Brownstein | Alex Morrell | Reed Alexander | ) www.businessinsider.com time to read: +11 min

Last year, banks opened 2023 by forecasting layoffs, including for the investment bankers who suddenly had nothing to do following the pandemic-era M&A and IPO boom. Citigroup kicked off 2024 ominously, warning that it will lay off as many as 20,000 employees by 2026. The bank expects 2024 expenses to increase further to total $90 billion, up $2.8 billion from 2023, and much of that will be focused on hiring. CFO Barnum on Friday said the bank is gearing up for a "rebound in the investment banking wallet." Headcount declined 3% to 80,006 from 82,427, while compensation expenses rose to $24.5 billion from $23 billion.

Persons: It's, it's, Jane Fraser, Jeremy Barnum, JPMorgan Chase Jamie Dimon, JPMorgan Chase, Alex Wroblewski, JPMorgan's headcount, Barnum, Friday, Patrick T, Fallon, —, Fraser, Q, Goldman Sachs Goldman Sachs, David Solomon, BRENDAN MCDERMID, Goldman Sachs, Denis Coleman, Coleman, Goldman, Bank of America Brian Moynihan, Robert Galbraith, headcount, BofA, Alastair Borthwick, execs, they've, Brian Moynihan, Wells Fargo Charles Scharf, Lucy Nicholson Wells Fargo, Michael Santomassimo, Charlie Scharf, Santomassimo, BlackRock Larry Fink, Fink, Kapito, Morgan Stanley Ted Pick, Morgan Stanley, Jeenah, Headcount, Morgan, Ted Pick, Sharon Yeshaya, Blackstone Steven Schwarzman, Blackstone, Gonzalo Fuentes Organizations: Business, Citigroup, JPMorgan, Citi, BlackRock, Blackstone, Getty, AlphaSense, Citigroup Citigroup, Bank of America, REUTERS, Robert, Robert Galbraith Bank of America's, Reuters, AP BlackRock, Global Infrastructure Partners Locations: Wall, headcount, Wells Fargo

☆ The holiday spending outlook is sluggish across thousands of retailers: CNBC Supply Chain Survey
▼ + stars: | 2023-11-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

Photographer: Christopher Dilts/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty ImagesAs holiday shopping season begins, lack of big orders from retailers is the rule amid fears that consumer spending will be weak, according to a new CNBC Supply Chain Survey. At the CNBC Evolve Global Summit last Thursday, Target CEO Brian Cornell said the company is doubling down on its cautious outlook for the holiday season. The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. Lunar New Year and order volumes The CNBC Supply Chain Survey underscores an overall climate of uncertainty that is defining the market right now. The freight trucking recession Trucking companies get paid per load, and the low expectations for orders imply potentially lower revenue this holiday season.

Persons: Christopher Dilts, Robinson, Noah Hoffman, Hoffman, Jeremy Barnum, Brian Cornell, Raj Subramaniam, restocking, Kuehne, Nagel, Paul Brashier, Tim Robertson, Robertson, Brian Bourke, Elmer Buchta, Jeff Bezos, Uber, Brashier, Berkshire Hathaway, Alan Baer Organizations: Bloomberg, Getty Images Bloomberg, Getty, CNBC Supply Chain Survey, North American Surface Transportation, CNBC, Global, FedEx, Chain Survey, SEKO Logistics, USA, ITS Logistics, Amazon, Maersk, Logistics, Convoy, Tank Transport, U.S ., Union Pacific, BNSF, Norfolk Southern, CSX Locations: Chicago , Illinois, C.H, U.S, China, United States, Montana, Indiana, Panama, West Coast, U.S . West Coast, Los Angeles, Berkshire, West, East Coast

☆ As the market enters correction territory, don't blame the American consumer
▼ + stars: | 2023-10-29 | by ( Tim Mullaney | ) www.cnbc.com time to read: +14 min

Amazon.com Inc | ReutersThe initial third-quarter report on gross domestic product showed consumer spending zooming higher by 4% percent a year, after inflation, the best in almost two years. How is this possible with interest rates on everything from credit cards to cars and homes soaring? But they were below expectations at electric-vehicle leader Tesla , which blamed high interest rates, and at Ford . "And as interest rates rise, the proportion of that monthly payment that is interest increases." At American Express , which saw U.S. consumer spending rise 9%, the mild surprise was the company's disclosure that young consumers are adding Amex cards faster than any other group.

Persons: Bill Ackman, CFRA, Sam Stovall, Ryan Marshall, Wells, Jackie Benson, Tesla, Elon Musk, GM, Mary Barra, Paul Jacobson, John Lawler, Musk, Brian Moynihan, Jeremy Barnum, Sachin Mehra, Zers, Guess they're, Stovall, chargeoffs, John Greene, Morgan Stanley, Ravi Shanker, Spirit, Sundaram, Ethan Allen, they've, Marc Bitzer, Arun Sundaram, Amanda Agati, there's Organizations: Amazon.com Inc, Delta Air Lines, United Airlines, Coldwell, Ford, General Motors, GM, United Auto Workers, UAW, Cox Automotive, Bank of America, JPMorgan Chase, MasterCard, American Express, Discover Financial Services, JetBlue, Whirlpool, Amazon, PNC, Federal, Asset Management Locations: Shakopee , Minnesota, U.S, Covid, PulteGroup, Vermont

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Wells Fargo, which has reduced headcount for every quarter since the third quarter of 2020, said it still sees more opportunities for layoffs. Investment banking powerhouse Morgan Stanley also disclosed a near 2% drop in its total headcount on Wednesday, compared to the prior quarter. At the investment banks Goldman and Morgan Stanley expenses rose 18% and 5% in the quarter, compared to a year earlier. The bank in January dismissed 3,200 employees, its biggest round of layoffs since the 2008 financial crisis.

Persons: Brendan McDermid, Jeremy Barnum, Morgan Stanley, Wells Fargo, Thomas DiNapoli, Goldman Sachs, Denis Coleman, That's, Coleman, Manya Saini, Niket, Lananh Nguyen, David Evans Organizations: Wall, REUTERS, JPMorgan, PNC Financial, Citigroup, Bank of America, Investment, Banks, Citi, Goldman, BofA, PNC, New York, GOLDMAN, Reuters, Thomson Locations: New York, U.S, Wells Fargo, Wells, GOLDMAN SACHS BUCKS, headcount

A Citi sign is seen at the Citigroup stall on the floor of the New York Stock Exchange, October 16, 2012. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsWASHINGTON, Oct 13 (Reuters) - Big bank executives warned a number of products and services could become uneconomical if new proposed bank capital hikes are adopted as written, but said they were hopeful they could win some changes. Citi Chief Financial Officer Mark Mason said the proposal would lead to a 16% to 20% increase in the bank's capital. The bank is reviewing products and operations, he said, highlighting equity investments, which will also be deemed much riskier under the rules. Citi is also reviewing credit products and where they may need to reprice those, and whether they need to restructure any of their markets positions.

Persons: Brendan McDermid, Jeremy Barnum, Barnum, Michael Barr, Banks, Mark Mason, Mason, Wells, Michael Santomassimo, Santomassimo, Tatiana Bautzer Organizations: Citi, Citigroup, New York Stock Exchange, REUTERS, Rights, Big, JPMorgan, . Federal, Basel III, Thomson Locations: Wells Fargo, Basel

☆ JPMorgan profit beats estimates on record interest income, First Republic purchase
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 13 (Reuters) - JPMorgan Chase (JPM.N) beat expectations for third-quarter profit on Friday as a tighter monetary policy and the acquisition of failed First Republic Bank drove its interest income to a record high. Shares of the bank rose 1.1% to $147.40 in premarket trading. Rivas, who previously ran the financial institutions group, was one of JPMorgan's lead negotiators in its purchase of First Republic. The lender's profit rose 35% to $13.15 billion, or $4.33 per share, for the three months ended Sept. 30. Excluding one-time costs, the bank reported a profit of $4.50 per share, above analysts' average estimate of $3.96 per share, according to LSEG IBES data.

Persons: Caitlin Ochs, JPMorgan Chase, Jamie Dimon, Dimon, NII, SoftBank Group's, Jeremy Barnum, Fernando Rivas, Rivas, JPMorgan's, Jay Horine, Wells Fargo, Niket, Nupur Anand, Lananh Nguyen, Anil D'Silva Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, Bank, First Republic, First, Federal, Arm Holdings, Investment, Reuters, Thomson Locations: New York City, U.S, Ukraine, Israel, First Republic, North America, Bengaluru, New York

☆ The earnings and economic data shows the consumer is still in control of the economy
▼ + stars: | 2023-08-23 | by ( Tim Mullaney | ) www.cnbc.com time to read: +9 min

Moody's says that consumer savings rates are rising after bottoming out in June 2022. "We still see it as a normalization, not a deterioration story when we talk about consumer credit.'' But consumer loan delinquency rates are at 2019 levels, and below any level ever seen before 2014, according to Federal Reserve data. At JPMorgan, mortgage credit quality is so solid that the bank reported no net chargeoffs in the second quarter. Overall, the Bureau of Economic Analysis says consumer spending on new vehicles rose $40 billion to $642.4 billion in the first half of the year, with most gains coming in the second quarter.

Persons: Brandon Bell, Arun Sundaram, haven't, Alastair Borthwick, Moody's, Scott Hoyt, Jeremy Barnum, it's, Barnum, David Fieldhouse, Hoyt, Sundaram, Horton, Goldman Sachs, Goldman Organizations: Chevrolet, Knapp, Getty, Amazon, Walmart, Home Depot, Bank of America, CFRA, Atlanta Federal Reserve Bank, JPMorgan Chase, Federal Reserve, JPMorgan, Federal, Wall, General Motors, GM, Ford, U.S, Toll, Pride Locations: Houston , Texas

LONDON, July 27 (Reuters) - Barclays (BARC.L) warned on Thursday of growing pressure on its UK business and missed forecasts for its investment bank as a global corporate dealmaking slump persists, sending its shares down despite announcing a bigger share buyback. The British bank reported first-half pretax profit of 4.6 billion pounds ($6 billion), in line with the average analyst forecast of 4.5 billion pounds, and higher than the 3.7 billion pounds in the same period a year ago. The bank set aside 896 million pounds in the six-month period for potentially soured loans, more than double the 341 million pound charge the previous year. European rivals are also struggling, with Deutsche Bank reporting on Wednesday investment bank revenues would fall this year instead of staying flat. Several investors told Reuters this month they wanted the bank to prioritise returning more capital to shareholders instead of investing it, after the lender completed a 500 million pound buyback in April.

Persons: Jefferies, Goldman Sachs, Jeremy Barnum, Lawrence White, Iain Withers, Sinead Cruise, Mark Potter Organizations: Barclays, Banking, JPMorgan, United, Citigroup, Deutsche Bank, Thomson Locations: Britain, United States

☆ Factbox: U.S. banks increase reserves for commercial real estate exposure
▼ + stars: | 2023-07-21 | by ( Matt Tracy | ) www.reuters.com time to read: +5 min

While regional banks carry the greatest exposure to the commercial real estate (CRE) sector, second quarter earnings show that a number of big banks have prepared for potential defaults, primarily on office loans. However, Borthwick noted the bank's office CRE exposure was low relative to its overall loan portfolio, at 2%. CRE loans represented just 15% of the bank's overall lending book, while only 1% of the CRE loan portfolio was office-related. WELLS FARGO (WFC.N)The bank said it had a $949 million increase in its allowance for credit losses, primarily CRE office loans. WEBSTER FINANCIAL CORP (WBS.N)The regional bank's nonperforming CRE loans ticked up to $47.9 million last quarter from $35.8 million in the first quarter.

Persons: Goldman Sachs, Andrew Kelly, Alastair Borthwick, Borthwick, GOLDMAN SACHS, markdowns, Denis Coleman, Jeremy Barnum, WELLS, Charlie Scharf, Bruce Van Saun, Dominic Ng, East, James Leonard, MORGAN STANLEY, Webster, Glenn MacInnes, John Ciulla, Matt Tracy, Michelle Price, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, U.S, AMERICA CORP, GOLDMAN SACHS GROUP INC, Goldman, JPMORGAN CHASE &, JPMorgan, Citizens, EAST WEST BANCORP, East, BANCORP, WEBSTER FINANCIAL, Thomson Locations: New York City , New York, U.S, California, CRE

So far the signs of revival has not translated into strong investment banking revenue, but markets see a better outlook. Goldman took $1.4 billion in writedowns in the second quarter tied to its consumer businesses and real estate investments. In discussing their earnings, Wall Street executives cited a flurry of initial public offerings as an encouraging sign that activity in capital markets will pick up after months in the doldrums. The lender was buoyed by a slight pickup in equity capital markets and a focus on its middle-market business. At Citigroup (C.N), CEO Jane Fraser warned on Friday that "the long-awaited rebound in investment banking has yet to materialize."

Persons: Morgan Stanley, Brendan McDermid, dealmaking, Goldman Sachs, Morgan, ”, Rick Meckler, Goldman, Meckler, Mike Loewengart, David Solomon, Sharon Yeshaya, Alastair Borthwick, Jane Fraser, Mark Mason, Jeremy Barnum, Tatiana Bautzer, Sinead Carew, Saeed Azhar, Noor Zainab Hussain, Lananh Nguyen, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Cherry Lane Investments, Wall Street, Morgan, Reuters, Bank of America's, Citigroup, JPMorgan, Thomson Locations: New York City, U.S, New Vernon , New Jersey, writedowns, New York, Bengaluru

☆ Premarket stocks: Bank CEOs are already complaining about new regulations they haven't even seen yet
▼ + stars: | 2023-07-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors, worried about the economic atmosphere and the recent regional banking collapse, breathed a sigh of relief at the results. Jamie Dimon, head of JPMorgan Chase, commented on the bank’s Friday earnings call that non-bank financial rivals were “dancing in the streets” as regulators get ready to increase bank capital requirements. “This is great news for hedge funds, private equity, private credit, Apollo, Blackstone,” Dimon said of the proposed regulations. The change, they say, will increase the financial system’s resilience following the failures of three regional banks earlier this year. “The capital in the industry is sufficient,” said Bank of America CEO Brian Moynihan on his company’s earnings call Tuesday morning.

Persons: Jamie Dimon, JPMorgan Chase, ” Dimon, ”, Jeremy Barnum, Barnum, don’t, Brian Moynihan, “ They’ve, Morgan Stanley, James Gorman, Elizabeth Warren, Richard Blumenthal, Tammy Duckworth, Martin Gruenberg, “, Taylor Marr, That’s, they’re, Bryan Mena, Neil Saunders Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, JPMorgan, Blackstone, of America, CNBC, Valley Bank, Signature Bank, Federal Deposit Insurance, Redfin, Retail, Commerce Department Locations: New York, Silicon, Basel, Massachusetts, Elizabeth Warren , Connecticut

July 18 (Reuters) - Bank of America (BAC.N) beat Wall Street estimates for second-quarter profit on Tuesday as it earned more from customers' loan payments, while its investment banking business fared better than expected. The bank reported a 7% rise in investment banking fees to $1.2 billion, driven by higher interest payments and leasing revenue, the company said. The bank reported a profit of 88 cents per share in the second quarter, beating analysts' average expectations of 84 cents, according to IBES data from Refinitiv. BofA's net interest income (NII) rose 14% to $14.2 billion in the second quarter. The financial health of consumers underpins BofA's consumer banking unit, whose revenue rose 15% to $10.5 billion.

Persons: Brian Moynihan, Wells, JPMorgan Chase's, Jeremy Barnum, Manya Saini, Saeed Azhar, Lananh Nguyen, Anil D'Silva Organizations: Bank of America, JPMorgan Chase, Federal Reserve, JPMorgan, U.S, Thomson Locations: U.S, Refinitiv, dealmaking, Bengaluru, New York

☆ Bulls and bears are locked in a battle for Wall Street
▼ + stars: | 2023-07-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —Bulls and bears have always engaged in battle on Wall Street. Before the Bell: Why is there a growing division between bulls and bears? If a rally continues, the bulls will say that the bears missed it. If it moves in the other direction, in a swift fashion, then the bears will say that the bulls were overly optimistic. “I don’t know if it’s going to lead to a soft landing, a mild recession or a hard recession,” Dimon said during the call.

Persons: Liz Young, Bell, Young, we’re, Jamie Dimon, I’ve, Matt Egan, Dimon, JPMorgan Chase, “ tailwinds, ” Dimon, ” Jeremy Barnum, ” Barnum, Coco Chanel ’, Ellie Stevens, Shein, “, Coco Chanel, Yves Saint Laurent, Xu Yangtian, Chris Xu, “ SHEIN, ” Organizations: CNN Business, Bell, New York CNN — Bulls, Big Tech, JPMorgan, CNN, JPMorgan Chase, First Locations: New York, Ukraine, First Republic, California

At JPMorgan, the nation's largest bank, average deposits fell 6% in the second quarter to $2.4 trillion from a year earlier. The central bank reported total bank deposits fell 1.2% to $17.26 trillion through the week ended June 28 versus $17.47 trillion at the end of March. For large banks, deposits fell 1.3% to $10.80 trillion from $10.95 trillion during same period, the Fed data showed. And for small banks, deposits fell 0.9% to $5.18 trillion from $5.23 trillion. The declines were notably smaller than the first-quarter drops of 2.4% for large banks and 3.3% for small banks.

Persons: Morgan Chase, Mike Segar, Wells, Mike Santomassimo, Jeremy Barnum, Jamie Dimon, Kenneth Leon, Saeed Azhar, Dan Burns, Nupur Anand, Tatiana Bautzer, Lananh Nguyen, Mark Potter Organizations: Co, New York City, REUTERS, JPMorgan, First Republic Bank, Federal Reserve, Thomson Locations: New York, Wells Fargo

☆ U.S. banks point to resilient but slowing economy, flag risks ahead
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +3 min

U.S. consumers still have a healthy balance sheet, the banks said, but warned spending was slowing and there had been a modest deterioration in some consumer debt. "The U.S. economy continues to be resilient," JPMorgan Chief Executive Jamie Dimon said. Investors have worried that high interest rates could push the economy into a recession, but the outlook remains uncertain. Wells CEO Charlie Scharf said the range of scenarios for the economy should narrow over the next few quarters. For now, the economy is performing better than many expected but will likely continue slowing.

Persons: JPMorgan Chase, Wells Fargo WFC.N, Wells, Jamie Dimon, Jeremy Barnum, Charlie Scharf, Larry Fink, Wells Fargo, Scharf, Morgan Stanley, Goldman Sachs, Niket Nishant, Noor Zainab Hussain, Mehnaz Yasmin, Manya, Nupur Anand, Saeed Azhar, Megan Davies, Paritosh Bansal, Nick Zieminski Organizations: JPMorgan, Citigroup, Citi, Federal Reserve, CNBC, Wells, Bank of America, Manya Saini, Thomson Locations: Wells, U.S, Bengaluru, New York

☆ JPMorgan, Wells Fargo prepare for losses on office loans
▼ + stars: | 2023-07-14 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

July 14 (Reuters) - JPMorgan Chase (JPM.N) and Wells Fargo (WFC.N) said on Friday they set aside more money for expected losses from commercial real estate loans, in the latest sign that stress is building up in the sector. Wells Fargo reported higher losses in CRE due to its office loan portfolio. "While we haven't seen significant losses in our office portfolio to-date, we are reserving for the weakness that we expect to play out in the market over time," Wells Fargo CEO Charlie Scharf said. The bank, which acquired First Republic Bank in May, reported $1.1 billion in credit loss provisions driven by its office portfolio. Some $20 billion of office commercial mortgage-backed securities, which bundle together individual loans, mature in 2023, according to real estate data provider Trepp.

Persons: JPMorgan Chase, Wells, Wells Fargo, Charlie Scharf, Jeremy Barnum, Matt Tracy, Michelle Price, Lananh Nguyen, Nick Zieminski Organizations: JPMorgan, Republic Bank, U.S, Federal, Regulators, McKinsey Global Institute, McKinsey, Thomson Locations: Wells, CRE, U.S

☆ What layoffs? JPMorgan Chase is growing headcount in every division despite a dealmaking drought and possible economic slowdown.
▼ + stars: | 2023-07-14 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

Wall Street has suffered severe layoffs amid a dealmaking drought and shaky economic outlook. Headcount is up in every division, not including thousands of First Republic employees onboarded in July. Jobs have grown in every division despite the non-stop news about industry layoffs (think Goldman) and consolidation (think Credit Suisse). It has also cut about 40 high-paying investment banking jobs, and about 1,000 jobs from its home lending unit. The bank also beat Wall Street's expectations and has again become a challenger to Goldman Sachs' spot as No.

Persons: JPMorgan Chase, Jobs, Goldman, It's, headcount, Goldman Sachs, Morgan Stanley, May, JPM, Jamie Dimon, JPMorgan's, Jeremy Barnum Organizations: JPMorgan, First Republic, onboarded, Suisse, JPMorgan Headcount, Bank Division, Consumer, Community Bank, Investment Bank, Bank, Wealth Management, First, Republic, Wall, Credit Suisse, UBS, Reuters, Global, Basel III Locations: Louis , Missouri, First Republic, San Francisco, China, Ukraine, Basel

Federal banking regulators are expected to introduce proposals in the coming weeks requiring banks to keep more cash on hand to ensure the financial system remains stable. The nation's largest lender may increase prices or abandon some products as a way to offset the higher capital costs, Barnum said. One key new expected rule would require banks to hold more capital against certain trades. Meanwhile, banks are staying cautious and preserving capital until there is more clarity around the rules. Wells Fargo was expecting capital requirements to climb and weighing the potential effect on stock buybacks, CEO Charlie Scharf told investors on its call.

Persons: Michael Barr, Jeremy Barnum, Barnum, Jane Fraser, Wells Fargo, Charlie Scharf, Blackstone, Jamie Dimon, Pete Schroeder, Nupur Anand, Saeed Azhar, Tatiana Bautzer, Lananh Nguyen, Megan Davies, Susan Heavey Organizations: WASHINGTON, Federal, JPMorgan Chase's, JPMorgan, U.S, Treasury, Industry, Blackstone, Apollo, JPMorgan Chase, Thomson Locations: Washington, New York

☆ Factbox: The JPMorgan executives who will update investors on First Republic, strategy
▼ + stars: | 2023-05-22 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

REUTERS/Marco... Read moreNEW YORK, May 22 (Reuters) - JPMorgan Chase & Co (JPM.N) executives will update investors on its takeover of failed First Republic Bank, which has made the biggest U.S. bank even bigger. CEO Jamie Dimon and other top executives will present their strategies at an investor day at its headquarters in New York on Monday. Lake and Piepszak are among the executives in charge of integrating First Republic Bank after it was shuttered by authorities on May 1. JEREMY BARNUM, CHIEF FINANCIAL OFFICERBarnum was promoted to CFO in 2021 after leading global research. The finance chief joined JPMorgan in 1994, serving in various roles including CFO and chief of staff for the investment bank.

☆ Don't let the patriotic talk fool you. Here are 5 ways JPMorgan stands to win from buying First Republic Bank.
▼ + stars: | 2023-05-01 | by ( Emmalyse Brownstein | Carter Johnson | ) www.businessinsider.com time to read: +8 min

JPMorgan on Monday morning emerged as the white-knight buyer of First Republic Bank. More wealth advisors for high-net-worth clientsJPMorgan's wealth management ambitions will also get a boost from its purchase of First Republic. The smaller bank has about 150 high-end advisors who will join JPMorgan's brokerage business unit, JPMorgan Advisors. "If they can retain the wealth advisors and not lose too many more, I think it will be very advantageous. "This helps bring the bank crisis phase to the home stretch in our view," wrote Wells Fargo's Mayo.

☆ More US consumers are falling behind on payments
▼ + stars: | 2023-04-18 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +4 min

REUTERS/Andrew KellyNEW YORK, April 18 (Reuters) - Consumers are starting to fall behind on their credit card and loan payments as the economy softens, according to executives at the biggest U.S. banks, although they said delinquency levels were still modest. Citigroup also made larger provisions for credit losses even as it brought in more revenue from clients' interest payments on credit cards. "We have tightened credit standards specifically as a result of the current market environment in cards, we continue to calibrate our credit underwriting based on what we're seeing based on macroeconomic trends," Mason said. "The consumer's in great shape in terms of credit quality by any historical standards. Some of JPMorgan's customers were starting to fall behind on payments, but delinquency levels were still modest, said Jeremy Barnum, finance chief at the largest U.S. lender.

The largest U.S. lender gained $50 billion in deposits at the end of March, its first-quarter earnings report showed. That compares to Citigroup Inc (C.N), where deposits were largely flat, and a decline at Wells Fargo & Co (WFC.N). Investors have closely scrutinized deposits after the collapses of Silicon Valley Bank and Signature Bank last month rattled markets, prompting regulators to step in to guarantee their customers' deposits. JPMorgan reported a 2% rise in deposits to $2.38 trillion at the end of the quarter compared with the end of 2022. Deposits at Wells Fargo slid 2% to $1.36 trillion as customers moved their money to higher-yielding accounts and products.

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