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Stocks are up modestly in early trading Wednesday, but the usual signals of volume spikes and higher volatility are still not present. Yet here we are, with the 10-year at 4.55% yesterday and looking like it wants to get to 5.0% fast. Total equity volume yesterday was 10.4 billion shares, well below the September 2022 average of 11.4 billion, and 3% below the average level even for August, a vacation month. Modest volumes, relatively low volatility with prices down notably means there is no selling panic, but there is a buyer's strike in stocks. They need to see rates come down before they have confidence to buy stocks again."
Persons: Chris Verrone, Morgan, Jamie Dimon didn't, Verrone, You'd, Mike O'Rourke, Neel Kashkari, Here's, I've, Alec Young Organizations: UAW, Jones Trading Locations: China, Minneapolis
Jamie Dimon has warned that it's possible for US interest rates to rise as high as 7%. "If I was advising a company, I would say, are you prepared for 7% rates? AdvertisementAdvertisementJamie Dimon has warned that it's possible for US interest rates to surge as high as 7%, thanks to inflationary pressures stoked by factors including huge fiscal spending and the global energy transition. "I absolutely think they're possible," the JPMorgan CEO told the The Economic Times in an interview, referring to 7% rates. The Federal Reserve's benchmark interest rate is currently in the 5.25%-5.5% band, up 525 basis points since early 2022.
Persons: Jamie Dimon, , Dimon didn't, I'm, Dimon Organizations: JPMorgan, Economic Times, Service, Federal Reserve Locations: disinflationary, China, that's
JPMorgan Chase CEO Jamie Dimon has "no plans" to run for office, according to a statement from the bank Monday. Last week, hedge fund manager Bill Ackman tweeted that Dimon should run for president in the upcoming 2024 elections. That came after Dimon said in a recent interview that he would like to one day serve his country "in one capacity or another." "As he has said in the past, Jamie has no plans to run for office," the bank said in its statement Monday. Last month, at the firm's annual investor day, an analyst asked Dimon how many more years he expected to serve as CEO.
Persons: Jamie Dimon, Schumer, JPMorgan Chase, Bill Ackman, Dimon, Jamie, Donald Trump, Morgan Stanley, James Gorman, Dimon didn't Organizations: JPMorgan, U.S, Capitol Locations: Washington , U.S, JPMorgan, York
His proposals include investing in American industry, teaching students workplace skills, and expanding the Earned Income Tax Credit. Forecasting "storm clouds ahead," Dimon wants the government to drive economic growth by subsidizing industry, investing in the workforce, and reducing income inequality. Following in Buffett's footsteps, Dimon said JPMorgan owes its business success to the "extraordinary conditions our country creates" for economic growth. Akin to Musk, Dimon said he didn't want the government to micromanage industry, believing "Adam Smith's invisible hand still prevails." He suggested expanding the Earned Income Tax Credit, a tax refund that allows lower-income working individuals and families to keep more of their earned income.
Why, then, has Dimon been so willing to swing back into action in the wake of Silicon Valley Bank's collapse? But it's starting to look like JPMorgan — and Dimon — will end up winners no matter how things turn out. In backstopping First Republic, JPMorgan helps a client and a bank that experts say would fit nicely into its business. By saving First Republic, JPMorgan also stands to gain goodwill from Silicon Valley startups, which are customers of the smaller bank. The paper also reported that regulators asked Dimon, Bank of America, and other banks to buy Silicon Valley Bank and pay out depositors over the insured limit.
Ken Griffin, the founder and CEO of Citadel. It's good to be Ken Griffin. Plenty of people find success on Wall Street that most can only dream of. But Ken Griffin seems to be winning in ways that even his peers can't fathom. Click here to read more about Ken Griffin rise to the top of Wall Street and what could be next for the billionaire.
JPMorgan CEO Jamie Dimon hasn't got a pay raise for 2022 as the Wall Street giant faces economic headwinds. Dimon earned $34.5 million for his work last year, unchanged from the previous period, per Reuters. The bank's board members voted against granting any "special awards" to Dimon in the future. Board members also vetoed granting Dimon any special awards in the future, following shareholder pushback last year against a proposed $50 million payout for 2021. Although Dimon didn't get a raise, the bank's board members didn't hold back praise for him.
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