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☆ Dow tumbles nearly 400 points, notching biggest one-day drop since March
▼ + stars: | 2023-09-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —Stocks tumbled Tuesday after a slew of economic data stoked fears about the US economy’s cloudy outlook and further interest rate hikes from the Federal Reserve. The Dow Jones Industrial Average fell 388 points, or 1.1%, its biggest one-day decline since March. The stock market remains in a bull market, however — it would need to fall 20% from its peak to enter bear territory. “The Fed will see the reacceleration of house prices as a reason to keep interest rates higher for longer,” said Bill Adams, chief economist at Comerica Bank. JPMorgan Chase CEO Jamie Dimon said Tuesday in an interview with the Times of India that he is preparing the bank’s clients for a 7% interest rate scenario, further spooking investors.

Persons: Stocks, ”, Bill Adams, paring, Brent, JPMorgan Chase, Jamie Dimon, Moody’s Organizations: New, New York CNN, Federal Reserve, Dow Jones, Nasdaq, Comerica Bank, Fed, Silicon Valley Bank, Signature Bank, West Texas, JPMorgan, Times, Fitch Locations: New York, Times of India

JPMorgan did not admit any wrongdoing in the settlement, which will give $55 million to Virgin Islands charities and the American territory's anti-trafficking efforts. The remaining $20 million will cover attorneys' fees incurred by the Virgin Islands as part of the litigation in federal court in New York. The Virgin Islands said the deal "includes several substantial commitments by JPMorgan Chase to identify, report, and cut off support for potential human trafficking, including establishing and implementing comprehensive policies and procedures." Virgin Islands Attorney General Ariel Smith said the agreement settles what was the first enforcement action against a bank for facilitating and profiting from human trafficking. The Virgin Islands previously obtained a $105 million settlement from Epstein's estate, and another $62.5 million from billionaire investor Leon Black to resolve potential claims related to Epstein.

Persons: JPMorgan Chase, Jeffrey Epstein, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Jes Staley, Epstein, Staley, Ariel Smith, Smith, Boies Schiller Flexner, Stephanie Keith, Leon Black, Jamie Dimon, Jed Rakoff, Virgin Organizations: JPMorgan, U.S . Virgin, Virgin Islands, Virgin, Barclays Plc, Bloomberg, Getty Images Bloomberg, Getty, Treasury Department Locations: New York, New York City, U.S, Manhattan, Virgin, Epstein's, Florida

☆ Billionaire investor Bill Ackman's answer to the RTO pushback is to let employees work from anywhere in July and August
▼ + stars: | 2023-09-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Billionaire investor Bill Ackman seems to have found a formula against the return-to-office pushback. His employees at Pershing Square can work from anywhere in July and August. Ackman said the arrangement has been working well for Pershing Square staff, who like the balance. While many companies are still trying to figure out the best work arrangements amid pushback against RTO orders, billionaire investor Bill Ackman appears to have found a solution he thinks is working. Pershing Square did not immediately respond to a request for comment from Insider sent outside regular business hours.

Persons: Bill Ackman, Ackman, that's, Ackman's, Elon Musk, Jamie Dimon, Marc Andreessen, Dimon, Musk Organizations: Pershing, Pershing Square, Service, Capital Management, New York, Forbes, SpaceX, JPMorgan, CNBC Locations: Wall, Silicon

☆ Zelensky huddled with Wall Street CEOs and business leaders Wednesday night to discuss rebuilding Ukraine
▼ + stars: | 2023-09-20 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

CNN —Ukrainian President Volodymyr Zelensky met Wednesday evening in Manhattan with Wall Street CEOs and business power players to discuss efforts to rebuild his war-torn country and its economy, a person familiar with the matter tells CNN. Ukrainian President Volodymyr Zelensky met Wednesday evening with Wall Street CEOs and business power players to discuss efforts to rebuild his war-torn country and its economy, a person familiar with the matter told CNN. Zelensky is scheduled to visit the White House on Thursday for a meeting with US President Joe Biden. The meeting on Thursday evening was hosted by Mary Callahan Erdoes, CEO of JPMorgan Asset & Wealth Management, Workplace CEO Vince LaPadula and JPMorgan alternative investments boss Anton Pil. JPMorgan CEO Jamie Dimon was not present at the meeting as he was traveling, the source said.

Persons: Volodymyr Zelensky, JPMorgan Chase, Eric Schmidt, Mike Bloomberg, Robert Kraft, Bill Ackman, Henry Kissinger, Barry Sternlicht, Joe Biden, it’s, Mary Callahan Erdoes, Vince LaPadula, Anton Pil, Jamie Dimon Organizations: CNN, Wall Street, JPMorgan, New England Patriots, White, Fox Business, JPMorgan Asset, Wealth Management Locations: Manhattan, midtown Manhattan, Ukraine, Kyiv

☆ The Greased-Pig Economy: Higher Inflation, Stock Market Crash Possible
▼ + stars: | 2023-09-19 | by ( Linette Lopez | ) www.businessinsider.com time to read: +10 min

At the same time that prices were cooling off, the rest of the economy seemed to be holding up. In this greased-pig economy, stability depends on how confident investors and policymakers are that they're close to catching the pig. Moving in a messIn the messy economy the pandemic left us, it's not easy to pinpoint exactly why inflation has been so stubborn. CPI inflation peaked at 9% in June 2022 and has been going down steadily since. But with inflation still above the Fed's goal, it's clear we need to recalibrate some on the demand side still.

Persons: it's, Jerome Powell, Mike Konczal, Konczal, we've, Price, proclivity, that's, Taylor Swift, we'd, Charles Evans, Christine Lagarde, Morgan, Jamie Dimon, Roosevelt, —, you've, Justin Simon, Jasper Capital, Linette Lopez Organizations: Consumers, Federal, Roosevelt Institute, Fed, Chicago Fed, European Central Bank, Census Locations: American, America, Jasper

☆ America is stuck in a greased-pig economy
▼ + stars: | 2023-09-19 | by ( Linette Lopez | ) www.businessinsider.com time to read: +10 min

At the same time that prices were cooling off, the rest of the economy seemed to be holding up. And consumers were so intent on spending money to have a good time that cities let Beyoncé dictate public transit. In this greased-pig economy, stability depends on how confident investors and policymakers are that they're close to catching the pig. Moving in a messIn the messy economy the pandemic left us, it's not easy to pinpoint exactly why inflation has been so stubborn. CPI inflation peaked at 9% in June 2022 and has been going down steadily since.

☆ Insider Today: Big banks are screwed
▼ + stars: | 2023-09-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

It's the latest example of the pressure big banks are under to keep their place atop Wall Street. Before the announcement, the bank's share price was down almost 9% this year, trailing all of its fellow big bank peers in the US except Bank of America. Citi's overhaul represents how big banks are scrambling to stay on top of a financial world passing them by. CEO Jamie Dimon recently quipped he "wouldn't be a big buyer of a bank" in reference to proposed regulations requiring big banks to keep more money on the sidelines. Whether it's fintechs or so-called shadow banks, there's no shortage of players looking to offer services previously dominated by big banks.

Persons: that'll, isn't, Mike Kemp, Insider's Jennifer Sor, Jane Fraser, Fraser, Fraser isn't, she's, Michael Corbat, Citi's reorg, Goldman Sachs, David Solomon, Rebecca Ungarino, Wells, Charlie Scharf, JPMorgan — isn't, Jamie Dimon, it's, Robert Nickelsberg, Morgan Stanley, — isn't, Arantza Pena Popo, Nicole Zaridze, Elon Musk, Post Malone, —, Hunter Biden, Garrett Ziegler, Paul Morigi, Biden's, Joey Hadden, I've, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Citigroup, Getty, Bank of America, JPMorgan, Independence, Apple, Post, SEC, Trump, Wikimedia, Motors, Ford, Nintendo Locations: Wall, Silicon, Seattle, New York City, China, Boxabl, Michigan, San Diego, London, New York

☆ Insider Today: Apple's new iPhone is here
▼ + stars: | 2023-09-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

This post originally appeared in the Insider Today newsletter. But the show's real stars were the new versions of Apple's iPhone and Apple Watch. But if you were hoping a new iPhone will send Apple's stock soaring, think again. Prior to Tuesday's event, Apple's shares fell an average of 0.2% on days a new iPhone was announced, according to Barron's. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: Bond, Elon Musk's, Justin Sullivan, Octavia Spencer, Tim Cook, Max, Insider's Sarah Jackson, Jordan Hart, Lakshmi, iPhones, Gary Coronado, Jamie Dimon, — Warren Buffett —, Bill Gross, DoubleLine's Jeffrey Gundlach, Pimco, DoubleLine's, Gross, Anna Moneymaker, Thomas Trutschel, isn't, Sundar Pichai, Elon, Walter Isaacson, Read, Kent Walker, Chelsea Jia Feng, Patreon, Naomi Osaka, Shaquille O'Neal, Allegra, Dayquil, Jennifer Aniston, Reese Witherspoon, Yelp, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Jets, Apple, Apple Watch, Getty, Bloomberg, JPMorgan, Wall, Google, Software, Amazon, FDA, North American, Detroit Auto, GMC, Bourbon Locations: Wall, Silicon, Milwaukee, Lakshmi Varanasi, ., China, that's, Latvia, Estonia, Chelsea, Colorado, Arizona, Morocco, New York City, San Diego, London, New York

U.S. Commerce Secretary Gina Raimondo's trip to China last month had promised some economic and trade detente between the two superpowers now at loggerheads. And none of the 222 funds polled expected China economic growth to be any higher next year than this - mirroring a recent Reuters survey of domestic and overseas banks and investors. As these sorts of surveys go, there's an awful lot in there that could spell "peak gloom". Indeed, shorting China equities was deemed the second "most crowded trade" behind long exposure to supercharged Big Tech stocks. Even if the economy turns, political catalysts for a return to China may be slow in coming.

Persons: Aly, Gina Raimondo's, it's, Jamie Dimon, Jay Clayton, Jenny Johnson, Franklin Templeton, Willem Sels, Mike Dolan, Sharon Singleton Organizations: REUTERS, . Commerce, Bank of, Big Tech, Reuters, Reuters Graphics Reuters, JPMorgan, Investments, The Ontario Teachers, Caisse, Franklin, HSBC Private Banking, Thomson Locations: Shanghai, Shenzhen, China, loggerheads, Wall, Asia, Silicon Valley, Hong Kong, Temasek, Bridgewater, Blackrock, India, Indonesia, Washington, United States

☆ The economy's safety net is about to disappear thanks to an oncoming perfect storm
▼ + stars: | 2023-09-13 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Consumer spending held up the US economy even as many worried about the prospect of a recession. Even as interest rates skyrocketed over the past 18 months, strong consumer spending kept the US economy moving. Higher rates start to biteLet's start with interest rates. Credit-card debt, in contrast, tends to move up and down with interest rates. That COVID cash stockpile helped support the economy despite rising interest rates and historically high inflation.

Persons: Barbie, Taylor Swift, David Rosenberg, Rosenberg, Morgan Stanley, Janet Yellen, Yellen, John David Rainey, Jamie Dimon, Dimon, We've, Piper, Nancy Lazar, Lazar Organizations: Service, Bloomberg, Federal Reserve, Credit, Federal Reserve Bank of New, CNBC, San Francisco Fed, Walmart, Fox News Digital Locations: Wall, Silicon, Federal Reserve Bank of New York, Ukraine

☆ After Birkenstock's 'Barbie' bump, iconic footwear brand seeks a big part in IPO market
▼ + stars: | 2023-09-13 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +10 min

Footwear companies have found recent success going public market, but not all by any means over the longer-term. In more recent history, the brand has collaborated with Rick Owens, Dior, and Manolo Blahnik, among many other big names in fashion. The current IPO market landscape The IPO market has been all but frozen since the pandemic stock offering boom crashed, and successful IPOs have included iconic brands, such as the Johnson & Johnson spinoff of its consumer health business which includes Tylenol and band-Aids in the Kenvue IPO. Still, while Kenvue was the biggest deal of the year, it's barely holding onto its IPO price today, according to CNBC and Renaissance Capital data, and the IPO market overall hasn't performed great after listing. The two potential paths of a footwear IPO can be tracked by the histories of Crocs and Allbirds.

Persons: Nordstrom, Jeff Greenberg, what's, Johann Adam Birkenstock, Birkenstock, Angelo Bochanis, Oliver Reichert, outsized, Reichert, Konrad Birkenstock, Johann, Karl, Konrad, Margo Fraser, Kim Knott, Kate Moss, Corinne Day, Rick Owens, Dior, Manolo Blahnik, Jeremy Moeller, Barbie, Margot Robbie, Johnson, Kenvue, it's, hasn't, Mark Cohen, Cohen, Jamie Dimon, Dimon, Bochanis, " Cohen Organizations: Universal, Getty, New York Stock Exchange, Nasdaq, Holding, Renaissance, Consumers, British Elle, Brand, CNBC, Columbia Business School, Facebook, Wall, JPMorgan, Company Locations: Merrick, , Miami, Germany, America, California, British, Arizona, It's, U.S

☆ CNBC Daily Open: Even high yields couldn’t stop tech
▼ + stars: | 2023-09-12 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Meanwhile, the European Commission revised its growth forecast for the European Union down from 1% to 0.8%. Only European economy to contractGermany is likely the only major European economy to contract this year, according to fresh forecasts by the European Commission. The commission predicts Germany's economy to shrink 0.4% this year; the International Monetary Fund puts that figure at 0.3%.

Persons: JPMorgan Chase, Jamie Dimon, it'd, Dimon, Cristiano Amon, Hans, Werner Sinn, Tesla Morgan Stanley's, Adam Jonas, Tesla, Jonas Organizations: CNBC, Nasdaq, Commission, European Union, JPMorgan, Qualcomm Qualcomm, Apple, UBS, European Commission, International Monetary Fund Locations: European, U.S, Ukraine, Germany, Europe

☆ CNBC Daily Open: High yields posed no threat to the tech rally
▼ + stars: | 2023-09-12 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nasdaq Composite rallied, buoyed by tech stocks. More than luck to surpass StarbucksAsk any American to think of the most common coffee chain, and chances are they'd mention Starbucks. A combination of its franchise model, low pricing and self-operated stores helped a coffee chain founded in 2017 surpass an established brand.

Persons: Wall, JPMorgan Chase, Jamie Dimon, it'd, Dimon, Cristiano Amon, he's Organizations: CNBC, Nasdaq, Japan's Nikkei, Garden Holdings, JPMorgan, Qualcomm Qualcomm, Apple, UBS, Starbucks, Apple Apple Locations: Munich, Germany, Asia, Pacific, U.S, Ukraine, China

☆ JPMorgan's Jamie Dimon warns of recession and rate hikes, flags global dangers, and quotes Warren Buffett twice in a new interview. Here are the 8 best quotes.
▼ + stars: | 2023-09-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Dimon quoted Warren Buffett twice to flag the risks to banks and trumpet prudence in business. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The billionaire banker and JPMorgan CEO also championed prudent risk management, and warned that more lenders could run into problems like Silicon Valley Bank did this spring. If you have that with a recession, yes, you're going to see a little bit more stress and strain in the system." (Dimon was referring to other banks getting caught out by rising interest rates like Silicon Valley Bank.)

Persons: Jamie Dimon, Dimon, Warren Buffett, headwinds, It's, we've, There's, Warren, — he's Organizations: Service, JPMorgan, Bank, Barclays, AlphaSense, Silicon Valley Bank Locations: Wall, Silicon, Ukraine, Silicon Valley

The Federal Reserve has tamed inflation via interest rate increases, but it may need to take further action, he said. Still, optimism that the U.S. economy will avoid a recession is leading to a reopening of capital markets, Solomon said. "They're meaningful, they're going well," he said. "I do think these capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital," Solomon said. JPMorgan Chase (JPM.N) CEO Jamie Dimon blasted the proposed rules, telling investors on Monday that they could prompt lenders to pull back and stymie economic growth.

Persons: Mohamed Azakir, Goldman Sachs, David Solomon, Solomon, Treasuries, it's, Goldman, JPMorgan Chase, Jamie Dimon, Saeed Azhar, Lananh Nguyen, Davide Barbuscia, Sharon Singleton, Leslie Adler Organizations: REUTERS, Reuters, Federal Reserve, SoftBank Group Corp, JPMorgan, Thomson Locations: Beirut, Lebanon, U.S, New York

☆ JPMorgan's Jamie Dimon says we've been 'spending like drunken sailors,' and that's a big risk to the economy
▼ + stars: | 2023-09-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

"We've been spending money like drunken sailors around the world, this war in Ukraine is still going on," he said. Dimon joins a chorus of recent voices warning over the strong US economy powered by consumer spending. "We've been spending money like drunken sailors around the world, this war in Ukraine is still going on. Since consumer spending accounts for about 70% of the US economy, any changes to the measure are a big deal. AdvertisementAdvertisementAfter all, the resilience of the US consumer has kept the economy going even amid the Federal Reserve's relentless rate hike cycle since March last year.

Persons: Jamie Dimon, We've, Dimon, David Rosenberg Organizations: Service, Federal, Federal Reserve Bank of San, Bloomberg, Wall, JPMorgan Locations: Ukraine, Wall, Silicon, Federal Reserve Bank of San Francisco

The groups argued that banks cannot properly respond to the proposal, which would require lenders to hold more cash to absorb losses, without that analysis. The Fed drafted the rules with the Federal Deposit Insurance Corp (FDIC) and Office of the Comptroller of the Currency (OCC). The "Basel Endgame" proposal implements international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. The U.S. central bank has estimated it will increase industry capital requirements by $170 billion. "These capital rules will have an impact on economic growth and that will affect large businesses and small businesses and their access to capital."

Persons: Rick Wilking, Goldman Sachs, Morgan Stanley, Banks, David Solomon, Jamie Dimon, Morgan Stanley's, Dan Simkowitz, Pete Schroeder, Saeed Azhar, Lananh Nguyen, Tatiana Bautzer, Michelle Price, Paul Simao, Deepa Babington Organizations: Deposit Insurance Corporation, REUTERS, Rights, Federal Reserve, JPMorgan Chase, Citigroup, APA, Fed, Federal Deposit Insurance Corp, Currency, OCC, Banking, Reuters, JPMorgan, FDIC, Republican, Financial, Bank Policy Institute, American Bankers Association, Financial Services, Institute of International Bankers, Securities Industry, Financial Markets Association, Chamber of Commerce, Thomson Locations: Westminster , Colorado, U.S, Washington

☆ Insider Today: Big Tech goes on trial
▼ + stars: | 2023-09-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +10 min

Speaking of Big Tech, it's a big day for the industry as the DOJ's antitrust trial against Google starts today. It's also a strategy the Department of Justice argues is "anticompetitive and exclusionary" in a landmark trial for Big Tech kicking off today. The trial is the biggest to hit the tech industry since the government sued Microsoft in the late 1990s. AdvertisementAdvertisementMore broadly, the case is a bellwether for how the government could argue future cases against Big Tech companies in the modern era. Each case is unique, but their focus on monopolistic behavior means the Google trial could set precedents followed by both sides.

Persons: Tayfun, it's, there's, you'll, It's, Hugh Langley, Kent Walker, Hugh, Walker, Chelsea Jia Feng, Henry Farrell, Abraham Newman's, Walter Wriston's, Gil Perez, Jamie Dimon, JPMorgan doesn't, Dimon, Elon, Franz von Holzhausen, Musk, Walter Isaacson, Yossakorn Kaewwannarat, VCs, they're, Nicki Minaj, Shakira, Beyoncé, Karol G, Frances Tiafoe, Austin Krajicek, Mackenzie McDonald, Tommy Paul, Rajeev Ram, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Big Tech, Google, Anadolu Agency, Getty, Department of Justice, DOJ, Microsoft, Apple, Federal Trade Commission, Amazon, Meta, Deutsche, JPMorgan, Street, Workers, Gallup, Startup, MTV, Team, Amtrak Locations: Wall, Silicon, Chelsea, New York City, San Diego, London, New York

☆ JPMorgan CEO Jamie Dimon blasts draft capital rules
▼ + stars: | 2023-09-11 | by ( Nupur Anand | ) www.reuters.com time to read: +1 min

Slideshow ( 2 images )NEW YORK (Reuters) -JPMorgan Chase CEO Jamie Dimon blasted stricter capital rules proposed by U.S. regulators, telling investors on Monday that they could prompt lenders to pull back and stymie economic growth. “I wouldn’t be a big buyer of a bank,” Dimon said at a conference in New York, drawing laughter from the audience. “All I want is fairness, transparency, openness,” Dimon said. Dimon said he believes that the Chinese market is no longer as lucrative as it was. Dimon has earlier warned about uncertainty in the Chinese economy hurting investor confidence and also suggested that the U.S. and China need “real engagement” on security and trade issues.

Persons: Jamie Dimon, ” Dimon, “ I’d, Dimon, ” Organizations: JPMorgan Chase, JPMorgan, First Locations: U.S, New York, China

☆ JPMorgan CEO Jamie Dimon blasts draft US bank capital rules
▼ + stars: | 2023-09-11 | 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: +3 min

[1/2] Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello Acquire Licensing RightsCompanies JPMorgan Chase & Co FollowNEW YORK, Sept 11 (Reuters) - JPMorgan Chase (JPM.N) CEO Jamie Dimon blasted stricter capital rules proposed by U.S. regulators, telling investors on Monday that they could prompt lenders to pull back and stymie economic growth. "I wouldn't be a big buyer of a bank," the chief of the largest bank in the U.S. added, drawing laughter from the audience. Dimon questioned what the regulators were trying to accomplish with the rules. Reporting by Nupur Anand; editing by Lananh Nguyen, Megan Davies, Jonathan Oatis and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Jamie Dimon, Marco Bello, JPMorgan Chase, Dimon, Nupur Anand, Lananh Nguyen, Megan Davies, Jonathan Oatis, Jamie Freed Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan Chase, JPMorgan, First, Federal Reserve, Federal Deposit Insurance Corp, Thomson Locations: Miami , Florida, U.S, New York, China, Ukraine

☆ JPMorgan CEO Jamie Dimon says he wouldn't be 'a big buyer of a bank' and sounds the alarm on the economy
▼ + stars: | 2023-09-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Jamie Dimon criticized the proposed capital rules on lenders as a downside for economic growth. "I wouldn't be a big buyer of a bank," the head of the largest lender quipped during a financial conference on Monday. The proposed changes would apply to banks with more than $100 billion in assets, requiring JPMorgan to hold 30% more in capital than a European lender, Dimon said. But Dimon sees growth as threatened by more than just stricter capital rules, and warned that today's economic strength shouldn't warrant expectations for a years-long rebound. "To say the consumer is strong today, meaning you are going to have a booming environment for years, is a huge mistake," he said.

Persons: Jamie Dimon, Dimon Organizations: JPMorgan, Service, Federal Locations: Wall, Silicon, Ukraine

☆ Jamie Dimon says it's a 'huge mistake' to think economy will boom with so many risks out there
▼ + stars: | 2023-09-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase CEO Jamie Dimon said Monday that while the U.S. economy is doing well, it would be a "huge mistake" to believe that it will last for years. Healthy consumer balance sheets and rising wages are supporting the economy for now, but there are risks ahead, said Dimon, who was speaking at a financial conference in New York. "To say the consumer is strong today, meaning you are going to have a booming environment for years, is a huge mistake," he said. But the U.S. economy has proven resilient, leading more economists to expect that a recession might be avoided. "If and when you have a recession, which you're eventually going to have, you'll have a real normal credit cycle," Dimon said.

Persons: Jamie Dimon, JPMorgan Chase, Dimon, Topping Organizations: JPMorgan Chase &, Institute of International Finance, JPMorgan Locations: Washington , DC, U.S, New York, Ukraine

☆ Cramer's week ahead: Pay attention to Wall Street conferences
▼ + stars: | 2023-09-08 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer told investors to prepare for several big conferences next week, including Salesforce's Dreamforce and Morgan Stanley's annual Laguna Conference. "This all matters because I think we're near the end of the Fed's tightening cycle," Cramer said. On Monday, Cramer will be watching the Barclays Annual Global Financial Services Conference where JP Morgan CEO Jamie Dimon will speak. Cramer will also be following Dreamforce, taking place in San Francisco, next week. Friday may find investors worrying about the Federal Reserve's meeting the following week, Cramer said.

Persons: CNBC's Jim Cramer, Salesforce's Dreamforce, Morgan, Cramer, we've, Jamie Dimon, he's Organizations: Laguna Conference, Barclays, Global Financial Services, United Auto Workers Locations: Laguna, San Francisco

☆ How big banks won the banking crisis
▼ + stars: | 2023-09-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Before the Bell: Now that the dust is hopefully settling on this year’s regional banking crisis, are there clear winners and losers in the banking sector? David Kotok: There’s no question the [global systemically important banks, G-SIB] won and the middle-sized banks — let’s call that banks with between $50 billion and $250 billion in assets — were the losers. So if you stand back from the immediate 2023 banking crisis, and you say, how many banks were there 20 years ago in the United States, how many banks are there today? The UK economy is bigger than we thoughtThe UK economy recovered from the Covid-19 pandemic much faster than previously thought, reports my colleague Hanna Ziady. For many office workers around the United States, it also means more return-to-office mandates.

Persons: JPMorgan Chase, Bell, David Kotok, he’s, SIB, Jamie Dimon, J.P, Morgan, hasn’t, Hanna Ziady, John Springford, Andy Jassy, CNN’s Jeanne Sahadi, unaddressed, Merck Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, UBS, JPMorgan, Republic Bank, Cumberland Advisors, —, Credit Suisse, First, Federal Reserve, Office, National Statistics, ONS, Centre, European Reform, Labor, Amazon, Business Locations: New York, Silicon, First Republic, United States, Jekyll, America, Hanna Ziady ., Germany, Canada, Japan, Italy, France, Britain

☆ What Wall Street is telling employees about returning to the office, from Goldman Sachs to JPMorgan and Blackstone
▼ + stars: | 2023-09-04 | by ( Kaja Whitehouse | Michelle Abrego | ) www.businessinsider.com time to read: +11 min

According to Goldman's chief economist, Jan Hatzius, some 25% of all US workers work from home at least part of the week. So, which Wall Street firms are still letting employees work from home at least part of the time? On days employees are in, the firm focuses on taking "advantage of our shared location," it reads. At that time, the firm called for its employees to come into the office a minimum of three days a week. Since then, most employees have been in the office throughout the week, according to a person familiar with the firm.

Persons: Goldman Sachs, David Solomon, Citadel's Ken Griffin, Joe Biden, Jan Hatzius, Hatzius, Jamie Dimon, Goldman, Goldman Sachs Goldman Sachs, —, Dimon, JPMorgan Gretchen Ertl, Jane Fraser, she's, Fraser, they're, Citigroup Patrick, Fallon, Brian T, Moynihan, Bank of America Shannon Stapleton, Reuters Morgan Stanley Morgan Stanley's, James Gorman, Gorman, Gorman doesn't, Morgan Stanley, we're, James Gorman SAUL LOEB, Larry Fink, Larry Fink Spencer Platt, Citadel's Griffin, Griffin, Raj Mahajan, Ken Griffin, Milken, Mike Blake, Blackstone, Stephen Schwarzman Roy Rochlin, Nir Bar Dea, Izzy Englander's Organizations: JPMorgan, Blackstone, Morning, Citadel, Bloomberg, Business, Deloitte, JPMorgan JPMorgan, Goldman, Citigroup, Street, Bank, Economic, Getty Images Bank of America Bank of, Bank of America, Reuters, Getty, BlackRock BlackRock, Yards, Labor, Fox, BlackRock, Citadel Securities, Blackstone Blackstone, Bridgewater Bridgewater Associates, Bridgewater Associates, Bridgewater Locations: Citadel, Davos, Switzerland, New York City

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