DIRS.INFO The most relevant business & tech news

Wall Street's three major indexes opened higher but lost ground after a preliminary reading on U.S. consumer sentiment showed a sharp fall in October. The moves in bonds, equities and oil reflect worries about deteriorating consumer sentiment, the global economy and geopolitical conflict, she added. However, for the week the S&P 500 registered a 0.45% gain for its second weekly advance in a row. The S&P 500 Banks index (.SPXBK) pared gains as the day wore on to close up 0.6% after rising as much as 3.4% to a three-week high. The S&P 500 posted 12 new 52-week highs and 20 new lows; the Nasdaq Composite recorded 28 new highs and 335 new lows.

Persons: Brendan McDermid, Wells, Wall, Dow, Israel, Lauren Goodwin, Goodwin, Patrick Harker, Todd Vasos, Jeff Owen, advancers, Sinéad Carew, Shashwat Chauhan, Ankika Biswas, Shounak Dasgupta, Anil D'Silva, Shinjini Ganguli, Richard Chang Organizations: New York Stock Exchange, REUTERS, JPMorgan, Dow, Nasdaq, The United Nations, Treasury, New York Life Investments, Dow Jones, JPMorgan Chase, Citigroup, Federal Reserve Bank of Philadelphia, BlackRock, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Gaza, Israel, BLK.N, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) rose between 3% and 5% after trouncing quarterly profit estimates as they benefited from higher interest rates. The S&P 500 Banks index (.SPXBK) gained 3.2%, hitting a three-week high. Options traders are bracing for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. The energy sector (.SPNY) tracked a more than 3% jump in crude prices and led the gains among S&P 500 sectors.

Persons: Brendan McDermid, Wells, JPMorgan Chase, Wells Fargo, Stuart Cole, Cole, Patrick Harker, Investors, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Chakrabarty, Shounak Dasgupta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Companies JPMorgan, Citigroup, Dow, Nasdaq, JPMorgan, Citi, Equiti, BlackRock, Federal Reserve Bank of Philadelphia, Dow Jones, Hamas, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Israel, Gaza City, Bengaluru

☆ JPMorgan CEO Jamie Dimon blasts draft US bank capital rules
▼ + stars: | 2023-09-11 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +3 min

[1/2] Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello Acquire Licensing RightsCompanies JPMorgan Chase & Co FollowNEW YORK, Sept 11 (Reuters) - JPMorgan Chase (JPM.N) CEO Jamie Dimon blasted stricter capital rules proposed by U.S. regulators, telling investors on Monday that they could prompt lenders to pull back and stymie economic growth. "I wouldn't be a big buyer of a bank," the chief of the largest bank in the U.S. added, drawing laughter from the audience. Dimon questioned what the regulators were trying to accomplish with the rules. Reporting by Nupur Anand; editing by Lananh Nguyen, Megan Davies, Jonathan Oatis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie Dimon, Marco Bello, JPMorgan Chase, Dimon, Nupur Anand, Lananh Nguyen, Megan Davies, Jonathan Oatis, Jamie Freed Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan Chase, JPMorgan, First, Federal Reserve, Federal Deposit Insurance Corp, Thomson Locations: Miami , Florida, U.S, New York, China, Ukraine

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsCompanies JPMorgan Chase & Co FollowWASHINGTON, Aug 22 (Reuters) - Two former precious metals traders at JPMorgan Chase (JPM.N) were sentenced on Tuesday for engaging in fraud, attempted price manipulation and spoofing, the U.S. Justice Department said in a statement. Gregg Smith, 59, of Scarsdale, New York, was sentenced to two years in prison and a $50,000 fine while Michael Nowak, 49, of Montclair, New Jersey, was sentenced to one year and one day in prison and a $35,000 fine, the Justice Department said. Last year, Smith and Nowak were found guilty of fraud and other charges but acquitted of racketeering and conspiracy in a trial. Nowak was convicted on over a dozen charges including fraud, spoofing and attempted market manipulation, and Smith was convicted on 11 charges. JPMorgan agreed in 2020 to pay more than $920 million and admitted to wrongdoing to settle with the Justice Department and the Commodity Futures Trading Commission over these and other traders' conduct.

Persons: Andrew Kelly, Gregg Smith, Michael Nowak, Dodd, Frank, Smith, Nowak, Kanishka Singh, Andy Sullivan Organizations: United States Department of Justice, Washington , D.C, REUTERS, JPMorgan Chase, WASHINGTON, U.S . Justice Department, Justice Department, U.S, Congress, JPMorgan, Commodity Futures Trading Commission, Thomson Locations: Washington ,, Scarsdale , New York, Montclair , New Jersey, Washington

☆ JPMorgan, US Virgin Islands trade accusations over Epstein
▼ + stars: | 2023-08-15 | by ( Us Appeals Judge Faults Probe Of Federal Circuit'S Pauline Newman | Andrew Goudsward | Law Firm Clifford Chance Posts Increased Revenue | ) www.reuters.com time to read: +4 min

REUTERS/Mike Acquire Licensing Rights Read moreCompanies JPMorgan Chase & Co FollowNEW YORK, Aug 15 (Reuters) - JPMorgan Chase (JPM.N) and the U.S. Virgin Islands traded new accusations this week in legal filings over their relationships with the late disgraced financier Jeffrey Epstein. The largest U.S. bank detailed how Epstein allegedly funneled hundreds of thousands of dollars in payments and loans to a former U.S. Virgin Islands governor and his wife. The territory in a separate filing cited a 2011 email from a senior JPMorgan executive about suspicious cash withdrawals by Epstein. The filing containing the U.S. Virgin Islands accusations was more than 680 pages. The U.S. Virgin Islands also failed to show that the bank committed obstruction, JPMorgan said.

Persons: JP Morgan Chase, Mike, JPMorgan Chase, Jeffrey Epstein, Epstein, John de Jongh, Cecile, John Duffy, JE, Duffy, Mary Erdoes, “, Erdoes, Jonghs, USVI, JPMorgan, Nupur Anand, Tatiana Bautzer, Lananh Nguyen, David Gregorio Our Organizations: JP, Co, JPMorgan Chase, REUTERS, JPMorgan, U.S . Virgin Islands, U.S . Virgin, Thomson Locations: New York, U.S, Manhattan

SummaryCompanies JPMorgan, Wells Fargo up as Q2 profit rises on higher interest incomeUnitedHealth rises on Q2 profit beatFutures mixed: Dow adds 0.33%, S&P up 0.02%, Nasdaq slips 0.12%July 14 (Reuters) - The S&P 500 and Dow futures rose on Friday as JPMorgan Chase and Wells Fargo commenced second-quarter earnings for big U.S. banks on a strong note. UnitedHealth Group (UNH.N) gained 3.6% after the health insurer reported a quarterly profit above analysts' estimates, as the industry bellwether's expenses came in lower than feared. Overall earnings for the S&P 500 constituents are seen dropping 6.4% in the second quarter, according to Refinitiv data released at the start of the earnings season. The earnings are expected to feed into a strong rally in recent days. ET, Dow e-minis were up 114 points, or 0.33%, S&P 500 e-minis were up 1 points, or 0.02%, and Nasdaq 100 e-minis were down 19.5 points, or 0.12%.

Persons: Wells, Dow, Wells Fargo, JPMorgan Chase, Christopher Waller, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty Organizations: JPMorgan, Nasdaq, Dow, JPMorgan Chase, Citigroup, BlackRock, Federal, of Michigan, Dow e, Microsoft, UBS, Activision, Thomson Locations: Wells Fargo, U.S, Bengaluru

UnitedHealth Group (UNH.N) jumped 7.2% after the health insurer's quarterly profit beat analysts' average estimate, as the industry bellwether's expenses came in lower than feared. Wells Fargo (WFC.N) gained 0.8% after reporting a 57% rise in quarterly profit. Citigroup (C.N) fell 2.9% after the lender's quarterly profit tumbled 36% as weakness in its trading business blunted gains in its personal banking and wealth management unit. The S&P 500 banks index (.SPXBK) shed 0.8%, erasing early gains. Of the 30 companies in the S&P 500 index that have reported earnings to date, 80% beat analysts' expectations, as per Refinitiv Data.

Persons: Wells, JPMorgan Chase, First Republic Bank . Wells Fargo, Banks, They've, Robert Pavlik, bullish, Morgan, Johann M Cherian, Saumyadeb Chakrabarty, Sriraj, Maju Samuel, Vinay Dwivedi Organizations: JPMorgan, Dow, Nasdaq, Wall Street, UnitedHealth, JPMorgan Chase, Rivals, First Republic Bank . Wells, Dakota Wealth, Citigroup, BlackRock, Dow Jones, Microsoft, UBS, Nvidia, NYSE, Thomson Locations: Wells Fargo, U.S, Bengaluru

☆ US charges second Frank college aid executive with defrauding JPMorgan
▼ + stars: | 2023-07-12 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +1 min

Companies JPMorgan Chase & Co FollowNEW YORK, July 12 (Reuters) - U.S. prosecutors on Wednesday unveiled an indictment charging Olivier Amar, who helped run college financial aid startup Frank, with defrauding JPMorgan Chase (JPM.N) into buying their company for $175 million. Amar, who was Frank's chief growth officer, was charged with wire fraud, bank fraud, securities fraud and conspiracy, becoming the second company official indicted in the case. Lawyers for Amar, whose whereabouts were not immediately known, did not immediately respond to a request for comment. A spokesman for the U.S. Attorney's office in Manhattan also did not immediately respond to a request for comment. The bank shut down Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake."

Persons: Olivier Amar, Amar, Frank, Charlie Javice, Javice, Jamie Dimon, counterclaims, Luc Cohen, Bill Berkrot Organizations: JPMorgan Chase, U.S, JPMorgan, Thomson Locations: Manhattan, U.S, Amar, Delaware, New York

New York Fed President John Williams in an interview with the Financial Times said the central bank is not done raising rates. Amazon.com (AMZN.O) outpaced megacap peers, up 0.8%, going into the "Prime Day" 48-hour shopping event, which falls on July 11-12. ET, the Dow Jones Industrial Average (.DJI) was up 150.60 points, or 0.44%, at 34,095.00, the S&P 500 (.SPX) was up 9.33 points, or 0.21%, at 4,418.86, and the Nasdaq Composite (.IXIC) was up 2.20 points, or 0.02%, at 13,683.19. Eight of the top 11 S&P 500 sectors advanced, with energy (.SPNY) leading gains by 1.9%. The S&P index recorded 40 new 52-week highs and one new low, while the Nasdaq recorded 71 new highs and 25 new lows.

Persons: Dow, Phil Blancato, Ladenburg, John Williams, Jefferies, Johann M Cherian, Shinjini Ganguli, Arun Koyyur, Maju Samuel Organizations: JPMorgan, Jefferies, Dow, Nasdaq, Fed, Asset Management, New York Fed, Financial Times, Dow Jones, Activision, Microsoft, Salesforce, Bank of America Global Research, JPMorgan Chase, NYSE, Thomson Locations: U.S, Bengaluru

SummaryCompanies JPMorgan gains on Jefferies' upgrade ahead of earningsMegacaps recover after dip ahead of Nasdaq 100 rebalanceFutures up: Dow 0.02%, S&P 0.11%, Nasdaq 0.16%July 11 (Reuters) - U.S. stock index futures inched higher on Tuesday ahead of key inflation data that could support a sooner-than-expected end to the Federal Reserve's rapid interest-rate hikes. "The big-cap Nasdaq index is going to adjust weightings vs. a full addition or deletion. Also, far more money tracks the S&P 500, which is why S&P 500 component changes get a lot more attention than Nasdaq 100 moves." The S&P 500 banks index (.SPXBK) has shed 9% so far this year in the aftermath of the biggest crisis since 2008 that pummeled regional lenders. The sub-index is underperforming the benchmark S&P 500 index (.SPX), which has notched a 14.9% gain.

Persons: Joshua Warner, Hogan, Jefferies, Johann M Cherian, Shinjini Ganguli, Arun Koyyur Organizations: JPMorgan, Jefferies, Nasdaq, Dow, Federal, Fed, Index, Treasury, Nasdaq Inc, Riley, Dow e, JPMorgan Chase, Zions Bancorp, Truist, Thomson Locations: U.S, Bengaluru

Companies JPMorgan Chase & Co FollowNEW YORK, June 22 (Reuters) - JPMorgan Chase (JPM.N) has been fined $4 million by the U.S. Securities and Exchange Commission after about 47 million emails belonging to its retail banking group were mistakenly and permanently deleted. Many of the emails were business records that the largest U.S. bank was required under SEC rules to keep for three years. According to a cease-and-desist order, the vendor failed to properly apply the three-year retention setting to "Chase" emails from early 2018. According to the SEC, JPMorgan has been unable in at least 12 civil securities-related regulatory probes to comply with subpoenas and document requests for communications that had been permanently deleted. Reporting by Jonathan Stempel in New York; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Persons: JPMorgan Chase, Jonathan Stempel, Jonathan Oatis Organizations: JPMorgan Chase, JPMorgan, U.S . Securities, Exchange, SEC, Thomson Locations: U.S, New York

Companies JPMorgan Chase & Co FollowNEW YORK, May 31 (Reuters) - JPMorgan Chase & Co's (JPM.N) former general counsel Stephen Cutler wrote in a 2011 email that the late financier and sex offender Jeffrey Epstein should not be a client of the bank, according to a transcript of a deposition of Chief Executive Jamie Dimon obtained by Reuters. Dimon said in the deposition he was not aware of the email at the time but "I know it today." Reporting by Luc Cohen in New York Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephen Cutler, Jeffrey Epstein, Jamie Dimon, Dimon, Luc Cohen, Chris Reese Organizations: JPMorgan Chase, Reuters, Thomson Locations: New York

[1/4] JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/Companies JPMorgan Chase & Co FollowNEW YORK, May 26 (Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon said in a deposition on Friday that he had never met or communicated with late sex offender and former bank client Jeffrey Epstein, the bank said. Epstein was a JPMorgan client from 2000 to 2013, remaining so after pleading guilty in 2008 to a Florida state prostitution charge. It has accused Staley, who was friendly with Epstein, of concealing what he knew about Epstein’s crimes. Epstein died in 2019 in a Manhattan jail cell while awaiting trial on sex trafficking charges.

Companies JPMorgan Chase & Co FollowMay 26 (Reuters) - JPMorgan Chase & Co (JPM.N) Chief Executive Jamie Dimon said in a deposition on Friday that he had never met or communicated with late sex offender and former bank client Jeffrey Epstein, the bank said. Dimon had been ordered by a federal judge to set aside two days for depositions about what he knew about the bank's relationship with Epstein. The largest U.S. bank faces lawsuits seeking damages by women who claim that Epstein sexually abused them, and by the U.S. Virgin Islands, where the late financier had a home. Reporting by Kanjyik Ghosh and Akriti Sharma in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Companies JPMorgan Chase & Co FollowNEW YORK, May 22 (Reuters) - Entrepreneur Charlie Javice pleaded not guilty on Monday to charges of defrauding JPMorgan Chase & Co (JPM.N) into buying her now-shuttered college financial aid startup Frank, according to a spokesman for the U.S. Attorney's office in Manhattan. She was indicted last week on charges of securities fraud, wire fraud, bank fraud and conspiracy. JPMorgan, the largest U.S. bank, bought Javice for $175 million in 2021. Javice has been free on $2 million bail since her first court appearance on April 4. Reporting by Luc Cohen in New York; editing by Grant McCoolOur Standards: The Thomson Reuters Trust Principles.

Companies JPMorgan Chase & Co FollowNEW YORK, May 18 (Reuters) - Charlie Javice, who has been accused of defrauding JPMorgan Chase & Co (JPM.N) through her now-shuttered college financial aid company Frank, has been indicted over her relationship with the bank. A four-count indictment made public on Thursday in Manhattan federal court charges Javice with securities fraud, wire fraud, bank fraud and conspiracy. Reporting by Jonathan Stempel and Luc Cohen in New York; Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Companies JPMorgan Chase & Co FollowNEW YORK, May 18 (Reuters) - The young entrepreneur Charlie Javice has been indicted on charges of defrauding JPMorgan Chase & Co (JPM.N), the largest U.S. bank, into buying her now-shuttered college financial aid startup Frank. A four-count grand jury indictment made public on Thursday in Manhattan federal court charges Javice with securities fraud, wire fraud, bank fraud and conspiracy. In connection with that, prosecutors were granted more time to have Javice indicted by a grand jury. JPMorgan separately sued Javice and former Frank chief growth officer Olivier Amar in December in Delaware federal court for fraud, saying they inflated Frank's customer base to induce the bank's purchase. Javice countersued JPMorgan, saying it owes millions of dollars after firing her "without valid cause" in November.

☆ Wall Street near flat after First Republic news, awaiting Fed
▼ + stars: | 2023-05-01 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

The Fed, which has been raising rates to cool inflation, is expected to hike rates an additional 25 basis points on Wednesday. REUTERS/Brendan McDermidEnergy (.SPNY) was down the most of the major S&P 500 sectors, falling 1.3% as crude oil prices declined , . First-quarter results from S&P 500 companies have mostly beaten expectations, easing economic concerns. The S&P 500 technology index (.SPLRCT) climbed 0.2% on Monday, offsetting some of the day's weakness. The S&P 500 posted 35 new 52-week highs and one new low; the Nasdaq Composite recorded 88 new highs and 188 new lows.

☆ Wall Street near flat ahead of Fed decision; regional banks fall
▼ + stars: | 2023-05-01 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +2 min

JPMorgan will pay the U.S. Federal Deposit Insurance Corp $10.6 billion to take control of most of the regional bank's assets. The S&P 500 banks index (.SPXBK) was up 0.5%, but the KBW regional banking index (.KRX) was down 2.2%. Investors have been on edge about the banking system's health following the collapse of two other regional banks in March. First-quarter results from S&P 500 companies have mostly beaten expectations, easing economic concerns. The S&P 500 posted 35 new 52-week highs and one new low.

JPMorgan Chase & Co's (JPM.N) shares rose 3.1% to a near two-month high after the deal was announced earlier in the day. The S&P 500 Banks index (.SPXBK) gained 1.1%, while the KBW Regional Banking index (.KRX) shed 1.5%. Shares of regional banks PNC Financial (PNC.N) and Citizens Financial (CFG.N), that were among the bidders for First Republic, dropped 4.7% and 5.2%, respectively. "But regional banks will face higher cost of doing business for some time until confidence is rebuilt or there is a different regulatory scheme." Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data.

The S&P 500 Banks index (.SPXBK) gained 1.4%. Big banks such as Bank of America (BAC.N) and Wells Fargo & Co (WFC.N) rose 0.3% and 2.8%, respectively. First Republic's woes kicked off last week on a bleak note, but upbeat earnings from Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O) helped the benchmark S&P 500 (.SPX) notch its second consecutive month of gain on Friday. Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year earlier, compared with a 5.1% fall expected at the start of April, according to Refinitiv data. The S&P index recorded 21 new 52-week highs and no new low, while the Nasdaq recorded 48 new highs and 47 new lows.

☆ Futures muted as Fed caution sets in, JPMorgan to buy First Republic
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +4 min

The rescue comes less than two months after a deposit flight from U.S. lenders Silicon Valley Bank and Signature Bank forced the Fed to step in with emergency measures to stabilize markets. Apple Inc (AAPL.O) is set to report later this week. Markets should take today's news in stride knowing that the repeated bank failures should now have the Fed back on its heels and defanged moving forward." ET, Dow e-minis were down 14 points, or 0.04%, S&P 500 e-minis were down 3.75 points, or 0.09%, and Nasdaq 100 e-minis were down 13.5 points, or 0.1%. Reporting by Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Wall St dips to lower close as rate hike bets firm, banks jump
▼ + stars: | 2023-04-14 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"Today we're taking bit of a breather," said Sal Bruno, chief investment officer at IndexIQ in New York. Citigroup Inc (C.N), JPMorgan Chase & Co (JPM.N) and Wells Fargo & Co (WFC.N) beat earnings expectations, benefiting from rising interest rates and easing fears of stress in the banking system. The S&P 500 banking sector (.SPXBK) jumped 3.5% and JPMorgan Chase surged 7.6%, its biggest one-day percentage gain since Nov. 9, 2020. Among the 11 major sectors of the S&P 500, seven ended the session lower, with real estate (.SPLRCR) falling most. The S&P 500 posted 11 new 52-week highs and two new lows; the Nasdaq Composite recorded 47 new highs and 205 new lows.

☆ Wall St slides as rate hike expectations firm, banks surge
▼ + stars: | 2023-04-14 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

"As expected, the bigger banks were probably not harmed that much by the regional banking turmoil, and possibly even beneficiaries of it," Mayfield added. "We saw mostly strong and healthy balance sheets, and it's pretty clear (the regional banking) crisis isn't systemic." The S&P 500 banking sector (.SPXBK) jumped 3.4% and JPMorgan Chase surged 7.3%, setting itself up for its biggest one-day percentage gain since Nov. 9, 2020. Among the 11 major sectors of the S&P 500, financials (.SPSY) were the sole gainers. The S&P 500 posted nine new 52-week highs and two new lows; the Nasdaq Composite recorded 37 new highs and 182 new lows.

JPMorgan's shares rallied 7.3%, set for its steepest one-day gain in over two years, while Citigroup rose 3.8%. The S&P 500 Banks index (.SPXBK) rose 3.3% to a one-month high, among the few sectors to outperform. Traders largely stuck to bets that the Fed will raise rates by another 25 basis points in May. Ten of the 11 S&P 500 sectors were in the red, with real estate (.SPLRCR) and utilities (.SPLRCU) leading declines. Bank stocks lag S&P 500 this yearReporting by Sruthi Shankar in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Companies JPMorgan"

25 mentions found