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Chris Christie will visit Israel on Sunday, which will make him the first Republican presidential candidate to visit the country since the October 7 Hamas attacks. He’s also scheduled to visit so-called Gaza envelope region in southern Israel. Christie will also visit with individuals wounded in the Hamas attacks, as well as families of abducted civilians, according to details of the trip. This will not be Christie’s first time in Israel – he visited the country in 2012 in his first foreign trip is governor. At the time, Christie said he thought it was “the right thing” for Biden to go to Israel and show “physical solidarity” with the US ally.
Persons: Chris Christie, Christie, He’s, Israel, , , Israel –, Volodymyr Zelensky, Joe Biden, Biden Organizations: CNN, Former New Jersey Gov, Israel, Republican, America, Hudson Institute, White Locations: Gaza, Israel, Miami, Iran, Kyiv, China, North Korea, Russia, Tel Aviv
REUTERS/Mike Blake/File Photo Acquire Licensing RightsMIAMI, Nov 8 (Reuters) - An intensifying rivalry between Ron DeSantis and Nikki Haley could dominate Wednesday's Republican debate as the two 2024 U.S. presidential hopefuls seek to present themselves as their party's best alternative to former President Donald Trump. Haley, 51, in third place nationally, has grown stronger as she seeks to dislodge DeSantis, 45, from his distant second place in the Republican race after Trump. With the first Republican state nominating contest, in Iowa, little more than two months away, Haley, a former South Carolina governor who also served as Trump's U.N. ambassador, and Florida Governor DeSantis are running out of time. DESANTIS AT HOME IN FLORIDAThe Florida debate setting offers DeSantis a home advantage over others on stage. Haley will be coming off two strong debate performances and has been the only Republican besides Trump to show recent momentum in early nominating states such as Iowa and New Hampshire.
Persons: Nikki Haley, Ron DeSantis, Ronald Reagan, Mike Blake, Donald Trump, Haley, DeSantis, U.N, Florida Governor DeSantis, Trump, Joe Biden, Aaron Kall, , Haley’s, Betsy Ankney, Chris Christie, Vivek Ramaswamy, Tim Scott, Ramaswamy, James Oliphant, Gram Slatter, Ross Colvin, Howard Goller Organizations: South Carolina, Republican, Ronald Reagan Presidential, REUTERS, Rights MIAMI, Wednesday's Republican, Trump, Florida Governor, Democratic, University of Michigan, New, Thomson Locations: Florida, Simi Valley , California, U.S, Wednesday's, Miami, Iowa, South Carolina, Hialeah, FLORIDA, Palm Beach, New Hampshire, United States, Iowa , New Hampshire, New Jersey
Where Trump Counties in Ohio Voted to Support Abortion RightsOhio’s referendum on abortion rights drew support from both liberal and conservative areas of the state and won outright in 18 counties that President Donald J. Trump won in 2020, signaling the issue remains a weakness for Republicans. How Ohio counties voted on Issue 1 Yes, for abortion rights No, against abortion rights Cleveland Columbus Cincinnati Dayton Toledo Akron Shaded areas are the 18 counties that both voted for Trump in 2020 and voted to approve the abortion rights amendment. Across the state, the margin of support for abortion rights was stronger than the margin of support for Mr. Biden three years ago. Among the Trump counties that voted for the amendment, the abortion rights vote was stronger where Mr. Trump won by smaller margins. Against ⭠ Abortion rights ⭢ Trump counties that voted to support abortion rights 18 countiesin Ohio 67 counties insix other states Notes: Circles are sized by vote count.
Persons: Donald J, Trump, Joseph R, Biden, Roe, Wade, Organizations: Trump, Cleveland Columbus Cincinnati Dayton Toledo, Lorain, Delaware, Trumbull, Erie, Mahoning, Medina, Wood, Geauga, Ashtabula, Stark, Ottawa, Fairfield, Licking, Butler, Clark, Republican, Biden, % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % % + Locations: Ohio, Cleveland Columbus Cincinnati Dayton Toledo Akron, Trump, . Ohio, California , Michigan, Vermont, Kansas, Kentucky, Montana, California, Maryland, New York, Arizona, Florida, Iowa, Pennsylvania, Midwestern, Southern
The S&P 500 is up 14% this year, but just eight days that explain most of the gains. If you want a simple indication of why market timing is not an effective investment strategy, take a look at the data on the S&P 500 year to date. How to explain that the S&P is up 14% but the number of up days is about the same as the down days? Here's a hypothetical example of an investment in the S&P 500 over 50 years. The key to investing is not market timing: it is consistent investing, and understanding your own risk tolerance.
Persons: Nicholas Colas, there's, JP Morgan, Colas Organizations: New York Stock Exchange, Federal Reserve, Facebook, Netflix, JP, Signature Bank Locations: Republic
US presidential race: What are the key dates?
  + stars: | 2023-11-07 | by ( ) www.reuters.com   time to read: +4 min
- Nov. 30: Florida Governor Ron DeSantis, who is seeking the Republican presidential nomination, and California Governor Gavin Newsom, a Democrat who is seen as a future presidential candidate, will debate each other on Fox News. - Jan. 23: Tentative date of the first Republican presidential primary election, to be held in New Hampshire. - Feb. 3: First Democratic presidential primary, to be held in South Carolina. Democrats in Utah will also vote in their primary while Republicans hold their caucuses in the state. - June 4: The final states to hold their presidential primaries are scheduled to do so on this date.
Persons: Brendan McDermid, Joe Biden, Donald Trump, Ron DeSantis, Gavin Newsom, Nikki Haley, Tim Scott, Biden's, whittle, Costas Pitas, Jonathan Oatis, Lisa Shumaker Organizations: REUTERS, Republican, Democratic Party, NBC News, Democrat, Fox News, Democratic, Democratic National Committee, , New, , New Hampshire Democrats, Republicans, South Carolina Republican, Republican National Convention, Democratic National Convention, Thomson Locations: Brooklyn , New York, U.S, Miami, Florida, California, Alabama, Iowa, New Hampshire, South Carolina, Nevada, ,, , New Hampshire, Michigan, Alabama , Arkansas , California , Colorado , Maine , Massachusetts, Minnesota, North Carolina , Oklahoma , Tennessee , Texas , Vermont, Virginia, Utah, Alaska, Georgia , Mississippi, Washington, Hawaii, Arizona , Florida , Illinois , Kansas, Ohio, Milwaukee, Chicago
Why Jamie Dimon Changed His Mind on Europe
  + stars: | 2023-11-02 | by ( Josh Mitchell | David Benoit | ) www.wsj.com   time to read: 1 min
When JPMorgan Chase bought First Republic Bank in May, all eyes were on its CEO, Jamie Dimon. Here’s how the executive’s strategy for managing risk propelled him to the top of the banking world. Photo illustration: John McColganLONDON—Not long ago, JPMorgan Chase Chief Executive Jamie Dimon insisted the Wall Street giant would never get into retail banking in Europe. Now, he’s all in.
Persons: JPMorgan Chase, Jamie Dimon, John McColgan Organizations: JPMorgan, First Republic Bank, JPMorgan Chase Locations: Europe
Jamie Dimon expects the Federal Reserve's war on inflation to shake markets at some point. Dimon warns overseas conflicts are a key concern and could hit the American economy. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementInvestors should prepare for turmoil as the Federal Reserve forges ahead in fighting inflation, Jamie Dimon says. "It'll have an effect on the economy, and it may determine whether the economy goes to hard landing or soft landing," Dimon said.
Persons: Jamie Dimon, Dimon, , there's hasn't, Warren Buffett Organizations: Service, Federal Reserve, JPMorgan, Yahoo Finance, Reserve, First Republic Locations: Ukraine, Israel, Europe, China
Donald Trump Jr. speaks to the media in the media filing center as a surrogate on behalf of his father, former U.S. President Donald Trump, after the former president skipped the first Republican candidates' debate of the 2024 U.S. presidential campaign in Milwaukee, Wisconsin, U.S. August 23, 2023. REUTERS/Jim Bourg/File Photo Acquire Licensing RightsNEW YORK, Nov 1 (Reuters) - Donald Trump’s son Donald Trump Jr. is set to testify on Wednesday afternoon in a New York civil fraud trial accusing the former U.S. president and his family businesses of inflating asset values to dupe lenders and insurers. Donald Jr., an executive vice president at the Trump Organization and a co-defendant in the case, will be the first of Trump’s adult children to take the stand, followed by Eric and Ivanka Trump. He has a campaign event scheduled in Houston on Thursday, when Eric Trump is set to testify. Donald Jr., who along with fellow co-defendant Eric Trump largely took over management of the Trump Organization from his father in 2017, is a central player in the case, overseeing crown jewels of the Trump real estate empire.
Persons: Donald Trump Jr, Donald Trump, Jim Bourg, Donald Trump’s, Donald Jr, Eric, Ivanka Trump, Trump, Democrat Joe Biden, Letitia James, James, Justice Arthur Engoron’s, Michael Cohen, Cohen, Eric Trump, Engoron, Jack Queen, Scott Malone, Jonathan Oatis Organizations: Republican, REUTERS, Trump Organization, Democrat, Democratic New York, Trump, Thomson Locations: Milwaukee , Wisconsin, U.S, New York, Washington, Georgia, Houston, Manhattan
[1/3] The Federal Deposit Insurance Corp (FDIC) logo is seen at the FDIC headquarters in Washington, February 23, 2011. FDIC Chairman Martin Gruenberg said in March the agency was also probing possible misconduct related to the collapses of Silicon Valley Bank (SVB) and Signature Bank (SBNY.PK) New York. As with SVB and Signature Bank, the FDIC is probing whether First Republic executives and board members broke rules that require them to act in the bank's best interests. NO ACTIONThe March implosions of SVB and Signature Bank sparked a deposit run at First Republic. FDIC bank failure probes can take years.
Persons: Jason Reed, Martin Gruenberg, SVB, Michael Roffler, James Herbert, Roffler, Michael Krimminger, IndyMac, Michael Perry, Douglas Gillison, Christine Prentice, Michelle Price, Matthew Lewis Organizations: Federal Deposit Insurance Corp, REUTERS, Federal Deposit Insurance Corporation, First Republic Bank, Reuters, FDIC, Valley Bank, Signature Bank, Regulators, First Republic, U.S . Justice Department, Securities, Exchange Commission, SEC, First, Bloomberg, Federal, JPMorgan Chase &, JPMorgan, Reserve, New, Thomson Locations: Washington, Republic, New York, First Republic, Massachusetts, SVB
How can you not keep the federal funds rate higher for longer when you get a U.S. GDP number that surpasses the real GDP of China. He sees the three Oreos taken out of the bag and the higher price nonetheless. The average person hurt by higher rates is collateral damage to the greater anti-inflation mission. All the market has to do is reach a price level that is too darned compelling. And who says we won't see higher rates until the horizon is at last upon us?
Persons: aren't, Estee Lauder, Jerome Powell, Powell, it's, He's, calvary, Jim Cramer's, Jim Cramer, Jim, Squawk, Virginia Sherwood Organizations: Treasury, Signature Bank, Silicon Valley Bank, First, Bank, Federal Reserve, Disney, Fed, Costco, Homes, Jim Cramer's Charitable, CNBC Locations: U.S, China, Russia, Saudi Arabia
Rep. Mike Johnson's ascent to the House speakership last week took most in the GOP by surprise. He's now the first House speaker from the South since Newt Gingrich held the gavel in the 1990s. "This happened sort of suddenly," the Louisiana Republican said last Wednesday after succeeding Rep. Kevin McCarthy of California as speaker and as the new leader of the House GOP conference. Rep. Mike Johnson takes the oath of office to become the next House speaker on October 25, 2023. Challenges to Republican-drawn congressional districts across the South could give Democrats a significant opening to flip the House in 2024.
Persons: Mike Johnson's, He's, Newt Gingrich, , couldn't, Kevin McCarthy of, Johnson, Bill Clinton, Sen, Mitch McConnell, Joe Biden, Mike Johnson, Alex Brandon Cue McConnell, Steve Scalise, Gingrich —, Drew Angerer, Gingrich, Donald Trump, Kim Chandler, McCarthy Organizations: GOP, Service, Louisiana Republican, Southern Republican, Republican, White House, House Republicans, AP, Democratic, Kentucky Locations: Washington, Louisiana, Kevin McCarthy of California, Georgia, Kentucky, Southern, Ukraine, New York, Chicago, Denver, Johnson's, Kim Chandler In Alabama, Black, Alabama's, Florida, Arkansas, South Carolina , Tennessee
[1/3] Former U.S. Vice President Mike Pence waves with his wife Karen as he leaves the stage after announcing he is withdrawing from the presidential campaign, during the Republican Jewish Coalition Annual Leadership Summit in Las Vegas, Nevada, U.S. October 28, 2023. REUTERS/Steve Marcus Acquire Licensing RightsLAS VEGAS, Oct 28 (Reuters) - Former U.S. Vice President Mike Pence ended his cash-strapped presidential campaign on Saturday, after struggling for months to convince Republican voters he was the best alternative to the man he once served with unswerving loyalty, Donald Trump. "To the American people I say: This is not my time," Pence told attendees at the Republican Jewish Coalition donor conference in Las Vegas. Pence gambled that Republican primary voters would reward him for following the U.S. Constitution rather than obeying Trump, who wanted him to overturn the 2020 election results. In several past elections, former vice presidents who have competed to become the White House nominee have succeeded, including Republican George H.W.
Persons: Mike Pence, Karen, Steve Marcus, Donald Trump, Pence, Trump, Joe Biden's, Republican George H.W, Republican George H.W . Bush, Democrat Al Gore, Nikki Haley, Ron DeSantis, Alexandra Ulmer, David Gregorio Our Organizations: U.S, Republican Jewish Coalition, Leadership, REUTERS, LAS VEGAS, Former U.S, Republican, Trump, U.S . Capitol, U.S . Senate, Trump Republican, White House, Democrat, South Carolina, Thomson Locations: Las Vegas , Nevada, U.S, Former, Las Vegas, Iowa, Republican George H.W ., Florida, Ukraine
Dimon and his family intend to sell 1 million of their 8.6 million shares, according to the filing. That is a tiny percentage of the shares outstanding in JPMorgan which has a market capitalization exceeding $409 billion, according to LSEG data. Dimon has no current plans to sell more stock, but could consider doing so in the future, the spokesman added. Shares of JPMorgan slid more than 3%, falling with peers Bank of America (BAC.N), Citigroup (C.N) and Wells Fargo (WFC.N). So far this year, JPMorgan shares have risen 1.4%, outperforming the S&P 500 Banks Index (.SPXBK), which has declined 18%.
Persons: JPMorgan Chase, Jamie Dimon, Dimon, Octavio Marenzi, Marenzi, they're, Schumer, Evelyn Hockstein, Wells, Brian Mulberry, Mulberry, Ben Silverman, Mike Mayo, James Gorman, Morgan Stanley, Peter Orszag, Dave Ellison, Hennessy, Scott Siefers, Piper Sandler, Siefers, Niket, Lananh Nguyen, Nupur Anand, Shilpi Majumdar, Shinjini Ganguli, Mike Harrison, Jonathan Oatis Organizations: JPMorgan, First Republic Bank, Forbes, U.S, Capitol, REUTERS, Bank of America, Citigroup, Zacks Investment Management, Wells, Wall Street, Lazard, Hennessy Funds, Banks, Thomson Locations: U.S, America, Washington , U.S, Wells Fargo, Bengaluru, Lananh, New York
[1/5] Volunteers gather at the Donald Trump 2024 campaign headquarters in Iowa ahead of a door-knocking event in Urbandale, Iowa, U.S., October 14, 2023. Reuters interviews with nearly 40 party leaders, Trump staff and campaign volunteers in Iowa show how the former president has learned from his past mistakes. In 2016, Trump, thinking he had little chance of winning Iowa, kept his operation in the state threadbare. "I don't think people realize in 2016 how shoestring that was," said Jeff Kaufmann, chairman of the Iowa Republican Party, referring to the Trump campaign. In 2016 Trump didn't have the staffing or digital infrastructure to follow up on such leads, meaning many Trump supporters like Jones and her husband stayed home on caucus night.
Persons: Donald Trump, Nathan Layne, Trump, Ted Cruz, Jeff Kaufmann, Rachel Paine Caufield, Trump's, Ron Desantis, Alex Latcham, we've, Ann Jones, Jones, Marshall Moreau, Cris Christenson, DeSantis, he's, Jonah Jones, Adel, Ross Colvin, Daniel Wallis Organizations: Volunteers, REUTERS, DES, Trump, Iowa Republican Party, Sunday Trump, Drake University, Reuters, DeSantis, Hawkeye State, Ipsos, Iowa, Christian, Republican, Thomson Locations: Iowa, Urbandale , Iowa, U.S, , Iowa, Sioux City, Florida, Cruz, Adel, Des Moines, Clive , Iowa, Adel , Iowa
JPMorgan chief Jamie Dimon is selling a part of his stake in the lender for the first time. Since becoming CEO in 2005, Dimon has only expanded his stake in the bank, holding $1.2 billion in shares. AdvertisementAdvertisementJamie Dimon is set to sell JPMorgan shares for the first time since taking the helm of the world's largest bank in 2005. AdvertisementAdvertisementThe chief executive and his family will continue to hold around 7.6 million shares. Ahead of the reductions, Dimon's JPMorgan stake was valued at $1.2 billion, excluding unvested shares of over 2 million in options.
Persons: Jamie Dimon, Dimon, , he's Organizations: Service, JPMorgan, Securities and Exchange Commission, Wall Street Journal, Financial Times, First Republic Bank
That could make it difficult for the party to deliver a coherent message on early voting. In an advertisement that aired during the first Republican presidential debate in August, RNC Chairwoman Ronna McDaniel said into the camera: "When Republicans vote early, we win." With Trump railing against the practice, Democrats have increased their edge in early voting. In 2022, that gap widened, with Democrats accounting for 42.5% of early ballots and Republicans 33.8%. But Youngkin advisers said their data showed the early vote campaign had brought in ballots from low-propensity voters as well.
Persons: Glenn Youngkin, Jonathan Ernst, Donald Trump, Trump, haven't, Youngkin, Ronna McDaniel, Tom Bonier, Bonier, Dave Rexrode, Joseph Ax, Nathan Layne, Colleen Jenkins, Deepa Babington Organizations: Virginia Republican, REUTERS, Virginia, White House, U.S, Senate, Republican, Republican State Leadership Committee, Republican National Committee, Trump, University of Florida, Banking, Democrats, Republicans, Democratic Legislative, Committee, Democratic, Thomson Locations: Chantilly , Virginia, U.S, Virginia, Henrico County, Iowa
In Iowa, where evangelical Christians dominate the first-in-the-nation Republican presidential caucuses, Rowland and other pastors are delivering a message meant to resonate both biblically and politically. While curbing abortion has for decades energized Christian conservatives like no other issue, the attack by Hamas and Israel's response have put new pressure on Republican candidates to hew not just to traditional Republican support for Israel but to beliefs rooted in the Bible. Some Christians support Israel due to Old Testament writings that Jews are God’s chosen people and that Israel is their rightful homeland. Some evangelicals believe Israel is key to an end-times prophecy that will bring about the return of the Christian messiah. Daniel Hummel, author of “Covenant Brothers: Evangelicals, Jews, and U.S.-Israeli Relations," said that Republican support for Israel has become a proxy for other conservative priorities, particularly on immigration.
Persons: Steve Rowland peered, Rowland, “ Israel, Israel, Joe Biden, “ We’ve, , Nikki Haley, Donald Trump, Benjamin Netanyahu, Trump, Roe, Wade, Daniel Hummel, Haley, Ron DeSantis —, , ” Hummel, Carolina Sen, Tim Scott, ” Scott, Scott, DeSantis, Joseph Brown, Netanyahu “, Brown, Marion, Vivek Ramaswamy, Ramaswamy, Brad Cranston, ” Ann Trimble Ray, ” Rowland, they've, Tiffany Stanley Organizations: Sun, of Christ, Republican, Iowa, GOP, South, United Nations, The Associated Press, , Brothers, Trump, Florida Gov, Trump Republican Party, Baptist Church, Heritage Baptist Church, CNN, Associated Press Locations: NEWTON, Iowa, Des Moines, Altoona, Israel, Iran, South Carolina, Cedar Rapids, White, U.S, Tel Aviv, Jerusalem, It's, Carolina, Newton, Washington , Iowa, Burlington , Iowa, Gaza, Trump, , Iowa, Washington
Following the bank closings, many other regional banks have had to pay higher interest rates on deposits in order to prevent customers from heading towards the exit. Comerica saw declines in both provisions and net interest income and a 28% decline in net income compared to last year. Zions Bancorp had a dramatic decline as well, seeing yearly declines in net interest income and provisions. Going forward, if demand for loans dries up, that gets rid of a key source of income for regional banks. The SPDR S&P Regional Banking ETF, a benchmark for judging the performance of shares of regional banks, was down 2.9% over five days as of midday trading on Friday.
Persons: , ” Nathan Stovall, Stovall, ” Stovall, Huntington Bancshares, , Jerome Powell, JPMorgan Chase Organizations: CNN, Signature Bank, First Republic Bank, Silicon Valley Bank, Federal, P Global Market Intelligence, US Bancorp, Financial Corp, T Bank Corp, PNC Financial Services Group, Inc, Commerce, Comerica, Zions Bancorp, Keycorp, Zions, T Bank, PNC, Regional Banking, Fed, Citi Group, Wells, JPMorgan Locations: Ohio, Dallas, Salt, Huntington, Commerce, Keycorp, Regions, Gaza, Wells Fargo
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,
“Tim Scott is all in on Iowa,” Scott's campaign manager Jennifer DeCasper said in an emailed statement. Scott has already held more than 40 campaign events in Iowa, and blanketed the airwaves since entering the race in May. The total is more than for any other combined presidential campaign and supporting super PAC. Scott's campaign has purchased more television and digital ads in the state than any other candidate through their individual campaign. Never Back Down, the super PAC supporting DeSantis, has spent the most on advertising of any entity in Iowa.
Persons: Carolina Sen, Tim Scott's, Scott, “ Tim Scott, , Jennifer DeCasper, Donald Trump, Ron DeSantis Organizations: DES, , Republican, Iowa, Christian, Florida Gov, PAC, Trust Locations: DES MOINES, Iowa, Carolina, New Hampshire, Des Moines, Florida
Senator Tim Scott, struggling to gain traction less than three months before the first Republican primary ballots are cast, came to the South Side of Chicago on Monday to rebuke the welfare state and the liberal politicians he dismissed as “drug dealers of despair.”The speech was at New Beginnings Church in the poor neighborhood of Woodlawn. It may have been delivered to Black Chicagoans, but the South Carolina senator’s broadsides — criticizing “the radical left,” the first Black female vice president, Kamala Harris, and “liberal elites” who want a “valueless, faithless, fatherless America where the government becomes God” — were aimed at an audience far away. That audience was Republican voters in the early primary and caucus states of Iowa, New Hampshire and South Carolina, and the donors who have peeled away from his campaign. His political persona as the “happy warrior” gave way to a chin-out antagonism toward the Black leaders who run the nation’s third-largest city, and the Democratic Party that “would rather lower the bar for people of color than raise the bar on their own leadership.”Speaking to a largely receptive audience in a church run by a charismatic Republican pastor, Mr. Scott added: “They say they want low-income Americans and people of color to rise, but their actions take us in the opposite direction. The actions say they want us to sit down, shut up and don’t forget to vote as long as we’re voting blue.”
Persons: Tim Scott, Black, Kamala Harris, , Scott Organizations: Republican, New Beginnings Church, Black, Democratic Party Locations: Chicago, Woodlawn, South Carolina, America, Iowa , New Hampshire
Michael Nagle | Bloomberg | Getty ImagesThe largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come. The moves come after a two-year hiring boom during the pandemic, fueled by a surge in Wall Street activity. "Banks are cutting costs where they can because things are really uncertain next year," Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview. In the coming weeks, the bank will terminate around 1% or 2% of its employees, according to a person with knowledge of the plans. The bank has cut about 2% of its workforce this year amid a protracted slowdown in investment banking activity.
Persons: Michael Nagle, JPMorgan Chase, Chris Marinac, Janney Montgomery Scott, you'll, Goldman Sachs, Charlie Scharf's, Mike Santomassimo, Goldman, Headcount, GreenSky, we've, Morgan Stanley, James Gorman, Mark Mason, Jane Fraser's, Mason, Jamie Dimon Organizations: New York Stock Exchange, Bloomberg, Getty, JPMorgan, Federal Reserve, headcount, Bank of America, Citigroup, First, Big Locations: New York, Wells, Wells Fargo, York, First Republic
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrial: The financial sector, and specifically the banks, looks especially cheap right nowNancy Prial, co-CEO of Essex Investment Management, discusses the major issues facing Bank of America and Goldman Sachs as they report earnings, and the state of the industry six months after the collapse of SVB and First Republic.
Persons: Nancy Prial, Goldman Sachs Organizations: Essex Investment Management, of America Locations: SVB, Republic
JPMorgan Chase Bank is seen in New York City, U.S., March 21, 2023. REUTERS/Caitlin Ochs/File Photo Acquire Licensing RightsOct 13 (Reuters) - JPMorgan Chase's (JPM.N) profit rose in the third quarter as surging rates and the acquisition of failed First Republic Bank drove its interest income to a record high, the largest U.S. lender reported on Friday. Shares of the bank rose 0.6% in premarket trading. It also hiked its 2023 NII forecast to $89 billion, excluding markets, compared with a prior forecast of $87 billion. The lender reported a profit of $13.15 billion, or $4.33 per share, for the three months ended Sept. 30.
Persons: Caitlin Ochs, JPMorgan Chase's, Jamie Dimon, Dimon, SoftBank Group's, Niket, Nupur Anand, Lananh Nguyen, Anil D'Silva Organizations: JPMorgan Chase Bank, REUTERS, JPMorgan, Bank, First Republic, Wall Street, Arm Holdings, Investment, Thomson Locations: New York City, U.S, Ukraine, Israel, Bengaluru, New York
JPMorgan CEO Jamie Dimon sounded the alarm on a series of risks looming over global markets. "This may be the most dangerous time the world has seen in decades," Jamie Dimon said in a JPMorgan earnings press release. Dimon also reiterated concerns of higher interest rates to come, having previously noted 7% levels as a real possibility. Added to that is growing US debt, which has drawn increasing criticism for its potential to worsen interest rates and eventually lead to fallout, if left unchecked. Despite Dimon's concerns, JPMorgan's reported strong third-quarter results, helped by higher interest rates and its acquisition of First Republic Bank earlier this year.
Persons: Jamie Dimon, Dimon, , JPMorgan's Organizations: Service, Bank, First Republic Bank Locations: Ukraine
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