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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 McColganAmerican consumers and businesses remained on surprisingly solid financial footing last year, propelling earnings for the biggest banks yet again. JPMorgan Chase said it made $50 billion in 2023, a record, as many firms reported fourth-quarter and full-year results Friday. JPMorgan, Bank of America , Wells Fargo and Citigroup together earned $104 billion in 2023, up 11% from a year earlier.
Persons: JPMorgan Chase, Jamie Dimon, John Organizations: JPMorgan, First Republic Bank, Bank of America, Citigroup Locations: Wells Fargo
Cara LombardoCara Lombardo is a senior reporter for The Wall Street Journal in New York. She and her colleagues regularly break market-moving news on the biggest and most interesting deals and activist fights. In 2021, she was part of a team that won a Gerald Loeb Award for the paper’s coverage of Amazon’s business practices. She joined the Journal in 2017 and previously covered breaking news and the beverage industry. She has undergraduate and master’s degrees in accounting and a master’s degree in journalism, all from the University of Wisconsin-Madison.
Persons: Cara Lombardo Cara Lombardo, Gerald Loeb Organizations: Wall Street, University of Wisconsin - Madison, LinkedIn Locations: New York
Citigroup’s layoffs are part of Chief Executive Jane Fraser’s efforts to streamline the global bank. Photo: Lam Yik/Bloomberg NewsCitigroup began making an extensive round of layoffs and organizational changes, part of Chief Executive Jane Fraser ’s efforts to streamline the sprawling global bank. The bank on Monday didn’t say how many employees were due to be cut on Monday and it hasn’t set a target for total layoffs. Instead, Fraser in September ordered her subordinates to remake their teams for a new alignment she devised and then cut positions that no longer were needed.
Persons: Jane Fraser’s, Lam Yik, Jane Fraser ’, Fraser Organizations: Bloomberg News Citigroup
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
JPMorgan CEO Jamie Dimon to Sell One Million Shares
  + stars: | 2023-10-27 | by ( David Benoit | ) www.wsj.com   time to read: 1 min
Photo illustration: John McColganJamie Dimon plans to sell a portion of his stock in JPMorgan Chase for the first time. Dimon, the chief executive, intends to sell one million of his current 8.6 million shares “for financial diversification and tax-planning purposes,” the bank said Friday in a filing.
Persons: John McColgan Jamie Dimon Organizations: JPMorgan Chase
Ted Pick, who leads Morgan Stanley’s investment-banking and trading operations, will succeed James Gorman as chief executive. Photo Illustration: Morgan Stanley, Angus Mordant/Bloomberg NewsMorgan Stanley said Wednesday that it named Ted Pick as its next chief executive to succeed longtime CEO James Gorman , ushering in a new era for the Wall Street powerhouse. Pick, who leads Morgan Stanley ’s investment-banking and trading operations, was one of three finalists selected as possible successors for Gorman, who said in May that he would step down from the CEO role he has held since 2010.
Persons: Ted Pick, Morgan Stanley’s, James Gorman, Morgan Stanley, Angus Mordant, Bloomberg News Morgan Stanley, Morgan Stanley ’, Gorman Organizations: Bloomberg News, Wall Street
At present, merchants pay large card issuers such as JPMorgan Chase and Bank of America 21 cents plus 0.05% of the transaction amount. Photo: Alyssa Schukar for The Wall Street JournalWASHINGTON—The Federal Reserve proposed lowering by about 30% the fees merchants pay to many banks when consumers shop with debit cards, setting off a fight with banks that oppose the changes. At present, merchants pay large card issuers such as JPMorgan Chase and Bank of America 21 cents plus 0.05% of the transaction amount, which is the level set by the Fed in 2011. The Fed can lower the cap if it determines the costs for processing debit-card payments are declining, but it had never previously done so.
Persons: Alyssa Schukar Organizations: JPMorgan Chase, Bank of America, Wall Street Journal WASHINGTON, Federal Reserve, Fed
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/regulation/fed-to-propose-lowering-debit-card-swipe-fees-d80c3dd3
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/banking/jpmorganchase-jpm-q3-earnings-report-2023-db587ef
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/banking/jpmorganchase-jpm-q3-earnings-report-2023-db587ef
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/banking/jpmorgan-paying-75-million-to-settle-suit-over-jeffrey-epstein-ties-545e7824
Persons: Dow Jones, epstein, 545e7824 Organizations: jpmorgan
Citigroup CEO Jane Fraser Is Shaking Up Executive Ranks
  + stars: | 2023-09-13 | by ( David Benoit | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/banking/citigroup-ceo-jane-fraser-is-shaking-up-executive-ranks-b13fbf5c
Persons: Dow Jones, fraser Organizations: citigroup
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/jeffrey-epstein-advised-sergey-brin-with-tax-shelter-353cad20
Persons: Dow Jones, jeffrey, epstein, sergey, brin
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/senate-panel-probes-leon-blacks-financial-ties-to-epstein-tax-maneuvers-d72c2b84
Persons: Dow Jones, epstein
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/u-s-virgin-islands-seeks-190-million-from-jpmorgan-over-epstein-suit-43fe4868
Persons: Dow Jones, epstein Organizations: jpmorgan
JPMorgan’s Profit Jumps 67% After First Republic Rescue
  + stars: | 2023-07-14 | by ( David Benoit | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/jpmorganchase-jpm-q2-earnings-report-2023-8694176b
Persons: Dow Jones
Big-Bank Earnings Show Signs of Soft Landing
  + stars: | 2023-07-14 | by ( Ben Eisen | David Benoit | Gina Heeb | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/jpmorganchase-jpm-q2-earnings-report-2023-8694176b
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/internal-jpmorgan-report-provides-new-details-on-banks-ties-to-jeffrey-epstein-fb089131
Persons: Dow Jones, jeffrey, epstein, fb089131 Organizations: jpmorgan
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/jpmorgan-says-ex-first-lady-of-u-s-virgin-islands-helped-epstein-traffic-women-509dd39d
Persons: Dow Jones, epstein Organizations: jpmorgan
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/jpmorgan-chase-agrees-to-settle-jeffrey-epstein-accusers-suit-9dbbabff
Persons: Dow Jones, epstein Organizations: jpmorgan
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/jpmorgan-chase-agrees-to-settle-jeffrey-epstein-accusers-suit-9dbbabff
Persons: Dow Jones, epstein Organizations: jpmorgan
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/jamie-dimon-says-he-never-discussed-jeffrey-epsteins-accounts-at-jpmorgan-jes-staley-says-dimon-did-b11f0da5
Persons: Dow Jones, dimon, jeffrey, staley Organizations: jpmorgan
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/americas-biggest-bank-is-everywhereand-it-isnt-done-growing-5ff18360
The U.S. Virgin Islands are asking for a judge’s approval to subpoena Elon Musk by email. Photo: POOL/REUTERSElon Musk is being asked to turn over documents as part of a civil lawsuit by the U.S. Virgin Islands against JPMorgan Chase over the bank’s relationship with Jeffrey Epstein , according to court documents filed Monday. The U.S. Virgin Islands said it wants information from Mr. Musk because it believes the Tesla chief executive “is a high-net-worth individual who Epstein may have referred or attempted to refer to JPMorgan,” according to the court filing.
Lawrence Summers wanted $1 million to fund an online poetry project his wife was developing. The former Treasury secretary and onetime Harvard University president turned to Jeffrey Epstein . “I need small scale philanthropy advice. My life will be better if i raise $1m for Lisa,” Mr. Summers said in an email to Epstein in April 2014, referring to his wife, Elisa New, a Harvard professor. “Mostly it will go to make it a pbs series and for teacher training.
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