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[1/2] Signage is seen at the JPMorgan Chase & Co. New York Head Quarters in Manhattan, New York City, U.S., June 30, 2022. While the crisis is not over yet, CEO Jamie Dimon said he expected the tumult from bank failures in March to eventually pass. The U.S. consumer and the economy remain robust, Dimon said, while cautioning that the banking crisis could turn lenders more conservative and impact consumer spending. "However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks." It is expected to remain flat for the rest of 2023, the executives said.

☆ JPMorgan Chase is set to report first-quarter earnings – here’s what the Street expects
▼ + stars: | 2023-04-14 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

JPMorgan Chase is scheduled to report first-quarter earnings before the opening bell Friday. Here's what Wall Street expects:Earnings: $3.41 per share, 29.7% higher than a year earlier, according to Refinitiv. For instance, JPMorgan likely benefited from an influx of deposits after Silicon Valley Bank and Signature Bank experienced fatal bank runs. That's because smaller banks faced pressure last month as customers sought the perceived safety of megabanks including JPMorgan and Bank of America . JPMorgan is expected to post a $2.27 billion provision for credit losses, according to the StreetAccount estimate.

☆ Big bank investors owe thanks to Team America
▼ + stars: | 2023-04-14 | by ( John Foley | ) www.reuters.com time to read: +4 min

Wells Fargo has managed to keep even more for itself, passing on just 26%. Finance chief Jeremy Barnum reckons $50 billion of deposits flowed into his bank and stayed put, more than offsetting other outflows. Elsewhere in Dimon’s letter, he describes himself as a “red-blooded, patriotic, free-enterprise and free-market capitalist.” Investors may lap that up, but his bank’s earnings show other forces at work too. Wells Fargo reported $4.7 billion of earnings, 34% higher than the previous first quarter, and took a $1.2 billion quarterly provision for credit losses. Citigroup reported $4.3 billion of earnings, a 7% annual increase, while smaller rival PNC made $1.6 billion, an 18% increase.

☆ JPMorgan just dropped some clues as to who might succeed Jamie Dimon. See Insider's exclusive organizational chart identifying the bank's top 114 executives.
▼ + stars: | 2023-04-04 | by ( Carter Johnson | Samantha Stokes | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

We've got names and faces for more than 100 top JPMorgan leaders across investment banking, and more. The bank's CEO and chairman, Jamie Dimon, has consequently been a leading voice shaping both Wall Street and Main Street for decades. On Tuesday, JPMorgan's board of directors provided a little more insight into its CEO succession plans via a 116-page annual proxy filing. Additions to the organizational chart also highlight the growth within some of JPMorgan's key teams. It also provides some clues as to who might one day succeed Dimon, Wall Street's longest running CEO.

☆ JPMorgan CFO sees nearly 20% drop in banking revenue in first quarter
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: 1 min

Feb 14 (Reuters) - JPMorgan Chase & Co (JPM.N), the largest U.S. bank by assets, is expecting a nearly 20% drop in banking revenue in the first quarter, Chief Financial Officer Jeremy Barnum said at a conference on Tuesday. Reporting by Niket Nishant in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

His counterpart at Bank of America Corp (BAC.N), Brian Moynihan, cited resilient consumer finances and spending as positive signs. At a separate event, Bank of America's CEO reiterated what he has been saying for months - that consumer spending remains robust and is underpinning the economy. JOB CUTSDespite some easing concern about an economic slowdown, the bank chiefs said they were managing headcount to constrain costs. It aims to have a workforce of about 213,000 to 214,000 in the next three to four months, Moynihan said, down from 216,823 at the end of 2022. While consumer spending remains healthy, credit card delinquencies are increasing, and growth in Wells Fargo's commercial bank is moderating, he said.

☆ Bank earnings become a post-Covid parlor game
▼ + stars: | 2023-01-23 | by ( John Foley | ) www.reuters.com time to read: +6 min

Chief among the mysteries is how much interest banks will harvest in 2023 and beyond. Even then, the link between benchmark interest rates and the rate banks actually charge is getting harder to forecast. Bank of America boss Brian Moynihan said that depositors who used to have roughly $3,500 with the bank now have almost four times more. Goldman just laid off 6% of its workforce, but it remains bigger than it was in 2019; Bank of America says it’s still hiring. To that end, the fog is arguably less troublesome for Goldman and Morgan Stanley than it is for JPMorgan, Bank of America and Citigroup (C.N).

☆ JPMorgan begins private lending drive with $10 billion - source
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

Jan 19 (Reuters) - JPMorgan Chase & Co (JPM.N) has set aside at least $10 billion to back its foray into the world of direct lending, a person with knowledge of the matter told Reuters on Thursday. The Wall Street titan's move into the market is likely to put it head to head with established sector heavyweights such as Ares Management Corp (ARES.N) and Apollo Global Management (APO.N). Last week, JPMorgan Chief Financial Officer Jeremy Barnum told investors the bank was "absolutely open for business" in leveraged lending even as other U.S. banks are expected to book significant losses on risky loans underwritten last year. JPMorgan Asset Management has in recent years separately expanded its private credit platform unit, which targets opportunities in the direct lending segment, with plans to expand into other private credit strategies in the future. Reporting by Manya Saini in Bengaluru and Saeed Azhar in New York; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Forget inflation, it’s all about earnings
▼ + stars: | 2023-01-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

They noted that over the last three quarters, S&P 500 reactions to earnings beats and misses have soared higher and have now surpassed the one-day market reaction to both CPI inflation and Fed policy meeting decisions. Shares of Disney sank 13.16% last November — their lowest level in more than two years — when they missed earnings estimates. “We see this as a narrative shift in the market from the Fed and inflation to earnings: reactions to earnings have been increasing, while reactions to inflation data and FOMC meetings have been getting smaller,” wrote Subramanian and Kwon. So we can expect some serious volatility over the next few weeks as companies report their fourth quarter corporate earnings. Bad news ahead: The estimated earnings decline for the S&P 500 in the fourth quarter of 2022 is -3.9%, according to a FactSet analysis.

☆ Big U.S. banks continue to add jobs as Goldman Sachs cuts staff
▼ + stars: | 2023-01-14 | by ( ) www.cnbc.com time to read: +3 min

The chief financial officers of the two biggest U.S. banks said they would hire selectively despite waning economic growth. JPMorgan's Chief Financial Officer Jeremy Barnum said the bank is still hiring and "in growth mode" in a call with journalists to discuss the bank's fourth-quarter earnings. Bank of America also continues to hire, particularly in wealth management, while also remaining disciplined on its expenses, Chief Financial Officer Alastair Borthwick told reporters on Friday. Citigroup Inc's Chief Financial Officer Mark Mason told an earnings briefing "we're actively hiring to execute against our strategy. The banking giants stood by their hiring plans even as other lenders cut staffing in investment banking and mortgages.

[1/4] A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. The chief financial officers of the two biggest U.S. banks said they would hire selectively despite waning economic growth. JPMorgan's (JPM.N) Chief Financial Officer Jeremy Barnum said the bank is still hiring and "in growth mode" in a call with journalists to discuss the bank's fourth-quarter earnings. Bank of America (BAC.N) also continues to hire, particularly in wealth management, while also remaining disciplined on its expenses, Chief Financial Officer Alastair Borthwick told reporters on Friday. The banking giants stood by their hiring plans even as other lenders cut staffing in investment banking and mortgages.

☆ Bank earnings fail to impress investors as recession worries rise
▼ + stars: | 2023-01-13 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +3 min

New York CNN —JPMorgan Chase, Bank of America, Citigroup and asset management giant BlackRock posted results that topped Wall Street’s forecasts Friday, but investors were nonetheless disappointed. Shares of JPMorgan Chase (JPM) and BofA (BAC) both fell about 3% in early trading. Wells Fargo (WFC), which reported earnings that missed Wall Street’s targets, was down 4%. JPMorgan Chase and Citi each said that advisory fees plummeted nearly 60% in the quarter. “The current environment offers incredible opportunities for long-term investors,” said BlackRock CEO Larry Fink in the earnings release.

☆ Premarket stocks: The housing market is a mess, but this isn't 2008
▼ + stars: | 2022-10-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But within those reports, investors found ominous clues about the future of the housing market, underscoring fears of an upcoming crisis. “We’ve had a time of a red-hot housing market all over the country,” Fed President Jerome Powell told me in September. “For the longer term what we need is supply and demand to get better aligned so that housing prices go up at a reasonable level…and people can afford houses again. “This is the sharpest turn in the housing market since the housing market crash in 2008,” said Redfin’s chief economist, Daryl Fairweather, last month. What’s next: Investors will next look to housing starts data next week as an indicator of where the housing market is headed.

☆ Stock market news today: Dow and S&P 500 updates
▼ + stars: | 2022-10-14 | by ( Cnn Business | ) edition.cnn.com time to read: +1 min

But the bank's chief financial officer isn't too worried about the possibility of a major housing meltdown leading to another downturn. The bank's home lending revenue plunged 34% from a year ago, due primarily to the super spike in interest rates leading to a slowdown in demand for mortgages. In other words, the housing market is cyclical and the bank isn't too concerned about the ebbs and flows. And the fact that real estate prices have surged so much in recent years means that existing homeowners have a healthy financial cushion. Dimon alluded to this as well in response to another question about his recession worries.

☆ What recession? JPMorgan is growing headcount and standing firm on its plans to spend big on tech despite its own CEO's recession warnings.
▼ + stars: | 2022-10-14 | by ( Carter Johnson | Emmalyse Brownstein | ) www.businessinsider.com time to read: +4 min

JPMorgan CEO Jamie Dimon sounded the recession alarm earlier this week, saying he sees one in 6 to 9 months. But on Friday, the bank said it's growing headcount and moving forward with aggressive spending plans. But notable among JPMorgan's financial figures was headcount growth. This quarter, headcount overall at the bank was 9% higher than the same time last year, at roughly 288,000 employees worldwide. The growth in employees at JPMorgan came in contrast to Wells Fargo, which also reported earnings Friday.

Additions to the organizational chart also highlight the growth within some of JPMorgan's key teams. The chart focuses on key executives as well as the people who support them. In the chart, those leaders that sit on JPMorgan's Operating Committee are denoted as Senior executives. It also provides some clues as to who might one day succeed Dimon, Wall Street's longest running CEO. See the chart here:Have we missed anyone, or do you know more about how the power is shared at JPMorgan?

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