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C.E.O.s urge Washington to help with asylum seekersAs New York City’s migrant crisis continues to escalate, with more than 100,000 arrivals from the southern U.S. border straining shelters, some of the city’s top business leaders are intervening in a fight over who’s responsible. But recent communications by the Biden administration suggest that such calls won’t be heeded. The letter underscores the increasing urgency of the crisis, which has pitted Mayor Eric Adams against Gov. Adams has said the crisis could cost the city $12 billion over three years, while Hochul has spent $1.5 billion and deployed nearly 2,000 National Guard members so far. The migrant crisis is a business issue.

Persons: Jamie Dimon, JPMorgan Chase, Larry Fink, BlackRock, Jane Fraser, Citigroup —, Biden, won’t, Eric Adams, Kathy Hochul —, Adams, Hochul Organizations: JPMorgan, Citigroup, Gov, Biden, National Guard Locations: Washington, York, U.S, New

☆ The CEO of a bank in Australia is getting slammed for ordering staff back to the office not for productivity — but for 'mental health'
▼ + stars: | 2023-08-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

A regional bank CEO in Australia has ordered employees to return to the office more often. She said the return-to-office is for the employees' own "mental health" rather than for productivity. This is about our own mental health, this is about the fact that we are a relationship bank, and we talk about our relationships with our customers and communities," she said. Dimon even said employees can go work elsewhere if they don't like long commutes into the office. AdvertisementAdvertisementEven Goldman Sachs wants staffers to return to the office five days a week, upping the crackdown on working from home.

Persons: Marnie Baker, news.com.au, Baker, Elon Musk, Jamie Dimon, Marc Andreessen, Dimon, Musk, Goldman Sachs Organizations: Service, Adelaide Bank, SpaceX, JPMorgan, CNBC Locations: Australia, Wall, Silicon, Bendigo

☆ Leaving the office for dead may haunt investors
▼ + stars: | 2023-08-23 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

Those moves may herald a requirement for a return to a five-day office week. Average office attendance is only 35%, according to AWA, a consultancy that studied companies in 22 countries during April and May of 2023. Still, a mass exodus of tenants is unlikely as office leases in financial districts like London’s Canary Wharf have around 10 years left. But investors fear that once leases come up for renewal, companies will cull space. If bosses have it their way, office stocks may come back from the dead.

Persons: France’s, BNY Mellon, Jamie Dimon, “, ” BNY Mellon, Francesco Guerrera, Streisand Neto Organizations: Reuters, Boston Properties, Google, JPMorgan, . Tech, Communications, Reuters Graphics, AWA, Alexandria Real, Thomson Locations: London , New York, San Francisco, London, U.S, Alexandria, Britain

☆ Why stock investors are suddenly so scared
▼ + stars: | 2023-08-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

That means that if China’s economy slows down, global economic growth slows down. “When global economic growth slows down, that tends to be negative US equities. But a string of strong economic data has challenged those notions. Russia’s invasion of Ukraine continues to stoke fears of rising commodity prices, global economic instability and uncertainty around security. It’s been chock full of economic data and big corporate reports.

Persons: That’s, Lehman, ”, Alex Etra, Bond, Jamie Dimon, JPMorgan Chase, hasn’t, Banks, Michael Burry, Fitch, It’s Organizations: New, New York CNN, Nasdaq, Dow, CNN, country’s National Bureau of Statistics, Apple, Intel, Starbucks, Nike, Federal, Federal Reserve, Atlanta Fed, JPMorgan, CNBC, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Bank Locations: New York, China, Ukraine, Beijing, stoke, Huntington

☆ What do ‘Big Short’ Michael Burry and Warren Buffett know that we don’t?
▼ + stars: | 2023-08-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Michael Burry, the “Big Short” investor who became famous for correctly predicting the epic collapse of the housing market in 2008, also made a gigantic bet last quarter on a Wall Street crash. Bank of America released its August global fund manager survey on Tuesday and found that money managers are feeling the least pessimistic about markets since February 2022. So what do Buffett and Burry know that the rest of us don’t? Russia and Ukraine: Global inflation is finally coming down, but heightened geopolitical tensions threaten to raise food and oil prices across the globe. Russia’s invasion of Ukraine continues to stoke fears of increased commodity prices, global economic instability and uncertainty around security.

Persons: Warren, Berkshire Hathaway, That’s, Michael Burry, Buffett, Jamie Dimon, JPMorgan Chase, hasn’t, Fitch, ”, Gregory Daco, Catherine Thorbecke, Catherine Organizations: CNN Business, Bell, New York CNN, Nasdaq, Federal Reserve, Securities, Exchange, Scion Asset Management, Bank of America, Traders, National Bureau of Statistics, JPMorgan, CNBC, Bank, First Republic Bank, Huntington Bank, PacWest, Western Alliance, Commerce Department Locations: New York, China, Ukraine, Russia, stoke, Huntington, Lahaina , Hawaii, Lahaina, Las Vegas, Maui

☆ Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase
▼ + stars: | 2023-08-15 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

This time, Fitch is intent on signaling to the market that bank downgrades, while not a foregone conclusion, are a real risk, said Wolfe. And if top institutions like JPMorgan are cut, then Fitch would be forced to at least consider downgrades on all their peers' ratings, according to Wolfe. Shares of lenders including JPMorgan, Bank of America and Citigroup dipped in premarket trading Tuesday. JPMorgan declined to comment for this article, while Bank of America and BankUnited didn't immediately respond to messages seeking comment. Defaults tend to rise in a rate-hiking environment, and Fitch has expressed concern on the impact of office loan defaults on smaller banks.

Persons: JPMorgan Chase, Chris Wolfe, Fitch, Wolfe, Moody's, Jamie Dimon, JPMorgan, BankUnited didn't, Morgan Stanley Organizations: JPMorgan, CNBC, . Bank, Bank of America, Citigroup, BBB, Federal Reserve, AA Locations: U.S, York, Miami Lakes , Florida

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

☆ Uday Kotak is wanting for the market’s support
▼ + stars: | 2023-08-09 | by ( Shritama Bose | ) www.reuters.com time to read: +3 min

Uday Kotak plans to remain on the board of the $44 billion lender carrying his name after he steps down as CEO in December. India’s regulator will bear that in mind as it also decides if someone from inside Kotak Mahindra Bank (KTKM.NS) can succeed the 64-year-old. In the past, the regulator has booted out private bank chiefs for poor management of bad loans and overhauled a bank board where it perceived succession planning was poor. Whatever regulators decide for Uday Kotak and his bank, having the market onside will be helpful all around. Follow @ShritamaBose on TwitterCONTEXT NEWSThe Reserve Bank of India is nudging Kotak Mahindra Bank to select someone outside the lender to succeed billionaire founder Uday Kotak as the next CEO, Bloomberg reported on July 31, citing unnamed sources.

Persons: Uday Kotak, Jamie Dimon, Kotak, Jay, Una Galani, Thomas Shum Organizations: Reuters, Kotak Mahindra Bank, Reserve Bank of India, HDFC Bank, ICICI Bank, Kotak, Reuters Graphics, nudging, Mahindra Bank, Bloomberg, Thomson Locations: MUMBAI, Mumbai

By increasing the degree of risk attributed to certain assets, the proposed rules would require banks to hold proportionately more capital, potentially eating into returns on equity and profits. Making such lending more expensive will shrink credit available to historically under-served borrowers, something the industry is likely to fight, he said. Chen Xu, an attorney in the financial institutions group at Debevoise & Plimpton, said the new rules viewed high-revenue business lines as higher risk. Morgan Stanley (MS.N) analysts say the largest banks may take up to four years to set aside profits to comply with the new capital rules. Dennis Kelleher, head of the financial reform advocacy group Better Markets, said the banking industry had made similar complaints in the past which he believed had proven unfounded.

Persons: Mike Segar, Joe Saas, Chen Xu, Plimpton, Michael Barr, JPMorgan Chase, Jamie Dimon, Wells Fargo, Kevin Stein, Morgan Stanley, Richard Ramsden, Goldman Sachs, Ramsden, Dennis Kelleher, Douglas Gillison, Tatiana Bautzer, Nupur Anand, Saeed Azhar, Megan Davies, Anna Driver Organizations: Wall, New York Stock Exchange, REUTERS, Industry, Financial Services, Bank Policy Institute, Securities Industry, Financial Markets Association, Debevoise, JPMorgan, CNBC, Citigroup, Bank of America, Klaros Group, Banking Supervision, Better, Thomson Locations: Manhattan, New York City , New York, U.S, Washington, Wells, Basel

☆ JPMorgan, Bank of America and 4 other Wall Street titans are set to pay $8.9 billion after this spring's banking fiasco
▼ + stars: | 2023-08-07 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

JPMorgan, BofA, and Wells Fargo are among those refilling the FDIC's deposit insurance fund. The FDIC's fund recently took a $13 billion hit following the failure of First Republic Bank. Wall Street's largest lenders are set to pay nearly $8.9 billion to refill the Federal Deposit Insurance Corporation (FDIC) coffers after this spring's banking fiasco. JPMorgan tops the list as the biggest contributor, expected to pay $3 billion towards the US government's deposit insurance fund, according to Bloomberg. What followed was a $15.8 billion hole in the FDIC's deposit insurance fund.

Persons: Wells, Goldman Sachs, Morgan Stanley, Jamie Dimon Organizations: titans, JPMorgan, First Republic Bank, Morning, Deposit Insurance Corporation, Bloomberg . Bank of America, Citi Group, FDIC, Silicon Valley Bank, Signature Bank, Fed Locations: Wells Fargo, Silicon

Fitch told the U.S. Treasury about its ultimate decision about 24 hours ahead of the announcement. Fitch's recent talks with the Treasury did not include the actual downgrade decision, Francis said, because it had not yet been made by the agency's ratings committee. On Monday, Fitch's credit committee met, made a decision, and Treasury officials received the Fitch press release of the downgrade. "The timing of the committee was pure coincidence," Francis told Reuters on Friday, noting the date was set weeks ago. Debt ceiling votes have been "acrimonious for decades," one U.S. official complained, referring to a long history of standoffs.

Persons: Dylan Martinez WASHINGTON, Biden, Donald Trump, Harvard's Larry Summers, Jamie Dimon, Fitch, Joe Biden, Richard Francis, Fitch's, Francis, Mark Sobel, Sobel, Alexander Hamilton, David Lawder, Davide Barbuscia, Heather Timmons, Alistair Bell Organizations: Fitch, REUTERS, White House, Reuters, U.S . Treasury, Republicans, Congress, U.S, AAA, Treasury, Social Security, Capitol, Trump, longtime Treasury, Thomson Locations: Canary Wharf, London, Britain, U.S

☆ US stocks fall as bond yields jump and investors await Apple, Amazon earnings
▼ + stars: | 2023-08-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks closed lower on Thursday as investors awaited for Apple and Amazon earnings to roll out. The 10-year Treasury surged 11 basis points, continuing its rise following Fitch's US credit downgrade. Commentators say that US dollar and Treasury assets are still a safe haven for investors. Apple and Amazon stock traded mostly flat as investors waited for the mega-cap firms to release their financials. Both are due to report quarterly earnings after the closing bell.

Persons: . Fitch, Fitch, Goldman Sachs, Jamie Dimon, Warren Buffett Organizations: Apple, Treasury, Service, ., AAA, US, JPMorgan Locations: Wall, Silicon

☆ 'Rich Dad Poor Dad' author Robert Kiyosaki warns of a market 'crash landing' after US credit rating gets slashed
▼ + stars: | 2023-08-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Investors should brace for an epic "crash landing" to hit markets and the economy, Robert Kiyosaki said. The "Rich Dad Poor Dad" author pointed to Fitch's move to slash the US credit rating from AAA to AA+. "Brace for crash landing. Kiyosaki has been sounding the alarm for a steep recession and an epic stock market crash for years, calling for the greatest market crash in world history in 2021. Many economists, meanwhile, are warming to the idea that the US will see a soft landing of its economy.

Persons: Robert Kiyosaki, Dad, Kiyosaki, Rich Dad, —, Fitch, " Brace, He's ramped, didn't, DataTrek, Nicholas Colas, Larry Summers, Warren Buffett, Jamie Dimon Organizations: AAA, AA, Service, Fed, Treasury Locations: Wall, Silicon

The fallout from Fitch’s downgrade continuesStocks appear set to open lower today, after falling yesterday in the wake of Fitch Ratings downgrading the United States’s AAA credit rating. But others have said Fitch’s move, while largely symbolic, still points to long-term troubles for the nation and its fiscal health. “There is no willingness on any side to really tackle the underlying challenges,” Mr. Francis said. But “it doesn’t really matter much,” Jamie Dimon, JPMorgan Chase’s C.E.O., told CNBC yesterday, echoing a common refrain to Fitch’s move. Critics of the move noted that according to criteria laid out last year by Fitch itself, including debt-to-G.D.P.

Persons: Richard Francis, Fitch’s, standoffs, ” Mr, Francis, ” Jamie Dimon, JPMorgan Chase’s, Fitch Organizations: Fitch, United States’s AAA, Wall, U.S, Times, JPMorgan, CNBC Locations: U.S

☆ Jamie Dimon, Larry Summers blast Fitch's shock US downgrade as 'ridiculous' and 'bizarre and inept'
▼ + stars: | 2023-08-03 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +5 min

Fitch's downgrade of the US government's credit score on Tuesday has come as a shock to markets. Here's how 8 top voices have reacted, including Jamie Dimon, Warren Buffett and Larry Summers. But the decision of a credit rating agency today, as the economy looks stronger than expected, to downgrade the United States is bizarre and inept," Summers said in a post on X. Fitch rating services down grades US credit rating from AAA to AA+. I strongly disagree with Fitch's decision, and I believe it is entirely unwarranted," Yellen said.

Persons: Jamie Dimon, Warren Buffett, Larry Summers, Fitch, Berkshire Hathaway, Treasurys, Buffett, Dimon, Jeenah, Summers, Mohamed El, Erian, Paul Krugman, Krugman, Robert Kiyosaki, Rich Dad, Brace, Janet Yellen, Patrick Semansky, Yellen, Mark Haefele, Haefele Organizations: AAA, Service, Biden, Wall, Berkshire, CNBC, JPMorgan, Allianz, Fitch, AA, Fed, Treasury, AP, UBS Global Wealth Management Locations: Wall, Silicon, U.S, United States, States

☆ CNBC Daily Open: The Fitch-induced sell-off is nothing to panic over
▼ + stars: | 2023-08-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on August 02, 2023 in New York City. 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. Stocks sell-offAll major U.S. indexes sank Wednesday as investors digested news of the U.S.'s lower credit rating. [PRO] S&P 500(0)Fitch Ratings may have lost confidence in the U.S.'s creditworthiness, but analysts are still bullish on the stock market.

Persons: Stocks, JPMorgan Chase, Jamie Dimon, Larry Summers, Mohamed El, Erian, —, Fitch Organizations: New York Stock Exchange, CNBC, U.S, Nasdaq, Nikkei, Fitch, Global, JPMorgan, Former U.S, Allianz, China New, Qualcomm Locations: New York City, Asia, Pacific, China, U.S, It's

☆ Former NYC mayor Michael Bloomberg has had it with federal employees working from home
▼ + stars: | 2023-08-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Former NYC mayor Michael Bloomberg thinks federal workers should not work from home. "Some people argue that remote work for federal employees isn't a problem. "In the private sector, if remote workers do a poor job, business suffers and customers take their spending elsewhere. At Bloomberg LP, more than 80% of employees work in the office at least three days a week, as requested, he added. In a May interview with CNBC, Tesla and SpaceX CEO Elon Musk went so far as to say remote work is "morally wrong."

Persons: Michael Bloomberg, Morgan, Jamie Dimon, Marc Andreessen, Elon Musk Organizations: Service, New York City, Bloomberg, Washington Post, Office, Forbes, CNBC, Tesla, SpaceX Locations: Wall, Silicon

☆ CNBC Daily Open: Don’t worry about the Fitch-induced sell-off
▼ + stars: | 2023-08-03 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on August 02, 2023 in New York City. 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. [PRO] Value picks in the S&P 500A common complaint about the S&P 500 now is that it's too expensive. But there are still pockets of value in the index, CNBC Pro's Bob Pisani says.

Persons: Stocks, Larry Summers, Mohamed El, Erian, Jamie Dimon, Dow Jones, Bob Pisani Organizations: New York Stock Exchange, CNBC, U.S, Nasdaq, Mining, Fitch, Global, Former U.S, Allianz, JPMorgan Chase, Labor Department, Qualcomm Locations: New York City

☆ A consumer spending slowdown is coming in the second half of 2023
▼ + stars: | 2023-08-03 | by ( Ian Thomas | ) www.cnbc.com time to read: +4 min

Right now, Peterson says, the data suggests that consumers are spending across the economy and consumer sentiment has taken a turn for the better. "For most of this year, consumers were saying right now is okay, but we're worried about the future; we think a recession is coming." Peterson's first area of concern relates to the aggressive interest rate hikes made by the Federal Reserve over roughly the past year and a half, 11 rate hikes that have taken its benchmark rate above 5%. The "lagged effects of interest rate hikes will start hitting consumer spending," Peterson said. "Certainly, for the second half of the year, we're going to see slower consumer spending," Peterson said.

Persons: Dana Peterson, Peterson, Kate Rogers, cardholders, Ryan McInerney, Ramon Lagurta, there's, Jamie Dimon, we're, Jerome Powell Organizations: Conference Board, CNBC, CNBC's, PepsiCo, Federal Reserve, JPMorgan, U.S . Department of Education

☆ JPMorgan CEO Jamie Dimon: The humanitarian crisis in Ukraine is 'extraordinary'
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan CEO Jamie Dimon: The humanitarian crisis in Ukraine is 'extraordinary'CNBC's Leslie Picker sits down with JPMorgan CEO Jamie Dimon to discuss geopolitical issues, the state of the economy, and quantitative tightening.

Persons: Jamie Dimon, Leslie Picker Organizations: JPMorgan Locations: Ukraine

☆ JPMorgan CEO Jamie Dimon calls Fitch downgrade of U.S. credit 'ridiculous'
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan CEO Jamie Dimon calls Fitch downgrade of U.S. credit 'ridiculous'CNBC's Leslie Picker with JPMorgan CEO Jamie Dimon, join 'Power Lunch' to discuss banks, free enterprise and the Fed.

Persons: Jamie Dimon, Fitch, Leslie Picker

☆ JPMorgan's Jamie Dimon: We don't recalibrate regulations and it slows growth
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJPMorgan's Jamie Dimon: We don't recalibrate regulations and it slows growthCNBC's Leslie Picker with JPMorgan CEO Jamie Dimon join 'Power Lunch' to discuss banking regulation and compliance.

Persons: Jamie Dimon, Leslie Picker

☆ Jamie Dimon: I'm more worried about China and cyber than bank stress tests
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJamie Dimon: I'm more worried about China and cyber than bank stress testsCNBC's Leslie Picker with JPMorgan CEO Jamie Dimon, join 'Power Lunch' to discuss the Fed and the bank stress tests.

Persons: Jamie Dimon, Leslie Picker Locations: China

☆ JPMorgan CEO Jamie Dimon calls Fitch Ratings U.S. downgrade 'ridiculous,' but says 'doesn't really matter'
▼ + stars: | 2023-08-02 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

The Fitch Ratings downgrade of the United States' long-term credit rating ultimately doesn't matter, JPMorgan Chase CEO Jamie Dimon told CNBC on Wednesday. "It doesn't really matter that much" because it is the market, and not rating agencies, that determine borrowing costs, Dimon told CNBC's Leslie Picker. Still, it is "ridiculous" that countries including Canada have higher credit ratings than the U.S. when they depend on the stability created by the U.S. and its military, Dimon added. "To have them be triple-A and not America is kind of ridiculous," Dimon said. "We should get rid of the debt ceiling," Dimon said.

Persons: Jamie Dimon, Dimon, CNBC's Leslie Picker, It's, Fitch Organizations: Fitch, JPMorgan, CNBC, U.S, AAA Locations: United States, Canada, U.S, America

☆ Watch CNBC's full interview with JPMorgan's Jamie Dimon on Fitch downgrade, the Fed and regulations
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with JPMorgan's Jamie Dimon on Fitch downgrade, the Fed and regulationsCNBC's Leslie Picker sits down with JPMorgan CEO Jamie Dimon to discuss geopolitical issues, the state of the economy, QT and the Fed, and banking regulation and compliance.

Persons: JPMorgan's Jamie Dimon, CNBC's Leslie Picker, Jamie Dimon Organizations: Fitch, JPMorgan

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