DIRS.INFO The most relevant business & tech news

☆ 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 executives knew of Epstein sex abuse claims, court filing alleges
▼ + stars: | 2023-04-13 | by ( Lauren Del Valle | ) edition.cnn.com time to read: +4 min

New York CNN —A new court filing alleges JPMorgan Chase executives were aware of sex abuse and trafficking allegations against its then-client Jeffrey Epstein, several years before the financial institution cut ties. The new complaint against JP Morgan, filed Wednesday, comes days after its CEO Jamie Dimon sat down with CNN’s Poppy Harlow in an exclusive interview. A JP Morgan spokesperson declined to comment to CNN about the newly filed complaint, which was part of the lawsuit filed in December. Attorneys for JP Morgan have denied the allegations. High level bank officials also met about Epstein’s account and the allegations against him as far back as 2008, according to the court filing.

☆ Premarket stocks: What the OPEC cuts mean for Putin and Russia
▼ + stars: | 2023-04-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

OPEC+ was formed in 2016 to coordinate and regulate oil production and stabilize global oil prices. What it means for Putin: OPEC+’s decision to cut oil production could have big implications for Russia. After Russia invaded Ukraine last year, the United States and United Kingdom immediately stopped purchasing oil from the country. Higher-priced oil could help Russia pay for its war on Ukraine and also boosts revenue in Saudi Arabia. Current regulations, Dimon argued, could actually lull banks into complacency without actually addressing real system-wide banking issues.

☆ Premarket stocks: The banking meltdown may have done the Fed's work for it
▼ + stars: | 2023-03-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But in a strange twist, it’s possible that the banking meltdown actually did some work for the Fed in bringing down prices without raising interest rates. That could have the equivalent effect of the Fed hiking rates by half a point, said Goldman Sachs economists on Tuesday. Bank stocks rebound as Janet Yellen, Jamie Dimon work to restore confidenceThe collapse of Silicon Valley Bank and Signature Bank rippled through markets last week. The Treasury secretary reiterated that the federal government would be willing to rescue uninsured depositors at small banks if lenders suffer bank runs, raising the specter of contagion. The SPDR Regional Banking Equity Traded Fund, which tracks a number of small and mid-sized bank stocks, gained 5.8% for the day.

☆ Jamie Dimon throws Staley off fortress battlements
▼ + stars: | 2023-03-09 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Suing former employees – in this case using an archaic-sounding doctrine that brands Staley a “faithless servant” – isn't a great look, but the bank led by Jamie Dimon has more reasons than most to defend itself. His $400 billion firm is being pursued for unspecified damages by a woman who argues that it knew of Epstein’s sex trafficking venture, and is also being sued by the government of the U.S. Virgin Islands. The bank has delivered a more than 400% total return to shareholders since Dimon took over in 2006, while talking up its “fortress” balance sheet. If JPMorgan loses either of the lawsuits in which it is a defendant, it wants Staley to share in the damages. Current or future employees might worry they too could find themselves branded a faithless servant for failing to disclose moral missteps, or having clients who fall from grace.

☆ Jamie Dimon throws Jes Staley off the battlements
▼ + stars: | 2023-03-09 | by ( Neil Unmack | ) www.reuters.com time to read: +4 min

Suing former employees – in this case using an archaic-sounding doctrine that brands Staley a “faithless servant” – isn't a great look, but the bank led by Jamie Dimon has more reasons than most to defend itself. His $400 billion firm is being pursued for unspecified damages by a woman who argues that it knew of Epstein’s sex trafficking venture, and is also being sued by the government of the U.S. Virgin Islands. If JPMorgan loses either of the lawsuits in which it is a defendant, it wants Staley to share in the damages. Current or future employees might worry they too could find themselves branded a faithless servant for failing to disclose moral missteps, or having clients who fall from grace. CONTEXT NEWSJPMorgan on March 8 filed a complaint against former executive James “Jes” Staley, for not disclosing his relations with former client and sex offender Jeffrey Epstein.

☆ JPMorgan Chase CEO Jamie Dimon says Ukraine invasion is a top economic concern
▼ + stars: | 2023-03-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —The war in Ukraine and US-China relations are two of JPMorgan Chase CEO Jamie Dimon’s largest economic concerns, he said Monday. “The thing I worry the most about is Ukraine,” he told Bloomberg Television in an interview Monday morning. “This is the most serious geopolitical thing we’ve had to deal with since World War II,” Dimon said Monday, also highlighting the war’s impact on relations with China. Dimon said JPMorgan Chase is taking an active role in improving the relationship between the United States and China by advising and engaging with both governments on keeping cordial relations. Dimon added that he believes the war in Ukraine could continue for years to come.

☆ CEOs take pay cuts after brutal 2022
▼ + stars: | 2023-01-30 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The pay cuts are hitting some of America’s best-known and highest-paid bosses, including Apple CEO Tim Cook, Morgan Stanley CEO James Gorman and Goldman Sachs CEO David Solomon. The bank then disclosed on Friday that Solomon’s 2022 pay is being cut by nearly 30%. Goldman Sachs’ profit dropped 49% last year as the slowdown in dealmaking curbed advisory fees. Morgan Stanley CEO James Gorman (left), Apple boss Tim Cook (middle) and Goldman Sachs CEO David Solomon (right) are among the leaders whose pay has been clipped in recent weeks. Tech bosses have received the biggest pay hikes, with the median CEO pay surging by 42.1% in 2021 to $19.1 million, Equilar said.

☆ Piyush Gupta might be banking’s boldest boss
▼ + stars: | 2022-11-15 | by ( Una Galani | ) www.reuters.com time to read: +7 min

Piyush Gupta of $65 billion Singaporean lender DBS Group (DBSM.SI) appears to be that CEO, whether he thinks of himself that way or not. Yet the two banks trade on a similar multiple of 1.5 times their estimated 2022 book value, according to Refinitiv. There is limited room for growth in DBS’ tiny home market, a city with a population of 5.5 million people. That, plus the pressure to maintain that 1.5-times-book market value, means Gupta needs to keep finding ways to grow. U.S. President Joe Biden and Chinese President Xi Jinping held talks on Nov. 14 while at the G20 summit in Indonesia.

☆ Goldman’s brainwaves are best left for its clients
▼ + stars: | 2022-10-18 | by ( John Foley | ) www.reuters.com time to read: +4 min

A strategic swerve is an acknowledgement that brainwaves are best pitched to clients than executed by the Wall Street firm itself. Jamie Dimon’s bank drops around $12 billion a year on technology, an entire quarter of Goldman’s revenue. It’s a U-turn, but that’s okay since Goldman is still a leader on the bread-and-butter Wall Street stuff. The Wall Street firm made an 11% return on equity. Revenue from fixed-income trading increased 41% year-on-year, and equities trading revenue slipped 14%.

The nation’s largest banks are nervous about a recession, but their third-quarter earnings showed few signs of one yet. JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup all said Friday they had socked away hundreds of millions of dollars apiece to cover potential loan defaults, dragging down their profits. Still, revenue rose at all three banks and beat analyst forecasts.

☆ All eyes turn to bank earnings for clues on slowing U.S. economy after Dimon’s recession warning
▼ + stars: | 2022-10-13 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

Big American banks have mostly resisted bulking up loan loss reserves this year as the financial health of consumers and corporations has held up despite mounting recession concerns. For much of the year, bank managers have told one story, while stocks have told another. Retail customers were spending briskly and still had ample cash in their accounts, executives including Bank of America CEO Brian Moynihan have said . In April, JPMorgan was the first big bank to begin boosting reserves for credit losses, taking a $902 million charge. Analysts expect the New York-based bank to generate $2.90 per share in third-quarter earnings, 22% lower than a year earlier.

☆ Stocks sink after JPMorgan Chase CEO Jamie Dimon warns of recession
▼ + stars: | 2022-10-10 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +2 min

Stocks weren’t doing much Monday morning but took a nasty – albeit brief – turn lower in the afternoon following stark comments from JPMorgan Chase CEO Jamie Dimon, who warned that the United States is likely to enter a recession within the next six to nine months. “You can’t talk about the economy without talking about stuff in the future…and this is serious stuff,” Dimon said in the CNBC interview. He added that he thinks Europe is in a recession already and that the US is probably next. Shares of JPMorgan Chase (JPM), which is one of the 30 stocks in the Dow, were down nearly 1.5%. JPMorgan Chase (JPM) is one of several big banks that will report earnings on Friday.

☆ Dimon’s big warning: 20% downside for S&P
▼ + stars: | 2022-10-10 | 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 EmailDimon’s big warning: 20% downside for S&PCNBC's Melissa Lee and the Fast Money traders, Guy Adami, Dan Nathan, Karen Finerman, and Courtney Garcia talk consumer strength ahead of more Fed tightening, and gauging multiples in an earnings recession.

☆ Hong Kong wins over Goldman Sachs and other bank CEOs after lifting strict Covid rules
▼ + stars: | 2022-09-29 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN Business —Hong Kong has finally secured commitments from some of the world’s biggest banks to participate in a long-awaited summit, as it seeks to reaffirm its status as a global financial hub. Under the current rules, travelers are free to move around, although they may not be allowed into restaurants or bars during the first three days of their stay. The summit was announced by Hong Kong Financial Secretary Paul Chan in February. Hong Kong is the base for JPMorgan’s Asia Pacific headquarters, as well as those of many other financial firms. Now, the conference will be an important part of the city’s efforts to show that it’s truly reopened for global business.

Search resuls for: "Dimon’s"

15 mentions found