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☆ 'Vote of confidence': UK hails $37 billion of foreign investment
▼ + stars: | 2023-11-26 | by ( Alistair Smout | ) www.reuters.com time to read: +5 min

Australian funds IFM Investors and Aware Super will pump 10 billion pounds and 5 billion pounds, respectively, into projects ranging from infrastructure and energy transition to affordable housing, Sunak's Downing Street office said in a statement. It added that Spanish power giant Iberdrola (IBE.MC) would add 7 billion pounds to its investment plans in Britain, which include transmission and distribution electricity networks. France has overtaken Britain as the European country with the highest number of new FDI projects. President Emmanuel Macron announced 13 billion euros ($14 billion) of investment commitments in France at a similar FDI gathering in May. "It wants to deal with one person," investment minister Dominic Johnson told Reuters, adding ministers could then have "very strong, frank discussions with the international investment community about how we can make the environment more investable".

Persons: Rishi Sunak, Kemi Badenoch, Sunak's, Iberdrola, Sunak, Emmanuel Macron, Stephen Schwarzman, David Solomon, Goldman Sachs, Jamie Dimon, JP Morgan Chase, Amanda Blanc, Dominic Johnson, IFM, King Charles, William Schomberg, Alistair Smout, Louise Heavens, Mark Potter Organizations: British, Global Investment, Business, IFM, Microsoft, Blackstone, LBC, Nissan, Reuters, Thomson Locations: Hampton, East Molesey, Surrey, Britain, France, Germany, England, Buckingham

☆ The Crown, the Cabinet and the UK’s legacy of slavery
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +11 min

British banks backed large parts of the U.S. slavery economy, and British factories were the world’s largest customers for the cotton produced by plantations in southern U.S. states. In 1663, it was granted a monopoly by King Charles II for the British slavery trade. In 1794, Eli Whitney patented the cotton gin, a machine that would transform the U.S. slavery economy. Mill owners including the Arkwrights, one of the richest families in the industry, were Smith family clients. Two British travel writers visited Farm Pen in 1837, when the land was still in Smith family hands.

Persons: ”, Nick Draper, George Smith, King Charles, Hunt, Trevor Burnard, “, ” Burnard, Smith, Edward, René Payne, Payne, John Tunno, John de Ponthieu, … ” Edward Payne, slaveholder John de Ponthieu, de Ponthieu, buryed, King Charles II, John Montagu, Edward Montagu, Montagu, ” John Montagu 11th Earl of Sandwich, Edward Montagu , 1st Earl of Sandwich, Nicholas Radburn, ” Radburn, Brookes, –, Eli Whitney, Rothschild, Geoffrey Clifton, Brown, William, James Brown, James, Clifton, Harriman, Draper, Morgan Chase, Joseph Sturge, Thomas Harvey Organizations: America, University College London, “, Wilberforce Institute, University of Hull, ”, Reuters, Company of Royal Adventurers of, Royal African Company, The Company, Royal Adventurers of, Lancaster University, Traders, Transatlantic, Brown Brothers, Brown, Harriman & Co, Planters Bank of Tennessee, Planters Bank of Mississippi, Rio, Spanish Town Locations: Britain, U.S, British, Caribbean, British Caribbean, America, English, Nottingham, London, West India, Bristol, Liverpool, United States, South Carolina, Charleston, Barbados, Africa, North, Clifton, New York, Louisiana and Mississippi, Louisiana, Jamaica, Kingston, Spanish

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. "We need to build a funding model for green tech companies," Chuka Umunna, JP Morgan's (JPM.N) head of EMEA ESG and green economy investment banking, told the Reuters Energy Transition Europe 2023 event in London. This was partly because of the capital requirements for some green tech firms in early stages of development, he said. Investment into green tech was also being stymied by bureaucracy, including delays to permitting for the infrastructure needed for renewable energy and other projects. Umunna also said a shift to a greener, lower-carbon economy offered up a huge opportunity for banks such as JP Morgan.

Persons: Morgan Chase, Mike Segar, Morgan, Umunna, JP Morgan's, JP Morgan, Simon Jessop, Tommy Reggiori Wilkes, David Goodman, Alexander Smith Organizations: Co, New York City, REUTERS, EMEA, Reuters, Capital, British, Investment, Thomson Locations: New York, London, Europe

☆ U.S. investors rebuff big oil climate shareholder resolutions
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based activist group Follow This was created first to target Shell (SHEL.L) and subsequently expanded to file climate resolutions at other western majors including BP (BP.L), Exxon Mobil (XOM.N), Chevron (CVX.N) and TotalEnergies (TTEF.PA). According to the data published by it and investors, giant U.S. investors BlackRock (BLK.N), Vanguard, State Street (STT.N) and JPMorgan (JPM.N) all voted against the Follow This resolutions this year. "Investors hold the key to tackling the climate crisis with their shareholder voting power at Big Oil. Amundi, Allianz, and UBS use their voting power to mitigate the climate crisis,” said Follow This founder Mark van Baal. This mirrors big shareholder proxy voting firm Glass Lewis and ISS, which changed some of their recommendations for this year to the detriment of Follow This, including withdrawing support for the activist resolution at Chevron.

Persons: Morgan Chase, Mike Segar, France's, ”, Mark van Baal, Glass Lewis, Shadia Nasralla, Jan Harvey Organizations: Co, New York City, REUTERS, Companies Allianz, Big U.S, Shell, BP, Exxon Mobil, Chevron, BlackRock, Vanguard, State, JPMorgan, Paris, Britain's HSBC, HSBA.L, UBS, Germany's Allianz, Big Oil, Amundi, Allianz, Britain's, General, Exxon, ISS, Thomson Locations: New York, Big, Paris, Netherlands, Chevron's

☆ Charlie Javice's fraud trial prosecutors must press JP Morgan for more evidence, judge rules
▼ + stars: | 2023-11-02 | by ( Nate Schweber | ) www.businessinsider.com time to read: +4 min

The judge sided in part with the defense, ordering the government to force JP Morgan to release more evidence. AdvertisementAdvertisementA federal judge on Thursday ruled that prosecutors must compel JP Morgan to find more evidence that could help Charlie Javice, the founder of the financial aid startup Frank, in her defense in her criminal fraud trial. On Thursday, inside U.S. Federal Court in Manhattan, lawyers for Javice and a co-defendant argued for more documents from JP Morgan Chase. AdvertisementAdvertisementMeanwhile, a Delaware judge ruled that JP Morgan Chase is violating a commitment that it made upon acquiring Frank to pay a significant portion of Javice's legal bills. Her lawyers say that JP Morgan Chase owes them $835,000 of the around $3.8 million they have so far charged.

Persons: Charlie Javice, Frank founder's, JP Morgan, —, JP Morgan Chase, Frank, Javice, Alex Spiro, Spiro, Dina McLeod, Alvin K, Hellerstein, Morgan Chase, Judge Hellerstein, Olivier Amar, Sean Buckley Organizations: Service, U.S, Federal, Javice Locations: Manhattan, Delaware

☆ Big Banks Are Making Huge Profits Off Today’s Savings Rates—Are You?
▼ + stars: | 2023-10-23 | by ( Mallika Mitra | ) www.wsj.com time to read: +6 min

That’s because many big banks have been playing a ‘do as I say, not as I do’ game with customers. Many large bricks-and-mortar banks pay even less—Wells Fargo, for example, pays 0.15% on its standard savings account while JP Morgan Chase pays 0.01%. Evergreen Bank—a locally-owned bank serving the Chicago suburbs—is currently offering a 5.25% APY on savings accounts, one of the best savings account rates for October. Compare that to what big banks offer and you can see the appeal of looking for alternatives to the big banks. For some of the current best interest rate deals, check out our list of the best savings accounts and CD rates.

Persons: Mallika Mitra, they’ve, ”, Mayra Rodriguez Valladares, Morgan Chase, Adam Stockton, you’ve, Susan Mitcheltree, ” Mitcheltree, Andrew Herzog, Herzog, Banks Organizations: Federal Reserve, JPMorgan Chase, MRV Associates, Wells Fargo, Evergreen Bank, Valley Bank, Signature Bank, First Locations: U.S, Wells Fargo, New York, Stockton, “, Baltimore, Plano , Texas, Chicago, —

Consumers fell prey to inflation that remains high, especially for life’s necessities like food and gasoline, according to the latest monthly survey from the University of Michigan. The consumer sentiment survey fell by 7% overall to 63 from 68.1 in September, while the current conditions reading dropped to 66.7 from 71.4 and the future expectations was at 60.7, down from 66 a month ago. Notably, expectations for the annual rate of inflation a year from now rose to 3.8% from 3.2% in September. “Assessments of personal finances declined about 15%, primarily on a substantial increase in concerns over inflation, and one-year expected business conditions plunged about 19%,” said Joanne Hsu, survey director. “Owners remain pessimistic about future business conditions, which has contributed to the low optimism they have regarding the economy,” said Bill Dunkelberg, NFIB chief economist.

Persons: ”, Joanne Hsu, Sam Bullard, Joe Brusuelas, Tuan Nguyen, NFIB, Bill Dunkelberg, JP Morgan Chase, Jamie Dimon Organizations: University of Michigan, Monetary Fund, Federal Reserve, Federal Reserve Bank of Atlanta, Wells Locations: U.S, Washington

☆ Options traders see larger-than-usual stock swings as banks report results
▼ + stars: | 2023-10-12 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 12 (Reuters) - Options traders are braced for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. Big banks, including JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup Inc (C.N) are set to report financial results on Friday, with others, including Goldman Sachs (GS.N) and Morgan Stanley (MS.N), due next week. The biggest U.S. consumer lenders are set to post higher third-quarter profits, in contrast with investment banks still facing a dealmaking slump, analysts said. Options data shows traders braced for a larger-than-usual post-earnings move from Wells Fargo in particular. The options-implied earnings move for Goldman Sachs, Morgan Stanley, Bank of America (BAC.N) and Citigroup also signal a larger-than-usual post-earnings swing, data from Trade Alert showed.

Persons: JP Morgan Chase, Mike Segar, Goldman Sachs, Morgan Stanley, Mike Santomassimo, Steve Sosnick, Saqib Iqbal Ahmed, Richard Chang Organizations: JP, Co, REUTERS, JPMorgan, Citigroup Inc, U.S, Traders, Bank of America, Citigroup, Trade, Interactive, Thomson Locations: New York, Wells Fargo

But in email messages, Staley described Epstein as one of his “deepest” and “most cherished” friends, according to the regulator. The FCA’s decision is provisional and Staley, who has previously said he “deeply regrets” his relationship with Epstein, can appeal at an ensuing tribunal. Barclays said that following the FCA’s decision, Staley was ineligible for, or would forfeit, bonuses and share awards totaling 17.8 million pounds (21.9 million). Staley has said that he had no contact with Epstein once he joined Barclays in December 2015. JP Morgan also reached a confidential settlement with Staley, who it had sued for allegedly concealing his personal activities with Epstein from the bank.

Persons: Jes Staley, Jeffrey Epstein, Staley, “, Epstein, JP Morgan, ”, Therese Chambers, “ Staley, Chambers, Staley’s, JP Morgan Chase Organizations: —, Barclays Bank, Authority, Barclays, FCA, JP, U.S . Virgin Locations: U.S, Caribbean

"Mr Staley failed to do this. "In its response, Barclays relied on information supplied by Mr Staley. "In reality, in emails between the two Mr Staley described Mr Epstein as one of his 'deepest' and 'most cherished' friends," it added. "The FCA has found that Mr Staley was aware of the risk that his association with Mr Epstein posed to his career," it added. In an email titled 'Friendship' in October 2015, Staley wrote: "You never wavered in our friendship these last three years.

Persons: Jes Staley, Jeffrey Epstein, Mr Staley, Epstein, Staley, Arnold, Porter, Mr Epstein, Therese Chambers, JP Morgan Chase JPM.N, JP Morgan, Huw Jones, Sinead Cruise, Kirstin Ridley, Iain Withers, Alexander Smith Organizations: Ex, Barclays, Authority, FCA, Barclays Board, U.S . Virgin, Thomson Locations: New York

"In its response, Barclays relied on information supplied by Mr Staley. Mr Staley confirmed the letter was fair and accurate," the FCA said. "In reality, in emails between the two Mr Staley described Mr Epstein as one of his 'deepest' and 'most cherished' friends," it added. "The FCA has found that Mr Staley was aware of the risk that his association with Mr Epstein posed to his career," the watchdog added. "Mr Staley failed to do this.

Persons: Jes Staley, Jeffrey Epstein, Staley, Arnold, Porter, Epstein, Mr Staley, Mr Epstein, Therese Chambers, JP Morgan Chase JPM.N, JP Morgan, Huw Jones, Sinead Cruise, Kirstin Ridley, Iain Withers, Alexander Smith Organizations: Authority, Barclays, FCA, Bank of England, Barclays Board, U.S . Virgin, Thomson Locations: New York

"This quarter is all about higher interest rates for longer," said Mike Mayo, an analyst at Wells Fargo. "There is a constructive environment, and investment banking fees tend to be higher through the end of the year," said Jason Goldberg, a banking analyst at Barclays. Despite the renewed optimism, investment banking activity remains depressed. As rates rise, bond prices fall, representing losses on paper that would be realized if the banks sold the bonds. More broadly, "we're back into this environment where investors think interest rates are going to remain higher for longer," he said.

Persons: JP Morgan Chase, Mike Segar, JPMorgan Chase, Goldman Sachs, Morgan Stanley's, Mike Mayo, Ebrahim Poonawala, Jason Goldberg, Richard Ramsden, James Demmert, Ramsden, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Nick Zieminski 私 Organizations: JP, Co, REUTERS, JPMorgan, Citigroup, Wells, Bank of America, Federal Reserve, Wall Street, SoftBank's Arm Holdings, Barclays, U.S, Treasury, Valley Bank, Federal Deposit Insurance Corporation, Reuters, Street Research Locations: New York, Wells Fargo, dealmaking, Israel, Bengaluru

☆ Exclusive: JPMorgan shuffles bosses as Rivas to retire as head of North American investment banking -memo
▼ + stars: | 2023-09-26 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +1 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Sept 26 (Reuters) - JPMorgan Chase (JPM.N) reorganized the leadership in its investment bank, promoting a new head in North America to succeed Fernando Rivas, who plans to retire, according to a memo seen by Reuters. He will be replaced by Jay Horine, who is currently the global industry co-head for energy, power and renewables, metals and mining (EPRM), according to the memo. Horine will also continue to be the global industry co-head of EPRM. The bank also appointed several global heads for industry groups reporting to Jim Casey and Vis Raghavan, who jointly lead global investment banking, effective immediately. Chandarana was previously chief data and analytics officer for the corporate and investment bank.

Persons: JP Morgan Chase, Mike Segar, JPMorgan Chase, Fernando Rivas, Rivas, JPMorgan's, Jay Horine, Horine, Jim Casey, Vis Raghavan, Samik Chandarana, Chandarana, Nupur Anand, Lananh Nguyen, David Gregorio, Mark Porter Organizations: JP, Co, REUTERS, JPMorgan, Reuters, Bank, Thomson Locations: New York, North America

☆ Dimon warns that the Fed could still raise interest rates sharply from here
▼ + stars: | 2023-09-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

JPMorgan Chase CEO Jamie Dimon is warning that interest rates could go up quite a bit further as policymakers face the prospects of elevated inflation and slow growth. In fact, Dimon said in an interview with The Times of India that the Fed's key borrowing rate could rise significantly from its current targeted range of 5.25%-5.5%. "I am not sure if the world is prepared for 7%," he said, according to a transcript of the interview. If they are going to have lower volumes and higher rates, there will be stress in the system. To emphasize the point, Dimon referenced Warren Buffett's much-cited quote, "Only when the tide goes out do you discover who's been swimming naked."

Persons: Jamie Dimon, JP, JPMorgan Chase, Dimon, Warren Buffett's Organizations: JPMorgan Chase &, Chase, Business The, Miami, JP Morgan Chase Bank, JPMorgan, Federal Reserve, The Times, Fed Locations: Miami , Florida, U.S, India

Sept 14 (Reuters) - Russian retailer Magnit (MGNT.MM) said on Thursday it had fully completed a deal to buy back blocked shares from Western investors at a 50% discount by purchasing shares held through Euroclear, the first such arrangement since Russia's February 2022 invasion of Ukraine. Magnit said it had bought back 21,903,163.8 shares from shareholders, representing about 21.5% of all issued and outstanding shares at an amount of around 48.5 billion roubles ($507.32 million). "Magnit's GDR program depositary bank, JP Morgan Chase Bank, also took part, as well as international investors," Magnit said, such as hedge funds, sovereign wealth funds and individuals. Magnit had tripled the size of its original offer after strong demand from Western investors. Russia's presidential office is currently reviewing a request from oil major Lukoil (LKOH.MM) to buy back up to 25% of its shares from foreign investors.

Persons: Magnit, Russia's, Magnit's, JPM, JP, Alexander Marrow, Gareth Jones Organizations: Reuters, Nordic, Magnit, Euroclear Bank, RIC, Kremlin, JPMorgan, JP Morgan Chase Bank, Thomson Locations: Euroclear, Ukraine, Russian, Italy, Singapore, Japan, Canada, Australia, United States, United Kingdom, Germany, Magnit, Russia, Uzbekistan, Magnit's Moscow, Washington, GDR

☆ J.P.Morgan expects no further Fed interest rate hikes this cycle
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsSept 13 (Reuters) - J.P.Morgan Asset Management said on Wednesday it expects no further interest rate hikes from the U.S. Federal Reserve in this cycle, after crucial inflation data appeared to remain on its downward path. "Despite still rising oil prices in early September, we expect the impact of oil price spikes on CPI to be limited," J.P.Morgan's Chief Global Strategist David Kelly said in a note. "We still believe that, barring some further shock, year-over-year headline consumption deflator inflation will be below the Fed's 2% target by the fourth quarter of 2024." Reporting by Reshma Rockie George in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Morgan Chase, Mike Segar, David Kelly, Reshma Rockie, Shounak Dasgupta Organizations: Co, New York City, REUTERS, J.P.Morgan, Management, U.S . Federal Reserve, Thomson Locations: New York, U.S, Reshma Rockie George, Bengaluru

☆ Potential UAW strike presents a near-term headwind for auto insurers - JPM
▼ + stars: | 2023-09-07 | by ( Reshma Rockie George | ) www.reuters.com time to read: +2 min

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File Photo Acquire Licensing RightsSept 7 (Reuters) - J.P.Morgan on Thursday said supply chain disruptions from a potential United Auto Workers (UAW) union strike would cut new vehicle production, drive up used car prices and put pressure on margins in the personal auto insurance business. The automakers "represent about 40% of light vehicle auto sales (by units) in the U.S., and IHS Markit estimates that a strike would disrupt North American vehicle production by roughly 75%," J.P.Morgan said. The brokerage identifies Allstate Corp (ALL.N) and Progressive Corp (PGR.N) as the insurers with the most exposure to a potential UAW strike, with Allstate more susceptible due to its weaker capital position. Used-car prices have had the most impact on auto margins in recent years compared to other factors such as higher spare part costs, labor costs, increased litigation, and severe accidents, the brokerage added.

Persons: Morgan Chase, Mike Segar, J.P.Morgan, Jimmy Bhullar, Reshma Rockie, Tasim Zahid Organizations: Co, New York City, REUTERS, United Auto Workers, UAW, Detroit Three, Ford, Chrysler, General Motors, Allstate Corp, Progressive Corp, Allstate, Anderson Economic Group, Thomson Locations: New York, U.S, Michigan, Reshma Rockie George, Bengaluru

☆ JPMorgan, US Virgin Islands trade accusations over Epstein
▼ + stars: | 2023-08-15 | by ( Us Appeals Judge Faults Probe Of Federal Circuit'S Pauline Newman | Andrew Goudsward | Law Firm Clifford Chance Posts Increased Revenue | ) www.reuters.com time to read: +4 min

REUTERS/Mike Acquire Licensing Rights Read moreCompanies JPMorgan Chase & Co FollowNEW YORK, Aug 15 (Reuters) - JPMorgan Chase (JPM.N) and the U.S. Virgin Islands traded new accusations this week in legal filings over their relationships with the late disgraced financier Jeffrey Epstein. The largest U.S. bank detailed how Epstein allegedly funneled hundreds of thousands of dollars in payments and loans to a former U.S. Virgin Islands governor and his wife. The territory in a separate filing cited a 2011 email from a senior JPMorgan executive about suspicious cash withdrawals by Epstein. The filing containing the U.S. Virgin Islands accusations was more than 680 pages. The U.S. Virgin Islands also failed to show that the bank committed obstruction, JPMorgan said.

Persons: JP Morgan Chase, Mike, JPMorgan Chase, Jeffrey Epstein, Epstein, John de Jongh, Cecile, John Duffy, JE, Duffy, Mary Erdoes, “, Erdoes, Jonghs, USVI, JPMorgan, Nupur Anand, Tatiana Bautzer, Lananh Nguyen, David Gregorio Our Organizations: JP, Co, JPMorgan Chase, REUTERS, JPMorgan, U.S . Virgin Islands, U.S . Virgin, Thomson Locations: New York, U.S, Manhattan

Jamie Dimon, chairman of the board and chief executive of JPMorgan Chase & Co., speaks during the event Chase for Business The Experience - Miami hosted by JP Morgan Chase Bank for small business owners at The Wharf in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello/File PhotoNEW YORK, Aug 9 (Reuters) - A federal judge has dismissed a shareholder lawsuit accusing JPMorgan Chase (JPM.N) Chief Executive Jamie Dimon and his board of directors of ignoring red flags surrounding disgraced former client Jeffrey Epstein. The so-called derivative lawsuit sought to have the defendants or their insurers pay damages to JPMorgan, for the benefit of shareholders. Rakoff is also overseeing two Epstein-related lawsuits against JPMorgan by the U.S. Virgin Islands, where the financier owned two neighboring islands, and by Epstein victims. Staley was also Barclays' (BARC.L) chief executive from 2015 to 2021.

Persons: Jamie Dimon, JP, Marco Bello, JPMorgan Chase, Jeffrey Epstein, Jed Rakoff, Rakoff, Epstein, Dimon, Jes Staley, Staley, Jonathan Stempel, Leslie Adler Organizations: JPMorgan Chase &, Chase, Business The, Miami, JP Morgan Chase Bank, REUTERS, JPMorgan, Rakoff, U.S ., Barclays, Miami General Employees & Sanitation Employees, Court, Southern District of, Thomson Locations: Miami , Florida, U.S, Miami, Pittsburgh, Manhattan, U.S . Virgin Islands, U.S . Virgin, Southern District, Southern District of New York, New York

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/File PhotoNEW YORK, Aug 8 (Reuters) - Financial firms that enforce strict return-to-office mandates could drive employees to leave, according to a study published Tuesday by accounting firm Deloitte. Companies that insist on five days of in-office work are likely to see those policies backfire, the study showed. The Deloitte survey showed caregivers with remote or hybrid arrangements were 1.3 times more likely to leave their jobs if that flexibility was taken away. Poll results showed almost half of women in senior leadership roles were likely to leave their current employer over the next 12 months.

Persons: Morgan Chase, Mike Segar, Deloitte, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Lananh Nguyen, Conor Humphries Organizations: Co, New York City, REUTERS, Financial, Deloitte, Companies, JPMorgan, Citigroup, UBS, Bank of New York Mellon, Thomson Locations: New York, America

☆ JP Morgan CEO says capital regulations are disappointing, will curb lending
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., speaks during the event Chase for Business The Experience - Miami hosted by JP Morgan Chase Bank for small business owners at The Wharf in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello/File PhotoNEW YORK, Aug 2 (Reuters) - JPMorgan (JPM.N) CEO Jamie Dimon said on Wednesday bank regulators risk making mortgages and small-business loans less affordable with the capital raises proposed by the Federal Reserve and the FDIC. "It's hugely disappointing," Dimon said of the capital requirements, adding the "operational risk capital is based on a model that makes no sense." The JPMorgan CEO said the Fed should be "cautious" about their models, which he said are not perfect. Dimon added it will become harder to extend a small mortgage to a consumer with a lower credit score.

Persons: Jamie Dimon, JP, Marco Bello, Dimon, Fitch, Tatiana Bautzer, Baranjot Kaur, Chris Reese, Sandra Maler Organizations: JPMorgan Chase &, Chase, Business The, Miami, JP Morgan Chase Bank, REUTERS, JPMorgan, Federal Reserve, CNBC, Thomson Locations: Miami , Florida, U.S, China, New York, Bengaluru

☆ Apple, Microsoft remain world's top 2 companies by market cap
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Segar/File PhotoAug 1 (Reuters) - Tech giants Apple (AAPL.O) and Microsoft (MSFT.O) remained the top two global companies by market capitalisation at the end of July after riding this year's rally in technology shares. Strong quarterly earnings from companies such as Alphabet (GOOGL.O), Meta Platforms (META.O), chipmaker Intel (INTC.O) and chip equipment maker Lam Research (LRCX.O) lifted overall market sentiment last month. Facebook-owner Meta's market cap jumped more than 10% in July, thanks to the company's rosy revenue forecast and robust ad revenue growth in the second quarter. Its market cap stood at $2.49 trillion at the end of July. Refinitiv data shows 69% of large- and mid-cap U.S. companies have surpassed analysts' Q2 earnings estimates so far, with the tech sector accounting for 82% of these positive surprises.

Persons: Mike Segar, Rush, Dan Ives, JP Morgan Chase's, Patturaja Murugaboopathy, Gaurav Dogra, Susan Fenton Organizations: Apple, Grand Central, REUTERS, Tech, Microsoft, Intel, Lam Research, Facebook, Reuters Graphics Microsoft, Wall, First Republic Bank, Thomson Locations: New York City, U.S, Bengaluru

☆ How a college football quarterback with 36,000 Instagram followers scored more than 30 brand deals and made himself the go-to voice for NIL
▼ + stars: | 2023-07-31 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +15 min

Chase Griffin has more than 30 brand deals, and his recent ones are mostly multi-year partnerships. Chase Griffin. 1st College Athlete Brand Ambassador for the largest/most powerful bank in the world. JP MOrgan Chase 1st College Athlete Brand Ambassador. "NIL & Athlete Brands: A NewEra", November 22, 2022.

Persons: Chase Griffin, Griffin, JPMorgan Chase, he'll, influencers, Chase Griffin Griffin, Griffin doesn't, He's, that's, I've, Page, JP Morgan Chase, Lucchese Bootmaker, Frances https, JP MOrgan, Chase Griffin Chase Griffin, Chase, Lucchese, Ed, Arthur Ashe Jr Organizations: UCLA, Gatorade Football, University of California, DirecTV, Foods, JPMorgan, LA Regional Food Bank, Bloomberg, LinkedIn, Boost Mobile, LA Food Bank, DMs, Twitter, JPMorgan Chase, Range Media Partners, WGA, SAG, Brands, ucla, Creative, Banking, Chase Bank, Morgan Wealth, Bank, Champs, Urban Outfitters, United States Polo Association, Lucchese, Hollywood, Marketing, UWG, UC Investments Academy, Fund Public Service, Regional Food Bank, Empowerment, Sports, Entertainment, Beach, Sports Rights, Cannes, Creativity, Cannes Lions, College Football Hall of Fame, Association, Conference, 1st, Financial, JP MOrgan Chase, Brand, of College Athletics, Rose Bowl, Community, Royce, True Bruin, Town Hall, Sports Innovation, Chase Center, NV, Regents, Brand Innovators, College, Los Angeles Times, ESPN, Unilever, Shell, Rose Bowl Stadium, Los Angeles Regional Food Bank, Leadership Team, Council, Range, WPP, University of California Investments, UC, Santa Monica Hospital, Public Affairs, Leadership, UCLA Law, National Football Foundation, Pro Football Hall of Fame, Texas High, Gatorade Locations: Texas, Los Angeles, Opendorse, Instagram, Hollywood, CA, Cannes, Atlanta, Carlsbad, Los Angeles , CA, Pasadena, Los Angeles CA, San Francisco , CA, Los Angeles ,, Las Vegas, United

Elon Musk commented on credit card debt in the US, saying the situation looked "scary." The US is seeing record-high credit card debt, indicating people are spending beyond their means. Credit card debt is at an all-time high in the United States, and the world's wealthiest person is speaking out about it. Credit card debt is looking scary." Average credit card debt for Gen Z now exceeds $3,300 — a 4.2% rise — while millennials hiked up credit card debt by 2.5% to an average of nearly $7,000.

Persons: Elon Musk, Musk, they're, Gen, Gen Z, millennials, Morgan, X Organizations: Twitter, Morning, Tesla's, Federal Reserve, Morgan Chase Institute, Consumer Financial, Bureau, X Corp, Bloomberg Locations: United States

☆ Senators spar over whether CFPB has the power to root out junk fees
▼ + stars: | 2023-07-26 | by ( Chelsey Cox | ) www.cnbc.com time to read: +4 min

The committee's first hearing comes as the Biden administration takes a range of steps to root out junk fees, which the CFPB says includes credit card late fees, overdraft fees and surcharges on ticket purchases. Among other actions, the agency recently fined Bank of America $150 million for charging its customers multiple overdraft fees. In his testimony, Brian Johnson, managing director of financial regulatory consultancy Patomak Global Partners, said the CFPB "has been the most enthusiastic among regulators" in targeting junk fees. Democrats argued the power to target junk fees fits within the CFPB's core duties. "And let's not forget, these are the same banks that are bankrolling the attacks on the CFPB," Warren added.

Persons: Biden, Sen, Thom Tillis, Brian Johnson, Johnson, Donald Trump, Elizabeth Warren, JP Morgan Chase, Warren, Wells, Michelle Henry, Henry, Raphael Warnock, Warnock Organizations: WASHINGTON, Financial, Biden, Bank of America, prudential, Consumer Protection, Patomak Global Partners, CNBC, Pennsylvania, Georgia Democrat Locations: Wells Fargo, Georgia

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