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☆ Jamie Dimon might finally be ready to call it quits
▼ + stars: | 2024-05-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The big storyA retirement loomsMarianne Ayala/BIThe world's most recognizable banker might finally be ready to call it quits. The comings and goings of Wall Street executives are common, even at the highest levels. Wall Street has long speculated about who will ultimately succeed Dimon. Martin Gruenberg has told staff he'll stand down as chairman once a replacement has been found , per The Wall Street Journal. A report from the Wall Street Journal says the company hopes to conduct its next implant in June.

Persons: —, Jamie Dimon's, Marianne Ayala, Jamie Dimon, Insider's Paul Squire, nodded, Morgan Stanley, JPMorgan's, Tom Williams, Dimon, Jennifer Piepszak, Marianne Lake, Troy Rohrbaugh, BI's Reed Alexander, Reed, M, Alyssa Powell, Goldman Sachs, Lindsay MacMillan, Nancy Lazar, Piper, Martin Gruenberg, OpenAI, Scarlett Johansson, Sam Altman's, Andrea Chronopoulos, they're, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Navy SEAL, Business, JPMorgan, Street, Citi, Bank, Inc, Getty, Wall, Dimon, Bank of America, FDIC, Microsoft, Wall Street Journal Locations: New York, London

☆ JPMorgan is well diversified, says Gabelli Funds' Macrae Sykes
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan is well diversified, says Gabelli Funds' Macrae SykesMacrae Sykes, portfolio manager at Gabelli Funds, joins 'Squawk Box' to discuss Jamie Dimon's tenure at JPMorgan, capital requirements in Basel III Endgame, and more.

Persons: Macrae Sykes Macrae Sykes, Jamie Dimon's Organizations: JPMorgan, Gabelli Locations: Basel

☆ JPMorgan CEO Jamie Dimon signals retirement is closer than ever
▼ + stars: | 2024-05-20 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Jamie Dimon, CEO of JPMorgan Chase, at the U.K. Jamie Dimon's days as CEO of JPMorgan Chase are numbered — though its unclear by how much. In a response to a question Monday about the bank's succession planning, Dimon indicated that his expected tenure is less than five more years. That's a key change from Dimon's previous responses to succession questions, in which his standard answer had been that retirement was perpetually five years away. Even when he steps down as CEO, however, it's likely he will stay on as the bank's chairman, JPMorgan has said.

Persons: Jamie Dimon, JPMorgan Chase, Jamie Dimon's, That's, Dimon, I've, Marianne Lake, Jennifer Piepszak, it's Organizations: JPMorgan, U.K, Global Investment Locations: Hampton, London, York, America

☆ Jamie Dimon had a lot to say in his annual letter to shareholders
▼ + stars: | 2024-04-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Jamie Dimon's annual letter to shareholders and why this edition is so different . The big storyDimon sounds offWin McNamee/Getty Images; Chelsea Jia Feng/BIWhen Jamie Dimon talks, people tend to listen. Dimon's annual letter to shareholders grabs the business world's attention in ways most executives can only imagine. Dimon described the tech as just as innovative and impactful as the printing press, steam engine, electricity, and the internet, writes Business Insider's Jyoti Mann. The polarization of politics was something Dimon touched on in his letter, urging people to resist being "weaponized."

Persons: —, Jamie Dimon's, Jamie's, Win McNamee, Chelsea Jia Feng, Jamie Dimon, Larry Fink, Dimon, Insider's Jyoti Mann, BI's Theron Mohamed, BI's Juliana Kaplan, Alex Brandon, Rebecca Zisser, he's, it'd, David Rosenberg, Jenny Chang, Rodriguez, Elon Musk, Tesla, Musk, Gabor Cselle, Brooks Kraft, Zers, they'll, they've, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, JPMorgan, Democratic, Monetary Fund, Microsoft, Google, Twitter, Brooks Kraft LLC, Getty, Warner Bros, Oxford High, Boeing Locations: Pennsylvania, Asia, Hong Kong, Singapore, Dubai, Abu Dhabi, London, New York

☆ Jim Cramer's quick takes on JPMorgan, Tesla, TSMC, Take-Two and Fastly
▼ + stars: | 2024-04-08 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +2 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Taiwan Semiconductor Manufacturing Company : The chipmaker gets $6.6 billion from the U.S. government to support to building three plants in Arizona. Take-Two Interactive : The video game stock was upgraded at Citi to buy. Fastly : The stock was upgraded to a buy-equivalent overweight rating at Piper Sandler. The analysts said the company is gaining market share in the core content delivery network market.

Persons: Jim Cramer's, Jamie Dimon's, Jamie Dimon, Jim Cramer, Cramer, Elon Musk, Gina Raimondo, Piper Sandler Organizations: CNBC, Club, JPMorgan, Fargo, Taiwan Semiconductor Manufacturing Company, U.S, Citi Locations: Arizona, America, China, Taiwan

☆ A real estate CEO predicts hundreds of banks will fail or be taken over by 2026
▼ + stars: | 2024-03-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

A real estate boss expects at least 500 banks to fail or be taken over in the next two years. Scott Rechler, CEO of RXR, said the maturing of commercial real estate loans would hit smaller lenders. Commercial real estate has been hit by declining asset prices, costlier borrowing, and tighter lending. AdvertisementHundreds of American banks will collapse or be taken over by 2026, a top real estate executive predicted. Silicon Valley Bank, Signature Bank, and Silvergate Bank folded last spring after worries about their health spurred a wave of deposit withdrawals.

Persons: Scott Rechler, —, Fortune, I'm, It's, Jamie Dimon's Organizations: Service, Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Silvergate Bank, New, New York Community, Federal Reserve, JPMorgan Locations: New York

☆ A hard-landing recession is guaranteed as the full impact of Fed rate hikes have yet to hit the economy, Morgan Stanley's chief economist says
▼ + stars: | 2024-02-27 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

A hard landing is guaranteed for the US Morgan Stanley's chief US economist. That's because the full impacts of Fed tightening haven't been fully felt in the economy. It could take 18 months after the last rate hike to feel the full weight of higher rates, economists say. Zentner is expecting the US to avoid a recession this year, as there's no data to support a soon-to-come downturn. AdvertisementStill, signs point to the Fed keeping interest rates elevated as it keeps an eye on inflation.

Persons: US Morgan Stanley's, Ellen Zentner, Morgan Stanley's, Zentner, Jamie Dimon's Organizations: US, Federal Reserve, CNBC, Analytics, Bank, Investors

☆ Jamie Dimon's big JPMorgan stock sale may be a warning sign, given his stellar track record at market timing
▼ + stars: | 2024-02-26 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

JPMorgan CEO Jamie Dimon sold hundreds of thousands of shares in the bank last week, a possible worrisome signal given his strong track record at timing the market. What Dimon sold was all profit from the more than one million shares he bought between 2009 and 2016, Bespoke said. In total, Dimon bought more than 1.2 million shares between 2009 and 2016. JPM KBE,.SPX YTD mountain JPMorgan vs. the S & P 500 and SPDR S & P Bank ETF, year to date JPMorgan shares are up more than 8% so far in 2024, outperforming the S & P 500 's less than 7% gain as well as a more than 4% decline in the SPDR S & P Bank ETF (KBE) . A filing from JPMorgan last October said Dimon would sell one million shares sometime in 2024 but didn't specify when.

Persons: Jamie Dimon, Dimon, FactSet, JPM Organizations: Investment, upturns, JPMorgan, Insider, P Bank, P Bank ETF

☆ Meet the Man Behind Litquidity, the Anonymous Instagram Account Dominating Wall Street
▼ + stars: | 2024-02-07 | by ( Reed Alexander | Hayley Cuccinello | ) www.businessinsider.com time to read: +26 min

The deck kicked off a game of one-upmanship among Wall Street banks trying to keep their employees happy. Lit capitalized on poking fun at Wall Street culture, selling $35 dad hats that read, "Do You Know Who My Father Is?" There have, of course, been endless rumors about Lit's identity, especially among Wall Street underlings. Wall Street underlings have speculated about Litquidity's identity for years. Basak, one attendee said, wanted to take a "wrecking ball through it all" and hold Wall Street heavy hitters accountable.

Persons: Goldman Sachs, I've, David Solomon, Litquidity, Goldman, Solomon, Evercore, Michael Kovac, Lit, Warburg Pincus, Jamie Dimon, Jamie Dimon's, Banksy, Bennett Jordan, who've, Lit's, — Mark Moran, —, Jefferies, Richard Handler, Spencer Platt, Isaac Laifer, Laifer, Handler, We'd, Henry, Hank, Medina, He's, he's, Jefferies Medina, Bart P, Fuchs, Karl Smith, Mark Moran, Moran, Bloomberg he'd, Zack DeZon, Getty Images Moran, Brian Hanly, Hanly, Sonali Basak, Angela Weiss, cryptocurrency, we'll, Mark, Medina's, weren't, CoinFLEX, Litquidity doesn't, Dave Portnoy, wasn't, Medina Ayden Syal, Kyle Zappitell, Zappitell, he'd, hasn't, Bennett Jordan —, Craig Sjodin, Litney, Paul Argenti, Wall Organizations: Goldman, New York Times, CNBC, Business, Bloomberg, Metropolitan Club of New, Nomura, Citigroup, Financial Times, Litney Partners, Whitney Partners, BI, ESPN, Litquidity, Centerview Partners, New York, Getty, Bain Capital, Litquidity Venture Partners, SEC, Cornell University, Wexford Capital —, Deutsche Bank, Deutsche, CFA, Getty Images, Bullish, Vice, Wall Street, Litquidity's, Manhattan's Rue, Fox Business, Litquidity Ventures, Coatue Management, SAFE, Soho House, Dartmouth University Locations: New York, Tribeca, Metropolitan Club of New York, Instagram, San Francisco, Medina, New York City, Miami, NoHo, Chad, Connecticut, Litquidity, Linktree, Soho

☆ JPMorgan just shuffled its management. Here's what the new line-up says about Jamie Dimon's succession plans.
▼ + stars: | 2024-01-26 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +5 min

Lake, who co-led the consumer and community bank with Piepszak since 2021, will now have sole oversight of that segment. Piepszak and Rohrbaugh will take on day-to-day control of the corporate and investment bank, which Daniel Pinto has led since 2014. Jennifer Piepszak, a JPMorgan lifer, will leave the consumer side of the organization for her new role atop the commercial and investment bank. BIIIn her new role, Piepszak will have a chance to gain more experience on the wholesale side of the business. She joined the bank following her college graduation and spent 17 years in various finance roles across the investment bank.

Persons: Jamie Dimon, Jennifer Piepszak, Marianne Lake —, Dimon, Troy Rohrbaugh, Rohrbaugh, Daniel Pinto, Pinto, Dimon's, JPMorgan Pinto, Gordon Smith, Lake, Piepszak, JPMorgan.com Mary Callahan Erdoes, Erdoes, Morgan Stanley, James Gorman, Mike Mayo Organizations: JPMorgan Chase, Business, JPMorgan, Wall, First Locations: Piepszak, BII, Euromoney, Wells Fargo

☆ Jamie Dimon gets $36 million in compensation after historic year for JPMorgan
▼ + stars: | 2024-01-18 | by ( Jeffrey Cane | ) www.businessinsider.com time to read: +2 min

The bank's board increased CEO Jamie Dimon's pay by 4% to $36 million. So it's probably not surprising that its longtime CEO, Jamie Dimon, is getting a raise from the bank's board, a 4% bump, to $36 million, for 2023. The bank disclosed Dimon's compensation in a securities filing on Thursday. His pay consists of an annual base salary of $1.5 million, $5 million in cash, and $29.5 million in performance share units, according to the filing. Dimon's compensation was $34.5 million for both 2022 and 2021.

Persons: JPMorgan Chase, Jamie Dimon's, —, it's, Jamie Dimon, Mike Mayo, Dimon Organizations: JPMorgan, Service, JPMorgan Chase, First, CNBC Locations: First Republic, Wells Fargo, Wall

☆ Jamie Dimon's stock-moving trades show why investors should track CEOs' buying and selling
▼ + stars: | 2023-10-28 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +24 min

While executive stock sales — such as Dimon's planned transactions next year — are not universally red flags, they can get complicated. Insider stock sales Executive stock trades are usually disclosed through SEC filings known as Form 4 documents and accessible through the regulator's EDGAR database — the electronic data gathering, analysis, and retrieval system. Rule 10b5-1 trading plans came into the fold just over two decades ago to reconcile these two discordant facts. Adopting Rule 10b5-1 trading plans gives public-company executives a way to protect against allegations of illegal insider trading in the future. Compared with a tiny stock sale executed through a predetermined plan, executive stock buys generally send a much stronger signal: The executive wants to make money, too.

Persons: Jamie Dimon, Dimon, Jim Cramer, Jim, Eliezer Fich, Dimon's, EDGAR, Chester Spatt, Spatt, —, Susan Li, Drexel's, Wharton, Drexel's Fich, Fich, I'm, Nancy Quan's, Quan, Marc Benioff, Carnegie Mellon's Spatt, Benioff, Howard Schultz, Schultz's, Schultz, Carnegie Mellon's, Nikesh Arora, Arora, Charles Scharf, Wells, Sehwa Kim, Kim, Foot, Mary Dillon, Locker, Dillon, Foot Locker, Jim Cramer's, Al Drago Organizations: JPMorgan Chase, JPMorgan, Dow Jones Industrial, Wall, Dimon, Pfizer, Capitol, Drexel University, Club, Securities, Exchange Commission, SEC, Carnegie Mellon's Tepper School of Business, CNBC, Stanford University, University of Pennsylvania's Wharton School, Stanford, Cola, Salesforce, Carnegie, Starbucks, Palo Alto Networks, Alto Networks, Broadcom, Federal Reserve, Washington Service, Columbia Business School, JPMorgan Chase &, Bloomberg, Getty Locations: U.S, Coke, Salesforce, FL

☆ How Morgan Stanley exec Ted Pick rose from 'rough edged' deal junkie to CEO
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +21 min

Editor's note: Morgan Stanley announced on October 25 that Ted Pick would replace James Gorman as CEO. Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gucci loafers, Blackstone, Tony James, Morgan, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, —, Hayley Cuccinello Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long, hcuccinello@insider.com

☆ Market shock may finally move Washington on Medicare reform, says AEI's James Pethokoukis
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarket shock may finally move Washington on Medicare reform, says AEI's James PethokoukisAaron Klein, senior fellow in economic studies at The Brookings Institute, Chris Kotowski, senior research analyst at Oppenheimer, and James Pethokoukis, American Enterprise Institute senior fellow, join 'Power Lunch' to react to JPMorgan CEO Jamie Dimon's remarks on the economy, Fed, and banks.

Persons: AEI's James Pethokoukis Aaron Klein, Chris Kotowski, Oppenheimer, James Pethokoukis, Jamie Dimon's Organizations: Brookings Institute, American Enterprise Institute senior Locations: Washington

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ How Jeffrey Epstein turned the US Virgin Islands into a pedophile's playground and helped elect a sitting member of Congress
▼ + stars: | 2023-06-27 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +21 min

Court filings show how Jeffrey Epstein exerted power in the US Virgin Islands, two of which he owned. A financier worth hundreds of millions of dollars, Epstein owned two islands in the US Virgin Islands (there are roughly 50 islands overall). He had donated generously to Democratic politicians from the US Virgin Islands for years. With the assistance of the US Virgin Islands' first lady, Epstein navigated the territory's political waters unscathed. The court records show that, at least in the US Virgin Islands, he exerted influence with little friction.

Persons: Jeffrey Epstein, Stacey Plaskett, —, Plaskett, Epstein, James, Lesley Groff, Scott Applewhite, Stacey, Thomas, didn't, Groff, maxed, Shawn, Michael Malone, Gabriel Lopez Albarran, Cecile de Jongh, John de Jongh Jr, de Jongh, Malone, De Jongh, Darren Indyke, Richard Kahn, Kahn, Groff didn't, Stuart McPhail, McPhail, Jeffrey Epstein's, Erika Kellerhals, Hi Jeffrey, Rick Friedman, Corbis, de, JPMorgan Chase, Ghislaine Maxwell, Epstein's, Maxwell, She's, Mary Erdoes, Jamie Dimon's, Jes Staley, Epstein's thrall, Jongh, Denise George, Albert Bryan Jr, Bryan, Jed Rakoff, Emily Michot, Bill Clinton, Donald Trump, Prince Andrew, Trump's, De, Epstein doled, John de Jongh's, Kenneth Mapp, John de Jongh, John, wasn't Organizations: Virgin Islands, Service, Democratic, US, Islands, Democratic Congressional, AP, Federal, Commission, Democratic Party, Virgin Islands Economic Development Authority, Southern Trust Co, de, Indyke, Democrat, Getty Images JPMorgan, US Virgin Islands, JPMorgan, Virgin, Hyperion, Barclays, Authorities, United States Virgin Islands, Virgin Islands Senate, Gov, New York Times, US Virgin, Deutsche Bank, U.S ., Miami Herald, Tribune, Getty, Federal Government, Mapp's PAC Locations: Virgin, Washington, Puerto Rico, Little St, Palm Beach , Florida, St, Croix, Manhattan, Islands, US Virgin, New York, U.S, U.S . Virgin Islands, Jongh, Tortola

☆ JPMorgan's No. 2 explains how the fintech threat made the nation's largest bank even bigger
▼ + stars: | 2023-06-02 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase, the nation's largest bank by assets, is getting bigger every day. The bank's second-in-command said the fintech threat is driving some of its expansion plans. 2, Daniel Pinto, suggested that the looming fintech threat is also responsible for JPMorgan's retail banking expansion in Europe. It plans to spend $15.3 billion on tech in 2023, up $14 billion from last year. Last month, JPMorgan agreed to pay about $10.6 billion to buy First Republic Bank after the smaller bank was seized by regulators.

Persons: JPMorgan Chase, Daniel Pinto, Jamie Dimon's, fintechs, Dimon's, Pinto, Bernstein, JPMorgan Organizations: JPMorgan Chase, JPMorgan, Morning, Bloomberg, First, Bank Locations: Europe, United States, Germany, America

☆ Businesses went from being 'bridge between China and U.S. to battleground': APCO's Jim McGregor
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBusinesses went from being 'bridge between China and U.S. to battleground': APCO's Jim McGregorJim McGregor, APCO Worldwide greater China chairman, joins 'Squawk Box' to discuss Tesla CEO Elon Musk and JPMorgan CEO Jamie Dimon's separate visits to China this week, and the fine line CEOs must walk when dealing with both Beijing and Washington.

Persons: Jim McGregor Jim McGregor, Elon Musk, Jamie Dimon's Organizations: APCO, JPMorgan Locations: China, U.S, Beijing, Washington

☆ 'Other problems might be lurking': Strategist is unconvinced by Jamie Dimon's bank crisis comments
▼ + stars: | 2023-05-02 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Workers are seen inside of a First Republic Bank office on May 01, 2023 in San Francisco, California. Justin Sullivan | Getty Imageswatch nowDavid Pierce, director of strategic initiatives at Utah-based GPS Capital Markets, told CNBC Tuesday that the financial sector's frailties may be more profound than the messaging from bankers and policymakers suggests. Could they have funded them and given them additional capital, provided loans that would have gotten them through this hard time?" The World Economic Forum's Chief Economists Outlook, published Monday, showed chief economists by and large do not currently see large-scale systemic risk from the recent banking chaos, but they do think it will have some economic impact. "Although the chief economists are broadly sanguine about the systemic implications of the recent financial disruption – 69% characterize it as isolated episodes rather than signs of systemic vulnerability – they point to potentially damaging knock-on effects," the report said.

☆ PacWest, Western Alliance lead regional bank sell-off of more than 20% a day after Jamie Dimon said the crisis had ended
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Shares of PacWest and Western Alliance each fell more than 25%, leading bank stocks lower on Tuesday. "This part of the crisis is over," JPMorgan's Jamie Dimon said after his bank took over First Republic. Shares of PacWest and Western Alliance fell as much as 26% and 27%, respectively. The S&P Regional Banks Select Industry Index fell 7%, while the KBW Regional Banking ETF fell 6%. The crash in regional bank shares comes a few days after First Republic Bank failed and was taken over by the Federal Deposit Insurance Corporation and its assets sold to JPMorgan.

First Republic was one of the major casualties of the banking crisis triggered in March, when depositors fled en masse from some U.S. lenders to institutions such as JPMorgan that they thought were safer. [1/2] People walk past a First Republic Bank branch in San Francisco, California, U.S. April 28, 2023. JPMorgan has assumed all of the bank's deposits, it said, and will repay $25 billion of the $30 billion big banks deposited with First Republic in March. JPMorgan said it expected to achieve a one-time, post-tax gain of about $2.6 billion after the deal. The failed bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank from Monday, it added.

☆ FDIC sees merits of increasing backstop for business accounts
▼ + stars: | 2023-05-01 | by ( ) www.cnbc.com time to read: +3 min

A key U.S. banking regulator on Monday laid out a range of options for reforming the federal deposit insurance system and concluded that significantly increasing the backstop for bank accounts used for business purposes was the "most promising." In the wake of March's lightning-fast bank failures, expanding coverage for accounts used to cover payroll, invoices and other large business transactions has emerged as the Federal Deposit Insurance Corp's preferred route for balancing financial stability and depositor protection, relative to its cost. Keeping the current system, where coverage is limited to $250,000 per-person per-bank, was the third option considered. The FDIC's deposit insurance fund helps to fulfill the agency's guarantee of bank deposits up to $250,000 per person. In the event an insured bank fails, the FDIC uses the deposit insurance fund to pay back customers who maintained accounts under the limit.

☆ Jamie Dimon's 'tone deaf' return to office mandate is getting pushback from JPMorgan staffers, who are complaining about being stuck on Zoom calls even while in the office: Reuters
▼ + stars: | 2023-04-28 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

JPMorgan is now mandating all managing directors work from the office five days a week. But that rubbed some workers the wrong way, who vented on an internal messaging system, per Reuters. They griped about being stuck in virtual meetings despite being in the office, long commutes, and family responsibilities. In the same video, Clarke even lauded one employee's work ethic who he said "sold their family dog" to improve work performance. Read the JPMorgan return to office memo in full here.

☆ Where Goldman Sachs CEO David Solomon takes the corporate jet
▼ + stars: | 2023-04-24 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

"The Board fully supports the use of the Goldman Sachs planes for travel, just as it supported the use of private aircraft by previous Goldman Sachs executives," said Tony Fratto, a company spokesman. "Executives at Goldman Sachs have been flying on private aircrafts for decades as it is proven to be the most secure, effective, and cost-efficient solution to meet the extensive travel obligations for CEOs of firms like Goldman Sachs — which is why all of our peer institutions also extensively use private aircraft." John Waldron, president of Goldman Sachs Reuters/Brendan McDermidOccasionally, Solomon and Waldron switch planes, particularly when Waldron flies overseas. Goldman Sachs has a sponsorship deal with pro golfer Patrick Cantlay. "These estimates wildly overstate the cost of such flights to Goldman Sachs and are not an accurate representation," he said.

☆ Bank earnings show big jumps in net interest income and healthy spreads
▼ + stars: | 2023-04-14 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank earnings show big jumps in net interest income and healthy spreadsCNBC's Hugh Son joins 'Squawk on the Street' to discuss bank earnings, the likelihood for further bank contagion, and Jamie Dimon's commentary on the state of the economy.

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