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☆ Wall Street banks see investment banking improvement, with some caution
▼ + stars: | 2024-07-12 | by ( ) www.reuters.com time to read: +3 min

The results by three major U.S. banks kicked off the second-quarter earnings season. Maximize Item 1 of 2 Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. REUTERS/File Photo [1/2] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. Wells Fargo CFO Mike Santomassimo said on a call that the bank has seen good activity across the investment grade desk, capital markets and the leverage finance business. Goldman's earnings are expected to more than double versus the second quarter of 2023, when they dropped to a three-year low.

Persons: Wells, Goldman Sachs, Morgan Stanley, Mark Mason, Mason, JP Morgan, Jeremy Barnum, Mike Santomassimo, Moody's, Goldman, Noor Zainab Hussain, Manya Saini, Niket, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Megan Davies, Matthew Lewis Organizations: Citigroup, JPMorgan, Citi, Equity, JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Chevron Chevron, Morgan, Thomson Locations: Chevron Chevron The U.S, U.S, Bengaluru, New York

☆ 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

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

☆ 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

[1/3] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. The S&P 500 Banks Index (.SPXBK) rose 1.14%, while the KBW Regional Banking Index (.KRX) gained about 2%. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), Goldman Sachs (GS.N), Morgan Stanley (MS.N), Citigroup (C.N) and Bank of America (BAC.N) advanced between 1% and 2%. Higher net interest income has helped cushion a slump in the banking sector's market-sensitive business units such as investment banking and trading. Zions Bancorporation (ZION.O) shares fell 0.56% after its executives forecasted a slowdown in net interest income.

Persons: JP Morgan, Wells, Mike Santomassimo, Jack Janasiewicz, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Zions, Manya Saini, Sriraj Kalluvila, Lisa Shumaker Organizations: JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Federal Reserve, Labor Department, Traders, Natixis Investment, Banks, JPMorgan, Citigroup, Bank of America, Comerica Inc, Comerica, Bancorp, Western Alliance, U.S . Bancorp, National Bancorp, Thomson Locations: U.S, Wells, KBW, Monday's, Wells Fargo, Bengaluru

☆ What the First Republic takeover means for customers
▼ + stars: | 2023-05-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

New York CNN —First Republic Bank was taken over by the Federal Deposit Insurance Corporation on Monday, with most of its assets sold to JPMorgan Chase. Chase is assuming all deposits of First Republic customers. First Republic customers’ deposits will continue to be FDIC-insured. First Republic customers will have many of the same banking conveniences that they had before the bank was taken over. Direct deposits like paychecks and Social Security benefits will continue as usual,” the FDIC said on its resource page for First Republic customers.

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