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☆ Jamie Dimon Wins Again in First Republic Bank Deal
▼ + stars: | 2023-05-01 | by ( Rachel Louise Ensign | David Benoit | ) www.wsj.com time to read: 1 min

JPMorgan Chase CEO Jamie Dimon played a key role in earlier efforts to rescue First Republic Bank. Photo: MARCO BELLO/REUTERSAmerica’s biggest bank just got even bigger. JPMorgan Chase & Co.’s purchase of failed First Republic Bank boosts the New York bank’s massive loan book and dominant deposit franchise. It gives the megabank a new crop of rich customers at a time when it is trying to expand its wealth-management operation. And it allows Chief Executive Jamie Dimon to once again play the role of industry savior.

☆ Jeffrey Epstein’s Private Calendar: CIA Director William Burns, Goldman Sachs’s Top Lawyer, Noam Chomsky
▼ + stars: | 2023-04-30 | by ( Khadeeja Safdar | David Benoit | ) www.wsj.com time to read: 1 min

The nation’s spy chief, a longtime college president and top women in finance. The circle of people who associated with Jeffrey Epstein years after he was a convicted sex offender is wider than previously reported, according to a trove of documents that include his schedules. William Burns , director of the Central Intelligence Agency since 2021, had three meetings scheduled with Epstein in 2014, when he was deputy secretary of state, the documents show. They first met in Washington and then Mr. Burns visited Epstein’s townhouse in Manhattan.

First Republic Bank customers pulled around $100 billion in deposits in a matter of days. Photo: LOREN ELLIOTT/REUTERSThe Federal Deposit Insurance Corp. is reviewing bids for First Republic Bank and preparing to seize the lender, according to people familiar with the matter, weeks after a $100 billion deposit run shattered its business model. Big banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. submitted offers for the troubled lender earlier Sunday, the people said, and the FDIC went back to the bidders with questions in the evening. The agency is expected to name a winner before First Republic opens Monday morning, the people said.

First Republic Bank customers pulled around $100 billion in deposits in a matter of days. Photo: LOREN ELLIOTT/REUTERSBig banks including JPMorgan Chase & Co. and PNC Financial Services Group Inc. are vying to buy First Republic Bank in a deal that would follow a government seizure of the troubled lender, according to people familiar with the matter. A seizure and sale of First Republic could come as soon as this weekend, the people said.

☆ Former JPMorgan Banker With Ties to Jeffrey Epstein Leaves Citigroup
▼ + stars: | 2023-04-26 | by ( David Benoit | ) www.wsj.com time to read: 1 min

Paul Barrett had scheduled at least five meetings with Epstein from 2014 to 2017 before he left JPMorgan. Photo: CAITLIN OCHS/REUTERSCitigroup Inc. has parted ways with Paul Barrett , an executive in its private bank, after The Wall Street Journal reported on his ties to Jeffrey Epstein . Mr. Barrett is a former managing director at JPMorgan Chase & Co., which counted Epstein as a client until 2013. Mr. Barrett is among the JPMorgan executives who continued to plan meetings with Epstein after the bank closed his accounts, the Journal reported Friday.

☆ JPMorgan Profit Soars 52% Despite Banking Turmoil
▼ + stars: | 2023-04-14 | by ( David Benoit | ) www.wsj.com time to read: 1 min

Photo: Thalia Juarez for The Wall Street JournalDeposits at JPMorgan Chase surged from December to the end of March. JPMorgan Chase & Co. defied a crisis of confidence in the banking business, posting a 52% increase in first-quarter profit and record revenue. The bank posted net income of $12.62 billion, or $4.10 per share, up from $8.28 billion, or $2.63 a share, a year ago. That beat the $3.41 per share expected by analysts, according to FactSet.

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☆ JPMorgan Internally Flagged Epstein’s Large Withdrawals Years Before His 2008 Conviction, Lawsuit Alleges
▼ + stars: | 2023-04-12 | by ( Khadeeja Safdar | David Benoit | ) www.wsj.com time to read: 1 min

☆ Jamie Dimon on Banking Turmoil: ‘This Wasn’t the Finest Hour for Many Players’
▼ + stars: | 2023-04-04 | by ( David Benoit | ) www.wsj.com time to read: 1 min

Jamie Dimon used his annual letter to highlight JPMorgan’s performance and weigh in on political issues, bank regulation and the economy. JPMorgan Chase & Co. Chief Executive Jamie Dimon said industry turmoil sparked by the failure of Silicon Valley Bank last month is nothing like the 2008 financial crisis, but it will nonetheless have repercussions for years. In his annual letter to shareholders released Tuesday, the head of the country’s largest bank said the current crisis “involves far fewer financial players and fewer issues that need to be resolved” than in 2008, when $1 trillion worth of dodgy mortgages threatened to bring down the entire financial system.

Scott Anderson answered the doorbell one night in March to find his 8-year-old neighbor waiting with a bag of popcorn. Mr. Anderson, the chief executive officer of Zions Bank in Utah, had helped the boy open an account on his birthday last year. “Is my money safe?” the boy asked, Mr. Anderson said at an industry conference last week.

☆ Jamie Dimon to Face Questioning in Lawsuit Over JPMorgan’s Epstein Ties
▼ + stars: | 2023-03-28 | by ( Khadeeja Safdar | David Benoit | ) www.wsj.com time to read: 1 min

JPMorgan Chase says CEO Jamie Dimon played no role in the bank’s dealings with Epstein. Jamie Dimon will be questioned in a civil lawsuit over JPMorgan Chase & Co.’s relationship with Jeffrey Epstein , people familiar with the matter said. The U.S. Virgin Islands sued JPMorgan late last year, saying the bank facilitated Esptein’s alleged sex trafficking and abuse by allowing him to remain a client and helping him send money to the late financier’s victims.

JPMorgan Chase’s Jamie Dimon and his fellow CEOs are trying to instill confidence in a banking system facing its worst crisis in 15 years. JPMorgan Chase & Co. Chief Executive Jamie Dimon is leading discussions with the chief executives of other big banks about fresh efforts to stabilize troubled First Republic Bank . The discussions, while preliminary, have focused on how the industry could arrange for an investment that would boost the bank’s capital, according to people familiar with the matter. Among the options on the table, the people said, is an investment in First Republic by the banks themselves.

JPMorgan Chase & Co. Chief Executive Jamie Dimon is leading discussions with the chief executives of other big banks about fresh efforts to stabilize troubled First Republic Bank . The discussions, while preliminary, have focused on how the industry could arrange for an investment that would boost the bank’s capital, according to people familiar with the matter. Among the options on the table, the people said, is an investment in First Republic by the banks themselves.

☆ Signature Bank’s Quirky Mix of Customers Fueled Its Rise and Hastened Its Fall
▼ + stars: | 2023-03-19 | by ( Rachel Louise Ensign | David Benoit | ) www.wsj.com time to read: 1 min

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☆ First Republic Bank Looms Large for U.S. Regulators After Credit Suisse Sale
▼ + stars: | 2023-03-19 | by ( David Benoit | Andrew Ackerman | ) www.wsj.com time to read: 1 min

U.S. policy makers warily watched the rushed rescue of Credit Suisse Group AG over the weekend, hoping that its purchase by UBS Group AG would stem a slide in financial stocks triggered by the recent collapse of two regional banks. Late Sunday, the Fed and five major central banks announced a coordinated effort to improve liquidity by moving U.S. dollars among themselves each day, starting Monday, instead of once a week. The central banks then lend those dollars out to financial institutions, in an effort to backstop other countries’ funding needs should strains emerge in global markets.

The biggest banks in the U.S., including JPMorgan Chase & Co., are discussing a joint rescue of First Republic Bank that could include a sizable capital infusion to shore up the beleaguered lender, people familiar with the matter said. JPMorgan is working with Citigroup Inc., Bank of America Corp. and Wells Fargo & Co. to provide a lifeline to First Republic, the people said. Others involved include Morgan Stanley and Goldman Sachs Group Inc. as well as U.S. Bancorp and PNC Financial Services Group Inc., the people said.

The biggest banks in the U.S. swooped in to rescue First Republic Bank with a flood of cash totaling $30 billion, in an effort to stop a spreading panic following a pair of recent bank failures. The bank’s executives came together in recent days to formulate the plan, discussing it with Treasury Secretary Janet Yellen and other officials and regulators in Washington, D.C., people familiar with the matter said.

Eleven banks have deposited $30 billion in First Republic Bank , according to a joint statement from the heads of the Treasury, Federal Reserve, Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. “This show of support by a group of large banks is most welcome, and demonstrates the resilience of the banking system,” the federal officials said.

☆ Signature Bank Is Shut by Regulators After SVB Failure
▼ + stars: | 2023-03-13 | by ( Rachel Louise Ensign | David Benoit | ) www.wsj.com time to read: 1 min

Signature Bank became one of the crypto market’s leading banks. Signature Bank was closed by regulators on Sunday, the second massive bank failure in three days. The New York-based bank faced a crisis of confidence after midsize lender SVB Financial Corp. was seized by regulators on Friday. Signature was also reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked down on lenders’ exposure to digital assets. The failure is the third-largest in history.

Signature Bank was closed by regulators on Sunday, the second massive bank failure in three days. The New York-based bank faced a crisis of confidence after midsize lender SVB Financial Corp. was seized by regulators on Friday. Signature was also reeling from a bet on crypto banking that foundered after the sector imploded and banking regulators cracked down on lenders’ exposure to digital assets. The failure is the third-largest in U.S. history.

☆ JPMorgan Sues Former Executive Jes Staley Over Jeffrey Epstein Ties
▼ + stars: | 2023-03-08 | by ( David Benoit | Khadeeja Safdar | ) www.wsj.com time to read: 1 min

Jes Staley has maintained he was friendly with Jeffrey Epstein but never knew about his alleged crimes. JPMorgan Chase & Co. sued former executive Jes Staley over his ties to Jeffrey Epstein , revealing that Mr. Staley has been accused of sexual assault. The bank is facing lawsuits from the U.S. Virgin Islands and from an unnamed woman alleging it aided Epstein’s yearslong sex trafficking by allowing him to remain a client and helping him send money to victims.

☆ Frank Founder Says JPMorgan Knew How Many Users Her Firm Had in $175 Million Deal
▼ + stars: | 2023-02-28 | by ( David Benoit | Melissa Korn | ) www.wsj.com time to read: 1 min

The woman who sold financial-aid startup Frank to JPMorgan Chase & Co. for $175 million said the bank understood how big the company was before going through with the deal and that its fraud claims are unfounded. Charlie Javice said the bank is trying to blame her for a failed strategy in a lawsuit it filed in federal court in December. In her reply to that suit Monday, Ms. Javice said JPMorgan’s claim that she invented 4 million customers out of whole cloth with a professor and some artificial intelligence is an effort to hide the reality that the biggest bank in the country just flopped on the transaction.

☆ Citigroup CEO Jane Fraser Gets $24.5 Million 2022 Paycheck, Up 9%
▼ + stars: | 2023-02-21 | 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/citigroup-ceo-jane-fraser-gets-24-5-million-2022-paycheck-53c30a5c

☆ Banks Are Breaking Up With Crypto During Regulatory Crackdown
▼ + stars: | 2023-02-16 | by ( Rachel Louise Ensign | David Benoit | ) www.wsj.com time to read: 1 min

Banks are backing away from crypto companies, spooked by a regulatory crackdown that threatens to sever digital currencies from the real-world financial system. Banking regulators are raising concerns about banks’ involvement with crypto clients following last year’s blowup of Sam Bankman-Fried ’s FTX. The Securities and Exchange Commission is aggressively pursuing the industry’s bigger players in a crackdown that threatens to narrow their reach. That move has alarmed bankers who don’t want to do business with customers in the SEC’s crosshairs, people familiar with the matter said.

☆ Emails Reveal Deep Ties Between Jeffrey Epstein, Former Barclays CEO Jes Staley
▼ + stars: | 2023-02-16 | by ( David Benoit | ) www.wsj.com time to read: 1 min

Jes Staley has maintained he was friendly with Jeffrey Epstein but never knew about his alleged crimes. Former Barclays PLC chief Jes Staley exchanged more than a thousand emails with convicted sex offender Jeffrey Epstein , some of which included photos of young women in seductive poses, according to court documents released this week. The emails, revealed by the U.S. Virgin Islands government in a lawsuit against JPMorgan Chase & Co., where Mr. Staley was once a top executive, shed new light on the relationship between the banker and the late financier who was charged with sex trafficking before his apparent suicide in 2019.

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