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☆ JPMorgan and Morgan Stanley boost buybacks and dividends, while Citigroup and BofA take smaller steps
▼ + stars: | 2024-06-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase and Morgan Stanley said Friday that they were boosting both dividend payouts and share repurchases, while rivals Citigroup and Bank of America made more modest announcements. JPMorgan, the biggest U.S. bank by assets, said it was raising its quarterly dividend 8.7% to $1.25 per share and that it authorized a new $30 billion share repurchase program. Morgan Stanley, a dominant player in wealth management, said it was boosting its dividend 8.8% to 92.5 cents per share and authorized a $20 billion repurchase plan. Citigroup said it was raising its dividend 5.7% to 56 cents per share and that it would "continue to assess share repurchases" on a quarterly basis. Bank of America said it was increasing its dividend 8% to 26 cents per share.

Persons: Brian Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Morgan Stanley, Dimon Organizations: Bank of America, JPMorgan, Citigroup, Washington , D.C, Federal Reserve Locations: Hart, Washington ,, New York

☆ Chinese spies are targeting disgruntled workers within U.S. corporations, warns national counterintelligence head Michael Casey
▼ + stars: | 2024-06-04 | by ( Susan Caminiti | ) www.cnbc.com time to read: +3 min

Casey said there has been a 100% increase in cyber incidents and ransomware demands across the board. These are people within organizations that can be recruited to steal IP, data, or whatever the bad actor is targeting. "These are the employees who are having money problems, marital problems that someone can take advantage of," Casey said. "The PRC is an authoritarian state and there should be no confusion between that and Chinese Americans and people of Chinese descent," Casey said. "Leaders need to know what they would do if the worst thing happens," Casey said.

Persons: Michael Casey, Michael C, Casey, Eamon Javers, I'm Organizations: Intelligence, Capitol, National Counterintelligence and Security Center, CNBC, Summit, Washington , D.C, CNBC Senior Washington, FBI Locations: Washington ,, U.S, China, Russia

☆ JPMorgan's Dimon urges US Fed to wait past June before cutting rates
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +2 min

(Photo by Win McNamee/Getty Images)JPMorgan CEO Jamie Dimon on Tuesday urged the Federal Reserve to wait past June before cutting interest rates, arguing the central bank needs to shore up its inflation-fighting credibility. If I were them, I would wait," Dimon said at the Australian Financial Review business summit via a livestream from New York. I would even wait past June and let it all sort it out." Long a critic of bitcoin, Dimon said a lot of the practical uses for the cryptocurrency were illegal activity like sex trafficking, fraud and terrorism. Dimon also weighed in on artificial intelligence and said JPMorgan had two thousand people working on 400 use cases for the technology at the bank.

Persons: Jamie Dimon, JPMorgan Chase, Win McNamee, Dimon, Long, bitcoin Organizations: JPMorgan, Wall, Federal Reserve, Australian Financial Locations: Hart, Washington ,, New York, U.S, Ukraine, Gaza

☆ One of Wall Street's favorite ways to control workers is under attack
▼ + stars: | 2024-02-08 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

One of Wall Street's favorite employee leverage tactics — non-compete agreements — is facing a major threat, and there could be far-reaching implications for how the financial industry does business. But it's also clear that Wall Street firms are under particular attention for the practice. With major Wall Street firms already having among the most unpopular back-to-work policies in the market, "Wall Street is already in a position where they are recognizing they don't have all the hands they had before," Chamberlin said. Shore recommends Wall Street firms undertake a thorough competitive analysis at every level in every department to ensure they are market competitive. Even if the FTC rule goes through, Wall Street firms still have options to protect their business.

Persons: Charles Scharf, Wells, Brian Thomas Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Ronald O’Hanley, Robin Vince, BNY Mellon, David Solomon, Goldman Sachs, James Gorman, Morgan Stanley, General Mills, —, Wall, it's, Kathy Hochul, that's, Covid, Laurie Chamberlin, Chamberlin, Lina Khan's, Khan, It's, David Fisher, Gilbert, Fisher, Juan A, Crowell, Arteaga, Paul Webster, Matt Shore, Kareem Bakr, Webster, Leslie John, Ballard Spahr, John Organizations: Company, Bank of America, JPMorgan, Citigroup, BNY, Google, Apple, Pfizer, Exxon Mobil, General Electric, Procter, Gamble, Nike, Economic, Institute, Federal Trade Commission, North America, American College of Emergency Physicians, Davis, FTC, Supreme, Industry, Moring, Wall, Phaidon International, Wall Street Locations: Wells Fargo, Hart, Washington ,, New York, . California, U.S, Gilbert . Massachusetts, Oregon, Washington, Massachusetts

Former U.S. Sen. Jean Carnahan, who became the first female senator to represent Missouri after she was appointed to replace her husband following his death, died Tuesday. Carnahan, a Democrat, was appointed to the Senate in 2001 after the posthumous election of her husband, Gov. Jean Carnahan graduated a year later from George Washington University with a bachelor’s degree in business and public administration, and they later raised four children on a farm near Rolla, Missouri. Roger Wilson appointed Jean Carnahan to fill the seat left vacant by her husband’s death. A private family service will be held at Carson Hill Cemetery near Ellsinore, Missouri, where Carnahan's husband and son are buried.

Persons: U.S . Sen, Jean Carnahan, Carnahan, Mel Carnahan, “ Mom, ”, Louis, Roger, Roger Wilson, Roy Temple, Jean Carnahan’s, “ Jean, ” Temple, Temple, Sen, Joe Biden Organizations: U.S ., Democrat, Senate, Washington , D.C, George Washington University, Capitol Locations: Missouri, St, Washington ,, Rolla , Missouri, Hart, Carson Hill, Ellsinore , Missouri

☆ CNBC Daily Open: Big Bank earnings point to a grim season
▼ + stars: | 2024-01-15 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

Win Mcnamee | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineFourth-quarter earnings have officially begun with four of Wall Street's top six banks reporting rather bleak results. JPMorgan Chase, the biggest U.S. bank by assets, paid a sizeable fee linked to the government seizures associated with regional banking crisis last March, which impacted its earnings. Citigroup has lagged its Wall Street peers since the 2008 financial crisis and remains the lowest valued among the top six banks.

Persons: Brian Moynihan, Jamie Dimon, JPMorgan Chase, Jane Fraser, Win Mcnamee, Jane Fraser's, Kurt Rankin, Lai Ching, Lai Organizations: Bank of America, JPMorgan, Citigroup, CNBC, Federal Reserve, PNC, Voters, Democratic Progressive Party Locations: Hart, Washington , DC, U.S, Asia, China, Taiwan

☆ Eight big U.S. bank CEOs to face Senate Banking Committee grilling in December
▼ + stars: | 2023-09-29 | by ( Emily Wilkins | ) www.cnbc.com time to read: +2 min

The meeting is the third time that Banking Committee Chair Sherrod Brown , D-Ohio, will hold an oversight hearing with the heads of the nation's biggest banks. Eight CEOs of the largest U.S. banks will face questioning at a Senate Banking Committee hearing in December, according to an announcement obtained by CNBC . "Part of that commitment is to hear directly from the biggest banks that hold too much power in the economy," he said. Brown and other Banking Committee members have ramped up oversight efforts in 2023, particularly regarding three banks that failed earlier in the year, Silicon Valley Bank, Signature Bank and First Republic. The failure of First Republic in May was the biggest bank failure in the United States since the 2008 financial crisis.

Persons: Sherrod Brown, Janet Yellen, Powell, Brown, Chuck Schumer Organizations: Federal, Banking, Housing, Urban Affairs, CNBC, Silicon Valley Bank, Signature Bank, First, Republic, JPMorgan, Federal Deposit Insurance Corp Locations: Hart, Washington , DC, Ohio, First Republic, United States

Senator Richard Blumenthal, D-CT, speaks during a Senate Judiciary Committee hearing on the January 6th insurrection, in the Hart Senate Office Building on Capitol Hill in Washington, DC, March 2, 2021. WASHINGTON — Bipartisan members of a Senate subcommittee on homeland security demanded transparency Wednesday from a Saudi Arabian investment fund at its second hearing on the controversial deal to merge PGA Tour and Saudi-backed LIV Golf. "Saudi Arabia's bid to buy professional golf in America is not just one investment in a vacuum," Sen. Richard Blumenthal, D-Conn., chairman of the Permanent Subcommittee on Investigations, said on Capitol Hill. Blumenthal announced that he had issued a subpoena on Wednesday to USSA International LLC, the PIF's wholly-owned U.S. subsidiary, for documents related to the PGA Tour-LIV Golf deal and other U.S. investments. A PGA Tour representative declined to comment.

Persons: Richard Blumenthal, LIV Golf, Sen, Conn, Blumenthal, LIV, Benjamin Freeman, Joey Shea, LIV didn't Organizations: WASHINGTON, Saudi, Investigations, Capitol, USSA, PGA, Quincy Institute, Responsible, United, Human Rights Watch Locations: Hart, Washington , DC, Saudi Arabian, Saudi, America, Saudi Arabia, China, Russia, United States, United Arab Emirates

☆ I watched the newly-public security camera footage from January 6. I saw things I hadn't seen before — including eerie scenes of lawmakers fleeing for their safety on one of the darkest days in Americ
▼ + stars: | 2023-09-11 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +11 min

House Republicans have begun to make January 6 security camera footage publicly available. I watched as lawmakers fled for safety — and banded together — while rioters besieged the Capitol. AdvertisementAdvertisementRoger Stone in front of the O’Neill House Office Building, where the January 6 security camera footage can be viewed, in December 2021. Upstairs, I focused on a lone security camera in front of the House chamber. On another security camera in Longworth House Office Building, I watched lawmakers of both parties gathering near the secure location where they sheltered for the duration of the riot.

Persons: Kevin McCarthy, Tucker Carlson, Roger Stone, Anna Moneymaker, I'd, —, Cori Bush, Bush, Steny Hoyer —, Madison Cawthorn, Eric Swalwell, Mike Pence —, Pence, Republican Sen, John Boozman, Democratic Sen, Dianne Feinstein, Lisa Murkowski, Dan Sullivan, Kevin Cramer, Sen, Jim Inhofe, Sheldon Whitehouse, Ashli Babbitt, there's, Barry Loudermilk Organizations: Republicans, Capitol, Service, House Republicans, Fox News, Administration, O'Neill, US Capitol Police, United States Capitol Police, Cannon House, Democratic, Rayburn House, Lawmakers, Republican, Democrat, Capitol Police, Republican Rep Locations: Wall, Silicon, O’Neill, Hart, Hart , Alaska Sens

☆ The new star in Congress is quite fake
▼ + stars: | 2023-06-14 | by ( Sam Fellman | ) www.businessinsider.com time to read: +2 min

Capitol Hill staffers encountered an outsized attraction in an institution increasingly known for them. Loading Something is loading. The stuffed animal is now the main attraction, of sorts, for a celebration of New Hampshire alongside maple syrup and the state's entrepreneurial spirit. Aides guided Marty through the Hart Senate office building. Kevin Dietsch/Getty ImagesThe aides rolled him into Shaheen's office in Hart Senate office building where he was planted in a prominent spot near staffers' desks.

Persons: Marty, —, Hampshire's Sen, Jeanne Shaheen, Kevin Dietsch, Marty isn't, Shaheen, He's Organizations: Capitol Hill, Service, Hart Senate, Granite, New, Kodak Locations: New Hampshire, Hart

☆ Premarket stocks: Jerome Powell's testimony sent markets reeling. That may be a good thing
▼ + stars: | 2023-03-08 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Federal Reserve Chairman Jerome Powell on Tuesday cleared the way for larger interest rate hikes at this month’s central bank policy meeting, sending markets into a tailspin. The S&P 500 fell 1.5%, the Dow dropped 575 points, or 1.7%, and the tech-heavy Nasdaq composite ended 1.3% lower. After Powell’s testimony, market expectations for a half-percentage point rate hike spiked. If inflation fails to continue falling, he said, the Fed will keep trying to cool things down by raising rates. Even if Powell was sure that January’s economic data was a fluke, he still wants to maintain the Fed’s credibility.

☆ This Social Security change would be ‘easiest and quickest,’ Manchin says. What debt ceiling negotiations may mean for benefits
▼ + stars: | 2023-01-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

But that should not include cuts to Social Security and Medicare benefits, he said. "I've got 60% of my population that that's all they have is Medicare and Social Security," Manchin told NBC's "Meet the Press" on Sunday. How raising payroll tax cap could aid Social SecurityIn 2023, wages up to $160,200 are subject to a 6.2% tax for employees and employers that goes to Social Security. Other Democrats have also proposed raising payroll taxes to help shore up Social Security. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62?

☆ Sen. Warren warns Tesla board that Musk may have failed to meet his legal duties due to Twitter takeover
▼ + stars: | 2022-12-19 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

Sen. Elizabeth Warren, D-Mass., wrote to the chair of Tesla's board Robyn Denholm expressing concern that CEO Elon Musk has failed to meet his legal duties since buying Twitter for $44 billion. "This use of Tesla employees raises obvious questions about whether Mr. Musk is appropriating resources from a publicly traded firm, Tesla, to benefit his own private company, Twitter," Warren wrote, adding that it could violate Musk's "legal duty of loyalty to Tesla." She also suggested the arrangements could violate legal requirements to make public employment agreements with executive officers, which Warren said Tesla has not done. Warren added that the debt Musk took on to buy Twitter could also create conflicts, like incentivizing him to have Tesla overpay for Twitter advertising to infuse it with cash. WATCH: Twitter is now Elon Musk's company — Here's how experts responded to the news

SoFi pitches itself as a digital financial services company with 3.9 million members as of Q1 2022. Heightened financial and risk controls mean that SoFi's crypto activities "pose significant risks to both individual investors and safety and soundness," the lawmakers said. Investor education material from SoFi warns that a cryptocurrency offered on SoFi's crypto platform, Dogecoin, has "no special use case or features." The letters to regulators and SoFi come as crypto markets weather their worst crisis yet. Lawmakers have demanded an explanation from SoFi on its risk management, credit, financial and compliance systems by Dec. 8.

☆ Senate Banking Committee Chair Brown scrutinizes banking fees as consumers struggle with inflation
▼ + stars: | 2022-11-15 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

The Senate Committee on Banking, Housing and Urban Affairs scrutinized predatory fees charged by banks and other financial institutions during a Tuesday oversight hearing of regulators. Committee Chairman Sen. Sherrod Brown, D-Ohio, said the biggest banks and credit unions are doing well despite historic inflation and economic uncertainty. He said the overdraft fees charged by some credit unions "can be detrimental to members and inconsistent with the system's mission." Agency examiners are requesting audits of credit union overdraft programs, including information about overdraft policies and procedures. "Our financial regulators have answered that call, and I will continue to work with them to make sure our banking and credit union system works for everyone," Brown said.

☆ Tech leaders dish on how asinine it is to try to describe their companies, products, and worth to Congress
▼ + stars: | 2022-09-21 | by ( Hanna Kang | Kayla Gallagher | ) www.businessinsider.com time to read: +24 min

Tech companies are worried an aging Congress can't meet or even understand their demands. Younger members of Congress are beginning to take the lead in conversations on tech issues. Hawley said younger members are generally more critical of big tech. However, he added, new technologies are more widely used by younger people, and users tend to understand technology better. Meanwhile, major tech companies continue to ramp up their federal lobbying spending, together spending more in 2021 than in any other year in history.

☆ What it's like working for lawmakers whose golden years are clouded by power struggles, rumors of senility, and constant second-guessing
▼ + stars: | 2022-09-13 | by ( Warren Rojas | ) www.businessinsider.com time to read: +25 min

Doug Heye, a Republican strategist, told Insider that some political maneuvering is more tactical. Emanuel, now the US's ambassador to Japan, didn't refute that the exchange took place but told Insider he didn't remember it. It serves the institution," the former GOP aide told Insider, adding that seasoned dealmakers are preferable to partisan bomb-throwers "with some agenda that they're driving." Paul Morigi/Getty ImagesWhite, now the executive director of the Mississippi Department of Transportation, told Insider his boss always had the final word. 'Preserving their dignity'Convincing career lawmakers to hang it up before they tarnish their respective legacies is tricky business, a veteran GOP leadership aide told Insider.

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