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☆ Frank founder Charlie Javice, who allegedly defrauded JPMorgan out of $175 million, hit with federal charges
▼ + stars: | 2023-04-04 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com time to read: +4 min

Charlie Javice, who sold her student-aid startup Frank to JPMorgan Chase, was charged with fraud. The bank claimed Javice faked millions of customers to convince it to buy Frank for $175 million. Federal prosecutors in Manhattan charged Javice with wire fraud affecting a financial institution, securities fraud, bank fraud and conspiracy on Tuesday. JPMorgan acquired Frank in 2021 for $175 million, but began to question the authenticity of the startup's purported 4 million users after an email marketing campaign ended in "disaster," according to the bank's lawsuit and a filing by prosecutors. Out of 400,000 emails sent to Frank users, more than 70% bounced back and only 103 were opened, the bank claimed.

☆ Jamie Dimon says the banking crisis is not over and will cause ‘repercussions for years to come’
▼ + stars: | 2023-04-04 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

Here's what comes next "But importantly, recent events are nothing like what occurred during the 2008 global financial crisis," he added. Stock Chart Icon Stock chart icon JPMorgan Chase, 1-year"Any crisis that damages Americans' trust in their banks damages all banks – a fact that was known even before this crisis. Risks are abundant, and managing those risks requires constant and vigilant scrutiny as the world evolves," Dimon wrote. The JPMorgan CEO instead called for more forward-looking regulation. All of these colliding factors became critically important when the marketplace, rating agencies and depositors focused on them," Dimon wrote.

☆ Elon Musk's price cuts at Tesla are working – for now
▼ + stars: | 2023-04-03 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

Tesla reported record-breaking Q1 deliveries of 422,875 vehicles. Analysts warn price cuts alone can't keep competition at bay. This record-breaking first-quarter delivery report from comes after Tesla engaged in a series of price cuts and other purchase incentives for the last several months, a move that some investors worried would have too much adverse impact on the company's profit margins. Other analysts and industry experts initially wondered if Musk was using price cuts to turn Tesla's demand problem into an advantage over his competitors. But analysts warn that price cuts alone cannot stave off competition forever.

☆ Why is OPEC cutting oil output?
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +4 min

Redburn research said the size of the latest cut was probably overdone unless OPEC feared a major global recession. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. "The latest cut would hurt those who bet against oil really badly," said a source familiar with OPEC+ thinking. However, excessively high oil prices represent a risk for OPEC+ as they speed up inflation, including for goods the group needs to purchase. Oil prices rebound after OPEC+ announces production cutsTENSIONS WITH WASHINGTONWashington has called the latest move by OPEC+ inadvisable.

In this article HJPM Follow your favorite stocks CREATE FREE ACCOUNTA mugshot of Jeffrey Epstein released by the U.S. Justice Department. The subpoenas demand communications and documents related to the bank and Epstein, The Journal noted. The bank earlier this month sued former JPMorgan investment banking chief Jes Staley, claiming he is responsible for the suits related to Epstein. A lawyer for the Virgin Islands earlier this month said in court that Dimon knew in 2008 that Epstein was a sex trafficker. That was the year that Epstein first was hit with sex crime charges in state court in Florida.

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☆ Explainer: How a massive options trade by a JP Morgan fund can move markets
▼ + stars: | 2023-03-30 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

read moreWHAT IS THE JP MORGAN HEDGED EQUITY FUND? The JPMorgan Hedged Equity Fund holds a basket of S&P 500 (.SPX) stocks along with options on the benchmark index and resets hedges once a quarter. For the year, the fund was down 10.66% through September 28, compared with a 21% decline for the S&P 500 Total return Index (.SPXTR). On June 30, the refresh of the fund's options positions involved about 140,000 S&P 500 options contracts in all, including S&P 500 puts at strikes 3580 and 3020 and calls at 4005, all for the September 30 expiry. Options dealers - typically big financial institutions that facilitate trading but seek to remain market-neutral - take the other side of the fund's options trades.

March 28 (Reuters) - Jamie Dimon, the chief executive of JPMorgan Chase & Co (JPM.N), will be interviewed under oath over the bank's relationship with late sex offender and former client Jeffrey Epstein, a lawyer involved in the case said on Tuesday. Epstein had been a JPMorgan client from 2000 to 2013 - five years after he pleaded guilty to a Florida prostitution charge. He had been friendly with Epstein but expressed regret for the relationship and has denied any involvement in Epstein's illegal activity. Deutsche Bank AG (DBKGn.DE), where Epstein was a client from 2013 to 2018, is also being sued by the financier's accusers. Epstein killed himself in a Manhattan jail cell at age 66 in August 2019 while awaiting trial for sex trafficking.

☆ Watch CNBC's full interview with JP Morgan's David Kelly
▼ + stars: | 2023-03-29 | 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 EmailWatch CNBC's full interview with JP Morgan's David KellyDavid Kelly, JP Morgan Asset Management chief global strategist, joins 'Squawk on the Street' to discuss the Federal Reserves rate policy plan, the Chinese economy's influence on U.S. inflation, and investment opportunities in international stocks.

☆ Employee bargaining power is limited with wage growth below inflation, says JPM's David Kelly
▼ + stars: | 2023-03-29 | 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 EmailEmployee bargaining power is limited with wage growth below inflation, says JPM's David KellyDavid Kelly, JP Morgan Asset Management chief global strategist, joins 'Squawk on the Street' to discuss the Federal Reserves rate policy plan, the Chinese economy's influence on U.S. inflation, and investment opportunities in international stocks.

Bank shares rebounded sharply on Monday after First Citizens BancShares Inc (FCNCA.O) said it would acquire the deposits and loans of Silicon Valley Bank, whose collapse earlier this month sparked a selloff in the sector. "The fact that we've got answers on Silicon Valley Bank, Signature Bank and Credit Suisse means that we have more answers than questions," said Art Hogan, chief market strategist at B Riley Wealth in Boston. Lawmakers are expected to put U.S. bank regulators on the defensive over the unexpected failures of regional lenders Silicon Valley Bank and Signature Bank when they testify before Congress later on Tuesday. The S&P 500 and Dow rose on Monday after the SVB deal was announced, while the Nasdaq Composite closed lower, led by a decline in technology-related stocks. The S&P index recorded five new 52-week highs and no new low, while the Nasdaq recorded 13 new highs and 40 new lows.

SummarySummary Companies Futures down: Dow 0.10%, S&P 0.17%, Nasdaq 0.22%March 28 (Reuters) - U.S. stock index futures slipped on Tuesday as Treasury yields rose amid easing worries about a banking crisis following First Citizens BancShares' U.S. regulator-backed deal for failed Silicon Valley Bank. Shares of First Citizens BancShares Inc (FCNCA.O) fell 1% in premarket trading after surging more than 50% on Monday following its deal to acquire the deposits and loans of failed Silicon Valley Bank. Regional banks also rose, led by First Republic Bank's (FRC.N) 2.2% gain after a 12% rally on Monday. Later in the day, Fed Vice Chair for Supervision Michael Barr will testify before the Senate Committee on Banking, Housing and Urban Affairs on "bank oversight" in the first of several hearings on the collapse of Silicon Valley Bank and Signature Bank. ET, Dow e-minis were down 31 points, or 0.1%, S&P 500 e-minis were down 6.75 points, or 0.17%, and Nasdaq 100 e-minis were down 27.75 points, or 0.22%.

☆ I Visited Miami After the Stock Market Crash, Crypto Bubble Pop
▼ + stars: | 2023-03-26 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

And if any city is the city where you can see just how remarkably things have shifted, it's also Miami. If the draw in the 1920s was imaginary land, Miami's bubble in the 2020s was driven by imaginary money — crypto. The newcomers — and the crypto kids, especially — believed they could master Miami as easily as they had mastered the markets. The new Miami money party started to run out of libations. "There were a lot of true believers in the Miami crypto scene.

☆ I'm a SVB employee who lost more than $1 million. Here's the inside story of our struggle to survive.
▼ + stars: | 2023-03-25 | by ( Darius Rafieyan | Mattathias Schwartz | ) www.businessinsider.com time to read: +9 min

The best case outcome — which I think is unlikely, given the brand tarnishing — is that we operate as a wholly-owned subsidiary. We spent a whole weekend on the phone, email, chat, any sort of way to get in touch with the VC firms, partners of the VC firms, operating partners, CFOs, anybody we could to try and get them to rally. Originally there was a list of 13 VC firms, which said they were willing to sign a statement saying that they supported us. We spent a whole weekend on the phone, email, chat, any sort of way to get in touch with the VC firms, partners of the VC firms, operating partners, CFOs, anybody we could to try and get them to rally. Whether you've raised $5 million or you've raised $500 million, you have a dedicated person.

☆ World stocks gyrate as bank contagion fears bite
▼ + stars: | 2023-03-24 | by ( Koh Gui Qing | ) www.reuters.com time to read: +5 min

"The growing sense of unease about the global banking system is heightening volatility in stock markets around the world," said Nigel Green, chief executive of deVere Group, a financial advisor. The failure of U.S. regional banks Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O) this month triggered fears of a banking contagion and prompted U.S. Treasury Secretary Janet Yellen on Thursday to pledge action to safeguard bank deposits. JP Morgan Chase (JPM.N) dropped 1.52%, the S&P 500 banks index (.SPXBK) was down 0.33%, while the KBW regional bank index (.KRX) climbed 2.92%. "I don't expect this volatility (in bank stocks) to subside anytime soon," said Peter Doherty, head of investment research at private bank Arbuthnot Latham in London. Doherty said issues of "contagion risk within the U.S. banking sector" were undoubtedly weighing on appetite for bank stocks elsewhere.

A version that was leaked earlier this year showed that Brussels was preparing to shorten an additional period of intellectual property protection, known as data exclusivity, which comes on top of drug patent protection. "The duration of data exclusivity, which may be reduced, could actually have a catastrophic impact for Europe," he said. He said the intentions of Brussels lawmakers - improving patient access to innovative drugs while making the European pharma sector more competitive - were noble but any shortening of intellectual property protection would have the opposite effect. Bayer shares lag'HIGHLY ATTRACTIVE'In the United States, a different set of drug market rule changes are underway, with some of the highest-selling products set to see negotiated price discounts under the Inflation Reduction Act (IRA). Among the biggest drivers was the company's decision to prepare a U.S. launch of its next-generation stroke prevention drug asundexian on its own.

☆ Sanofi, Regeneron unveil 'blow-out' smoker's lung drug data
▼ + stars: | 2023-03-23 | by ( Ludwig Burger Jubabu | Ludwig Burger | ) www.reuters.com time to read: +4 min

Sanofi and Regeneron said in a statement on Thursday a Phase III trial involving 939 current or former smokers also showed improvements in lung function, quality of life and COPD respiratory symptoms. JP Morgan analyst Richard Vosser said the trial update had "blow-out data" in store for investors, and that market consensus for 2027 Dupixent sales of 15.7 billion euros would likely be topped-up by between 1 and 2 billion euros. The anti-inflammatory drug accounted for 8.3 billion euros, or more than 19% of the French group's overall sales of 43 billion euros, last year. Sanofi reports combined global Dupixent sales from its alliance with Regeneron. Sanofi and Regeneron on Tuesday announced the European Commission had approved Dupixent to treat severe atopic dermatitis in young children.

☆ Reliance Jio's new 5G plans may impact Bharti Airtel's key metrics- JP Morgan
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, March 23 (Reuters) - The launch of cheaper postpaid plans with unlimited 5G by Reliance's Jio has put rival Bharti Airtel (BRTI.NS) on the back foot in the Indian market and may delay recovery in its key profit metric, JP Morgan analysts said on Thursday. Jio, the telecoms unit of Indian conglomerate Reliance Industries (RELI.NS), launched new postpaid plans last week, starting from 399 rupees ($4.85) that included over-the-top (OTT) packages, forcing Bharti Airtel to roll out similar plans. Analysts kept their "under weight" rating on Bharti Airtel, saying that ARPU expansion for Bharti was at risk and could even reduce over 2024-25 as 5G price wars take place. Both, Jio and Bharti Airtel have been rolling out 5G services across the country. ($1 = 82.2100 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ OpenAI CEO says he feels 'awful' after a ChatGPT bug leaked user conversation histories
▼ + stars: | 2023-03-23 | by ( Kate Duffy | ) www.businessinsider.com time to read: +3 min

OpenAI CEO Sam Altman said he felt "awful" after a bug in ChatGPT leaked users' chats. The glitch allowed some ChatGPT users to see the titles of other users' conversations on the tool. Altman didn't name the open-source library, or go into specifics about how it had been implemented by OpenAI. He said the bug allowed some ChatGPT users to see the titles of conversation histories from other users but not the conversations themselves. OpenAI didn't immediately respond to Insider's request for comment made outside of normal US operating hours.

☆ Crypto is banned in China, but Binance employees and support volunteers tell people how to bypass the ban
▼ + stars: | 2023-03-23 | by ( Rohan Goswami | ) www.cnbc.com time to read: +18 min

The messages CNBC reviewed come from accounts identified as Binance employees or Binance-trained volunteers known as "Angels." Whatever the method, Binance's Chinese users take on a significant risk: In China, crypto exchanges have been outlawed since 2017, while crypto itself was outlawed in 2021. But Chinese customers have continued to seek ways to trade on Binance, which include using instructions provided by employees and volunteers. "'Binance does not offer a 'Binance Chinese Android app," a spokesperson said. In addition, hours after Binance responded to CNBC, messages apeared on Twitter suggesting that some customers' Binance debit cards had been frozen.

☆ JPMorgan vs. Bank of America? Analysts say one of the stocks is set to soar 50%
▼ + stars: | 2023-03-21 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

It's not just regional bank shares that have been hit by the recent banking crisis — large-cap bank stocks have also tumbled. JPMorgan was down nearly 6% last week, while Bank of America tumbled 8% over the same period. It said big banks are a "big beneficiary" and fundamentals at JPMorgan Chase, Bank of America, Wells Fargo and Citi look "rather strong." For those looking to invest, CNBC Pro takes a look at what analysts are saying about JPMorgan Chase and Bank of America in particular. However, Bank of America has only 8% of uninsured deposits as a proportion of its total deposit liabilities.

☆ JPMorgan Chase thought it had $1.3 million of nickel, but they were all bags of stones. It's happened before.
▼ + stars: | 2023-03-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase kept bags of stones in a warehouse thinking they were nickel. In November 2022, commodities trading giant Trafigura discovered carbon steel and other types of steel and iron instead of the nickel it had ordered. Carbon steel tends to be priced at about 5% of the value of the costlier metal, according to the Financial Times. Nickel prices surged to around $50,000 a metric ton on March 7, 2022 and then to $100,000 a ton a day later, but have come off to around $22,800 a ton ton now. In the complaint, a merchant called Nanni criticized his supplier for sending him low-quality copper ingots and demanded his money back.

☆ Futures fall as Credit Suisse rescue, liquidity steps fail to quell bank scare
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures down: Dow 0.99%, S&P 0.96%, Nasdaq 0.70%March 20 (Reuters) - U.S. stock index futures fell on Monday as steps taken by central banks to boost liquidity and a deal to rescue Credit Suisse failed to quell investor worries of severe turbulence in the banking sector. U.S.-listed shares of Credit Suisse and UBS were down 59.6% and 12.5%, respectively, in premarket trading. Separately, top central banks, faced with the risk of a fast-moving loss of confidence in the financial system's stability, moved on Sunday to bolster the flow of cash around the world. The S&P Banking index (.SPXBK) and the KBW Regional Banking index (.KRX) on Friday logged their largest two-week drop since March 2020. Treasury yields edged lower on Monday, with investors flocking to bonds on worries over the interest-rate path the U.S. central bank may take.

☆ I've worked on Wall Street for more than 15 years. Here are 5 ways middle managers go wrong.
▼ + stars: | 2023-03-20 | by ( Jenna Gyimesi | ) www.businessinsider.com time to read: +4 min

Matthew C. Meade has worked on Wall Street for firms including JP Morgan Chase and Bank of America. He's seen middle managers struggle when they neglect to get feedback from the people they manage. Mid-level managers must delegate while upselling their team's work to senior management, he writes. As a mid-level manager, your job is to delegate to your team while also upselling your team's work to senior management. Here are five ways I've seen middle managers go wrong.

☆ Founders and VCs reveal why they're sticking with the failed Silicon Valley Bank, at least for now: 'We owe them to keep them healthy'
▼ + stars: | 2023-03-18 | by ( Stephanie Palazzolo | Samantha Stokes | ) www.businessinsider.com time to read: +5 min

But for some startup customers of the failed Silicon Valley Bank, there's nothing to fix about their banking situation — yet. After Silicon Valley Bank's ultimate failure on March 10, federal regulators stepped to seize control and announced two days later that all depositors would be made whole. But some founders and VCs, like Shaprio, have chosen to stay with their hometown bank. Although their own business' health comes first, for many, the survival of Silicon Valley Bank is crucial, as a long-standing emblem of the tech community and a figure that welcomed risky startups when traditional institutions turned them down. And Silicon Valley Bank, by being there for 40 years, is the hub of this community, it's the thing the most startups have in common.

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