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☆ JPMorgan Chase says Jeffrey Epstein paid tuition for kids of U.S. Virgin Islands governor
▼ + stars: | 2023-05-25 | by ( Dan Mangan | ) www.cnbc.com time to read: +9 min

Those charges were dropped in early 2016 by the Virgin Islands Department of Justice. The filing is part of the bank's defense of a civil lawsuit by the U.S. Virgin Islands alleging JPMorgan facilitated Epstein's sex trafficking of young women. CNBC has reached out to the de Jonghs for comment through an asset management firm in the Virgin Islands where the former governor is a director. Bryan also asked $30,000 go to the Virgin Islands Little League, according to the document. "In addition to visas, some of the young women Epstein brought to the island also neededemployment," the filing noted.

☆ How JPMorgan plans to spend $15 billion this year on technology, including AI development, cyberattacks, and wage inflation
▼ + stars: | 2023-05-25 | by ( Emmalyse Brownstein | Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

It said it plans to spend $15.3 billion on tech this year, up $1 billion from last year. The bank's tech spending is estimated to grow by $1 billion this year to $15.3 billion, including salaries for engineers, stepped-up cybersecurity efforts, and AI innovation. The regional banking crisis, meanwhile, could end up costing it $6 billion, including the cost of First Republic Bank. He did, however, outline the qualities he thinks would make for a good replacement CEO, including grit and courage. JPMorgan unleashed hundreds of slides on Monday to reassure investors that its growth and spending strategy is on the right track.

☆ JPMorgan's Jamie Dimon just sounded off on what it takes to be a good CEO
▼ + stars: | 2023-05-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

JPMorgan CEO Jamie Dimon has a take that might surprise you. Succession plans for the unofficial face of Wall Street have long been speculated on. One of the biggest issues we see on Wall Street, or in business more broadly, is an executive not knowing when to cut ties. Want to know what a Wall Street hiring raid looks like? Here's Wall Street's plan if the US defaults on its debt.

☆ JPMorgan CEO Jamie Dimon reveals top traits for his successor: admit mistakes and 'work your ass off'
▼ + stars: | 2023-05-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

JPMorgan CEO Jamie Dimon revealed top traits for his successor at the bank's investor day on Monday. "You're willing to change direction. You're willing to go in front of your shareholders and say, 'We screwed up. "I don't think I've ever defended a decision," he said. "I don't think CEOs should retire in place and just cut back and take it easy for a while.

☆ JPMorgan Chase raises key revenue target to $84 billion after First Republic takeover
▼ + stars: | 2023-05-22 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

JPMorgan Chase raised a key performance target on the heels of its government-brokered takeover of First Republic earlier this month. The bank will generate about $84 billion in net interest income this year, the New York-based bank said Monday in slides for an all-day investor presentation. At the time, JPMorgan raised its net interest income outlook by $7 billion, a move that spurred JPMorgan's biggest earnings-day stock bump in 20 years. Net interest income is the difference between what banks earn from loans and investments and what they pay to depositors. Longtime JPMorgan CEO Jamie Dimon is expected to speak in a question-and-answer session at the investor day this afternoon.

☆ JPMorgan finds jewels in US banking ashes
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, May 22 (Reuters Breakingviews) - JPMorgan (JPM.N) boss Jamie Dimon didn’t buy First Republic Bank in a crisis-hewn weekend deal just for the fuzzy glow from helping to stabilize the U.S. banking system. The giant lender laid out some of the impact of acquiring First Republic out of receivership in its investor day on Monday. There’s the $3 billion of contribution to net interest income from the deal, boosting this year’s expected total to $84 billion. More enticing, perhaps, is the $200 billion in wealth-management money the bank has taken from its defunct rival, along with roughly 200 advisers. JPMorgan is so big, with nearly $4 trillion of assets, it’s hard to move the needle in regular banking.

☆ Factbox: The JPMorgan executives who will update investors on First Republic, strategy
▼ + stars: | 2023-05-22 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

REUTERS/Marco... Read moreNEW YORK, May 22 (Reuters) - JPMorgan Chase & Co (JPM.N) executives will update investors on its takeover of failed First Republic Bank, which has made the biggest U.S. bank even bigger. CEO Jamie Dimon and other top executives will present their strategies at an investor day at its headquarters in New York on Monday. Lake and Piepszak are among the executives in charge of integrating First Republic Bank after it was shuttered by authorities on May 1. JEREMY BARNUM, CHIEF FINANCIAL OFFICERBarnum was promoted to CFO in 2021 after leading global research. The finance chief joined JPMorgan in 1994, serving in various roles including CFO and chief of staff for the investment bank.

☆ JPMorgan's Dimon says bank's plans regarding his tenure are unchanged
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: 1 min

May 22 (Reuters) - JPMorgan Chase & Co (JPM.N) CEO Jamie Dimon said he still approaches his job leading the largest U.S. bank with the same intensity, when asked by analysts about his retirement plans on Monday. Asked how many more years he wanted to stay as CEO, Dimon said, with a laugh, "three and a half." He added that he was on the same timetable as before. Reporting by Nupur Anand and Lananh Nguyen in New York, Manya Saini in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ How companies should prepare for a possible US default
▼ + stars: | 2023-05-22 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

“Companies need to have a plan.”Figure out exposure to government fundsSome companies may not be immediately impacted by a default. White recommends companies in those industries, especially, hold regular meetings to figure out a plan in case payments are delayed. JPMorgan Chase CEO Jamie Dimon told Bloomberg earlier this month that the bank was holding weekly meetings to prepare for a possible default. But until then, companies “need to know, can we last until that point? Companies should also be as efficient as possible so they’re not spending more than they need to, she said.

Jamie Dimon in the spotlightJPMorgan Chase will hold its investor day on Monday after one of the busiest starts to a year that the bank has had in some time. But while Jamie Dimon, the bank’s C.E.O. JPMorgan is riding high, having recently agreed to buy First Republic, the latest of its deals to bail out a struggling lender. The bank most likely can’t buy any more lenders, amid anger in Washington over how it was allowed to purchase First Republic. Mr. Dimon and his team are expected to argue that there’s still plenty of room to grow, including by expanding its wealth-management business.

☆ NBCUniversal’s New Leader, a Hollywood Outsider, Steps Into the Spotlight
▼ + stars: | 2023-05-22 | by ( Benjamin Mullin | ) www.nytimes.com time to read: +1 min

Jeff Shell, who oversaw the media company before him, was fired after an investigation into sexual harassment. Linda Yaccarino, who ran the company’s multibillion-dollar ad business, left abruptly this month to become the chief executive of Twitter. NBCUniversal is losing billions on its streaming service, Peacock, while viewership of its traditional TV networks continues to fade. In 2008, when the U.S. financial system was on the brink of failure, Mr. Cavanagh was a senior executive at JPMorgan Chase, one of the few major banks that was not at risk of collapse. He spent time alongside Jamie Dimon, JPMorgan’s chief executive, and other executives during all-nighters to work out the details of acquiring Bear Stearns, a rival on the verge of bankruptcy.

☆ JPMorgan may turn First Republic sites into 'special branches' for wealthy clients, report says
▼ + stars: | 2023-05-21 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

JPMorgan Chase bought the San Francisco-based First Republic Bank on May 1 after it failed. The Wall Street Journal reported that it wants to retain a hands-on approach to wealth management. The First Republic deal reignited concerns about big banks becoming too powerful. JPMorgan Chase's takeover of the failed First Republic Bank could boost efforts to develop its wealth-management business, . "The failure of First Republic Bank shows how deregulation has made the too big to fail problem even worse," Sen. Elizabeth Warren tweeted the day the deal was announced.

☆ Could the Fed raise rates again in June?
▼ + stars: | 2023-05-21 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Traders saw a roughly 36% chance last Thursday that the Fed will raise rates by another quarter point in June, up from around 15.5% on May 12, according to the CME FedWatch Tool. Traders pared down their expectations to about a 18.6% chance that the central bank will raise rates next month, as of Friday evening. Experts seem to agree that the Fed is unlikely to raise rates again in June. Jim Baird, chief investment officer at Plante Moran Financial Advisors, also expects the Fed to hold rates steady in June. Dimon said in the same Bloomberg interview that he’d “love to get rid of the debt ceiling thing” altogether.

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

☆ JPMorgan investors to scrutinize First Republic takeover
▼ + stars: | 2023-05-19 | by ( Nupur Anand | ) www.reuters.com time to read: +4 min

Analysts will seek more details about the deal and JPMorgan's plans to integrate First Republic's business into the largest U.S. bank. FIRST REPUBLICJPMorgan has agreed to undertake $173 billion of the failed bank's loans, $30 billion of securities and $92 billion of deposits after First Republic was shuttered down by authorities. Dimon had said that he expects blowback from the FRC deal earlier this month in an interview on Bloomberg TV. loadingAn acquisition of this scale will raise question on integration, execution risks, employee retention among others, analysts believe. JPMorgan has made 19 acquisitions since 2020 but the last major purchase of this scale by the lender was in 2008 of Bear Stearns.

☆ Office Workers Hate the Commute, Not the Office - The New York Times
▼ + stars: | 2023-05-19 | by ( Farhad Manjoo | ) www.nytimes.com time to read: +1 min

Elon Musk says we should all get off our duffs and go back to the office. Factory workers, service workers and construction workers can’t work from home, so why do people in the “laptop classes” think they should be able to do so? Musk isn’t alone among corporate executives in seeing employees’ reluctance to return to the office as a genuine economic problem. Companies have tried carrots — redesigning offices — and they’ve tried sticks, like reversing remote work policies at the same time they announce huge layoffs. Remote work looks like it’s turning from a pandemic necessity into a permanent feature of the American workplace.

☆ James Gorman, Morgan Stanley’s Long-Serving C.E.O., to Step Down Within a Year
▼ + stars: | 2023-05-19 | by ( Rob Copeland | ) www.nytimes.com time to read: +2 min

Mr. Gorman took over the bank in 2010, after Morgan Stanley nearly crumbled during the preceding financial crisis. Morgan Stanley has since hired some of that fallen bank’s advisers, bolstering its already enviable wealth management business, previously called Morgan Stanley Smith Barney. Mr. Gorman, 64, will likely depart at the same age as did his predecessor, John Mack, who left at 65. Neither Mr. Gorman nor Morgan Stanley gave an exact date for his departure from the chief executive role. The Morgan Stanley chief, referencing the drama around the show’s departed patriarch, said he had “no plans to go out like Logan Roy.”

☆ Janet Yellen told bank CEOs more mergers may be necessary, sources say
▼ + stars: | 2023-05-19 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —During Thursday’s meeting with the CEOs of large banks, Treasury Secretary Janet Yellen told executives that more bank mergers may be necessary as the industry continues to navigate through a crisis, two people familiar with the matter told CNN. However, sources tell CNN that bank mergers were discussed during Yellen’s meeting with bank CEOs. Yellen echoed remarks from US regulators who have said there may be bank mergers in the current environment, one person familiar with the matter said. Yet earlier this month, regulators allowed JPMorgan Chase, the nation’s largest bank, to buy most of First Republic, the second-largest bank to fail in US history. Michael Hsu, acting comptroller of the currency, told lawmakers earlier this week that his agency would be willing to quickly consider bank mergers.

☆ US banks rethink social media as a threat, not a marketing tool
▼ + stars: | 2023-05-18 | by ( Nupur Anand | ) www.reuters.com time to read: +5 min

Greg Becker, the former CEO of Silicon Valley Bank, blamed social media as an "unprecedented" factor in the lender's demise. The former CEO of First Republic Bank, Michael Roffler, also blamed social media for its collapse two months later. Bank executives and directors have ordered their companies to add social media into risk-management programs, according to regional bank executives who declined to be identified because the discussions are private. "NIP IT IN THE BUD"Banks are also contacting customers who complain on social media to address their issues quickly. The Financial Stability Board, an international body, is also investigating the role of social media in recent market turmoil, a source said.

☆ Yellen warns bank CEOs of ‘severe’ economic consequences if debt ceiling isn’t addressed
▼ + stars: | 2023-05-18 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

The meeting, which took place in Washington and included JPMorgan Chase CEO Jamie Dimon and Citigroup CEO Jane Fraser, focused in part on the risks on the debt ceiling. Beyond the debt ceiling, Yellen and the Wall Street CEOs discussed the ongoing banking crisis. Yellen also met with mid-size bank CEOsIn addition to huddling with big bank CEOs, Yellen met in Washington on Thursday with executives from mid-size banks, a person familiar with the matter told CNN. Both the debt ceiling and the banking stress came up during Yellen’s meeting with the Mid-Size Bank Coalition of America, an industry trade group, the source said. During the meeting, which took place at the Treasury Department, mid-size bank CEOs expressed acute concern about how the debt ceiling standoff will impact their institutions, the source told CNN.

Companies JPMorgan Chase & Co FollowNEW YORK, May 18 (Reuters) - The young entrepreneur Charlie Javice has been indicted on charges of defrauding JPMorgan Chase & Co (JPM.N), the largest U.S. bank, into buying her now-shuttered college financial aid startup Frank. A four-count grand jury indictment made public on Thursday in Manhattan federal court charges Javice with securities fraud, wire fraud, bank fraud and conspiracy. In connection with that, prosecutors were granted more time to have Javice indicted by a grand jury. JPMorgan separately sued Javice and former Frank chief growth officer Olivier Amar in December in Delaware federal court for fraud, saying they inflated Frank's customer base to induce the bank's purchase. Javice countersued JPMorgan, saying it owes millions of dollars after firing her "without valid cause" in November.

Deutsche Bank agreed to pay $75 million to victims of sex predator Jeffrey Epstein to settle a federal lawsuit accusing the bank of enabling and benefitting from its customer's sex trafficking of young women, sources told CNBC on Wednesday night. The bombshell deal still leaves JPMorgan Chase to defend its own would-be class action lawsuit by Epstein accusers in U.S. District Court in Manhattan, which involves similar allegations. The settlement agreement by Deutsche Bank, which will set aside $75 million for Epstein accusers, was first reported by The Wall Street Journal. Deutsche Bank spokesman Dylan Riddle would not comment on the deal, but noted that his bank has spent more than 4 billion euros [$4.34 billion] to strengthen internal financial controls. "In recent years Deutsche Bank has made considerable progress in remedying a number of past issues," Riddle said.

☆ Sen. Elizabeth Warren presses regulators for answers on First Republic takeover
▼ + stars: | 2023-05-18 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Sen. Elizabeth Warren, D-Mass., greets Martin Gruenberg, chairman of the Federal Deposit Insurance Corporation, during the Senate Banking, Housing, and Urban Affairs Committee hearing in Dirksen Building on Tuesday, March 28, 2023. WASHINGTON — Sen. Elizabeth Warren is asking federal financial regulators for answers over what she called a "deeply troubling" deal that saw JPMorgan Chase take over First Republic Bank. "Our financial strength, capabilities and business model allowed us to develop a bid to execute the transaction in a way to minimize costs to the Deposit Insurance Fund." Instead, the insurance fund was allowed to take a multibillion-dollar loss after billions of dollars worth of the bank's uninsured deposits were rescued during the deal, Warren said. "The FDIC appeared to prioritize First Republic's uninsured deposits at the bank before the Insurance Fund," she said.

☆ Elon Musk subpoena in Epstein-JPMorgan lawsuit can be served to Tesla, judge rules
▼ + stars: | 2023-05-17 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Ghislaine Maxwell and Elon Musk attend the 2014 Vanity Fair Oscar Party Hosted By Graydon Carter on March 2, 2014 in West Hollywood, California. The Virgin Islands is suing JPMorgan in U.S. District Court in Manhattan for allegedly enabling and financially benefiting from Epstein's sex trafficking of young women. Rakoff, in his order Wednesday, authorized the USVI to "arrange alternative service of its Subpoena to Produce Documents by serving Elon Musk via service upon Tesla Inc.'s registered agent." A Tesla spokesperson told The Times, "It is incorrect to say that Epstein ever advised Elon on anything." Epstein killed himself in August 2019, a month after federal authorities arrested him on an indictment charging him with child sex trafficking.

☆ Debt ceiling threat: Time to take this political football off the field
▼ + stars: | 2023-05-17 | by ( Christine Romans | ) edition.cnn.com time to read: +5 min

In theory, the debt ceiling should act as a fiscal restraint during the budgeting process. Deciding later not to pay the bills by not raising the debt ceiling is not sound fiscal policy. Federal Reserve Chairman Jerome Powell, a Republican, has said the debt ceiling is counterproductive. And the CEO of the nation’s biggest bank, JPMorgan Chase’s Jamie Dimon turns visibly frustrated at the subject of the debt ceiling. KPMG Chief Economist Diane Swonk says the politicization of the debt ceiling has weakened America.

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