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☆ What JPMorgan's Jamie Dimon, BlackRock's Larry Fink, and other Wall Street CEOs are saying about the impact of the banking crisis
▼ + stars: | 2023-04-14 | by ( Carter Johnson | Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

JPMorgan, BlackRock, Wells Fargo, and Citi reported earnings Friday. Top execs described their response to the banking crisis — and future opportunities. The message was clear, wrote Wells Fargo bank analyst Mike Mayo in a note to clients Friday. Quarterly earnings calls held with research analysts marked an opportunity for Wall Street's biggest executives to face questions about the impact of the March banking crisis on their firms' bottom lines. Here's what the leaders of JPMorgan, BlackRock, Wells Fargo, and Citigroup had to say about SVB.

☆ Bank earnings show big jumps in net interest income and healthy spreads
▼ + stars: | 2023-04-14 | by ( Hugh Son | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank earnings show big jumps in net interest income and healthy spreadsCNBC's Hugh Son joins 'Squawk on the Street' to discuss bank earnings, the likelihood for further bank contagion, and Jamie Dimon's commentary on the state of the economy.

☆ Big bank investors owe thanks to Team America
▼ + stars: | 2023-04-14 | by ( John Foley | ) www.reuters.com time to read: +4 min

Wells Fargo has managed to keep even more for itself, passing on just 26%. Finance chief Jeremy Barnum reckons $50 billion of deposits flowed into his bank and stayed put, more than offsetting other outflows. Elsewhere in Dimon’s letter, he describes himself as a “red-blooded, patriotic, free-enterprise and free-market capitalist.” Investors may lap that up, but his bank’s earnings show other forces at work too. Wells Fargo reported $4.7 billion of earnings, 34% higher than the previous first quarter, and took a $1.2 billion quarterly provision for credit losses. Citigroup reported $4.3 billion of earnings, a 7% annual increase, while smaller rival PNC made $1.6 billion, an 18% increase.

☆ US stocks fall as investors weigh strong bank earnings against weak retail sales data
▼ + stars: | 2023-04-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks moved lower on Friday as investors weighed solid bank earnings against weak retail sales data. JPMorgan, Wells Fargo, and Citigroup all posted better-than-feared earnings that indicated a resilient economy. But retail sales dropped 1% in March as consumers scaled back big-ticket purchases. But weak retail data in March weighed down stocks. The retail sales data extended the decline seen in February and was driven by consumers pulling back on big-ticket item purchases like cars.

☆ Jamie Dimon issues warning on rates: 'It will undress problems in the economy’
▼ + stars: | 2023-04-14 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Investors and businesses should plan for interest rates to remain higher for longer than currently expected by the market, according to JPMorgan Chase CEO Jamie Dimon. The world saw what happened last month when higher rates and a sudden deposit run exposed bad management at Silicon Valley Bank. "People need to be prepared for the potential of higher rates for longer," Dimon said on the call. "If and when that happens, it will undress problems in the economy for those who are too exposed to floating rates, for those who are too exposed to refi risk," he said, referring to loans that reset at market rates. Higher rates jammed up swaths of the economy this year, from regional bankers who had bet on low rates to consumers who can no longer afford mortgages or credit card debt.

"Weakness continues to develop in commercial real estate office," Wells Fargo Chief Executive Charlie Scharf said on a call with analysts. Stress in the commercial real estate sector could have broad implications for banks and the economy, as losses emanating there can tighten credit availability and exacerbate a downturn. More than $1.4 trillion in U.S. CRE loans will mature by 2027, with some $270 billion coming due this year, according to real estate data provider Trepp. As the epicenter for the technology industry downturn, California's CRE market has been hit hard. Citigroup and Wells Fargo declined to comment for this article.

☆ JPMorgan boss Jamie Dimon says storm clouds are gathering for the US economy as financial conditions tighten
▼ + stars: | 2023-04-14 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

JPMorgan's CEO said he sees trouble ahead for the US economy. Banking sector woes, a hawkish Fed, and Russia's invasion of Ukraine make for an uncertain macro forecast. The investment bank posted record revenue for its first fiscal quarter on the back of higher interest rates. The bank posted strong results, with record revenue of $38.3 billion handily beating expectations on the back of higher interest income thanks to the US central bank's aggressive monetary tightening campaign. Banking sector woes, a hawkish Fed, uncertain relations with China, and Russia's invasion of Ukraine all contribute to an uncertain macro forecast, the JPMorgan chairman said.

☆ JPMorgan requires managing directors return to office 5 days a week and 'be visible on the floor' or else face 'corrective action'
▼ + stars: | 2023-04-13 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +2 min

JPMorgan informed employees Wednesday that managing directors are required to come to the office five days a week. Many of JPMorgan's lower-level employees are still required to come to the office three days a week. JPMorgan issued a memo to employees on Wednesday informing managing directors of a new requirement to be in the office five days per week. It also stated that the responsibilities of managing directors include being "visible on the floor," along with meeting with clients and being available for feedback and advice with lower-level employees. JPMorgan has about 1,600 managing directors, according to 2019 CNBC report.

☆ JPMorgan just killed Wall Street's WFH dreams
▼ + stars: | 2023-04-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But do you think execs will be OK with their subordinates working remote while they are stuck in the office? Plenty of others, most notably Goldman Sachs' David Solomon, have touted the importance of being in the office (blah blah mentorship model blah blah). Now JPMorgan just laid the blueprint for everyone else to force their own employees back in. Here are more details, including the internal memo, on JPMorgan forcing MDs back into the office. Salt Labs wants to help low- and medium-income workers build wealth via an app that operates like a frequent-flyer program.

☆ Investors are jumping back into bank ETFs ahead of earnings season
▼ + stars: | 2023-04-13 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Some of the biggest exchange traded funds focused on banks and other financial stocks are seeing solid interest from investors as the failures of Silicon Valley Bank and Signature Bank recede in the rearview mirror. The SPDR Regional Bank ETF (KRE) , which has had volatile but still net positive flows since the SVB collapse, scooped up another $241 million over the past week. The new inflows come just ahead of earnings season for the banks. Many analysts expect the reports to show that depositors moved their cash from small regional banks and parked it at larger banks that are perceived to be safer. KBWB YTD mountain Bank ETFs are seeing interest but not yet rebounding.

A bank run took down Silicon Valley Bank on March 10, as depositors withdrew $42 billion in a single day. And that’s why we’ve gone to community banks and regional banks such as SVB,” Bradley said. SVB’s collapse could spark future change, entrepreneur saysBecause of these disparities, entrepreneurs also seek funding from venture capitalists. In the early 2010s, Hamilton intended to start her own tech company — but as she searched for investors, she saw that White men control nearly all venture capital dollars. That experience led her to establish Backstage Capital, a venture capital fund that invests in new companies led by underrepresented founders.

☆ JPMorgan executives knew of Epstein sex abuse claims, court filing alleges
▼ + stars: | 2023-04-13 | by ( Lauren Del Valle | ) edition.cnn.com time to read: +4 min

New York CNN —A new court filing alleges JPMorgan Chase executives were aware of sex abuse and trafficking allegations against its then-client Jeffrey Epstein, several years before the financial institution cut ties. The new complaint against JP Morgan, filed Wednesday, comes days after its CEO Jamie Dimon sat down with CNN’s Poppy Harlow in an exclusive interview. A JP Morgan spokesperson declined to comment to CNN about the newly filed complaint, which was part of the lawsuit filed in December. Attorneys for JP Morgan have denied the allegations. High level bank officials also met about Epstein’s account and the allegations against him as far back as 2008, according to the court filing.

April 12 (Reuters) - JPMorgan Chase & Co (JPM.N) asked its managing directors to work from the office for five days a week, the largest U.S. bank said in a memo. CEO Jamie Dimon, along with Wall Street counterparts at Goldman Sachs Group Inc and Morgan Stanley, has been a strong advocate of in-office work. JPMorgan reminded staff on hybrid schedules that they were required to be in the office at least three days a week. It plans to roll out more automated attendance tracking to manage work schedules, real estate and security. "Everyone should be able to work five days a week in the office," the bank said.

☆ See the memo detailing JPMorgan's new mandatory office policy for managing directors
▼ + stars: | 2023-04-12 | by ( Carter Johnson | ) www.businessinsider.com time to read: +8 min

JPMorgan Chase is abandoning a hybrid attendance policy it adopted during the pandemic and requiring executives to return to the office. On Wednesday, JPMorgan, the nation's largest bank by assets, said it will now mandate that all managing directors come to the office five days a week. In 2021, he wrote in his annual note to shareholders that he envisioned many JPMorgan employees returning to the office full-time, while allowing for exceptions. Tracking attendance is not only important to manage hybrid work schedules but also for real estate, resiliency and security purposes. In the meantime, you can find many useful tools and resources on the Hybrid Working page.

☆ Earnings playbook: Your guide to trading the start of a big reporting season this week
▼ + stars: | 2023-04-12 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

Thursday Delta Air Lines is set to report earnings before the bell, followed by a conference call with management at 10 a.m. This quarter: Analysts polled by Refinitiv expect revenue to have jumped more than 45% from the year-earlier period, Refinitiv data shows. Friday JPMorgan Chase is set to report earnings before the bell, followed by a call with management at 8:30 a.m. What history shows: FactSet data shows JPMorgan Chase topped earnings estimates in eight of the last 10 quarters. What history shows: Bespoke data shows UnitedHealth beats earnings estimates 93% of the time.

☆ Premarket stocks: Main Street investors bet on comeback for regional banks
▼ + stars: | 2023-04-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Forget the banking crisis — Main Street’s retail investors have barreled into embattled bank stocks. At the same time, he said, institutional investors, the so-called “smart money,” have been trading out of volatile regional bank stocks. That could mean bad news for those who are betting they’ll see big returns on regional bank stocks. This is a risky move for retail investors, said Iachini, and a speculative play. We’re not seeing a meaningful recovery, at least yet, for regional bank stocks, he said.

☆ American offices are half-empty. That could be the next big risk for banks
▼ + stars: | 2023-04-10 | by ( Julia Horowitz | ) edition.cnn.com time to read: +9 min

“I’m more concerned than I’ve been in a long time,” said Matt Anderson, managing director at Trepp, which provides data on commercial real estate. About $270 billion in commercial real estate loans held by banks will come due in 2023, according to Trepp. Questions about the health of banks with sizable exposures to commercial real estate loans cause customers to pull deposits. That forces lenders to demand repayment — exacerbating the sector’s downturn and further damaging the banks’ financial position. The likeliest outcome is thought to be an uptick in defaults and reduced access to funding for the commercial real estate industry.

☆ Robinhood traders are getting smarter with their money. The platform's head of investment strategy explained why.
▼ + stars: | 2023-04-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Steph Guild, Robinhood's head of investment strategy. RobinhoodSteph Guild is the head of investment strategy at Robinhood. Phil Rosen: How have retail investors on Robinhood changed their investing habits now compared to 2022? As the economy faces more risks like a recession and a potential credit crunch, do you think retail investors will change their strategy? What do you think of Guild's insights on retail investors?

☆ 3 reasons big bank earnings are super important to the stock market in the week ahead
▼ + stars: | 2023-04-08 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

There are two big watchers on our list for the week ahead, and one of them — believe it or not — is not an inflation reading. The consumer price report (CPI), which calculates the average change over time in prices shoppers pay for goods and services, comes out Wednesday before the opening bell. Other data next week includes the producer price index report on Thursday and the retail sales report on Friday. ET: Consumer Price Index 2:00 p.m. The most important macroeconomic update of the week came on Friday while the market was closed for Good Friday.

☆ JPMorgan CEO Jamie Dimon refused to answer a question on whether a second Trump term would be good for the US economy
▼ + stars: | 2023-04-07 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Jamie Dimon did not respond to a query on whether a second Trump term could be good for the economy. "I'm not going to answer that question," Dimon told CNN's Poppy Harlow. "I'm not going to answer that question," Dimon said. "I think I could beat Trump," Dimon said at a JPMorgan Chase event, per CNBC. During the interview with CNN, Dimon told Harlow that his political philosophy remains the same: He said that his heart is Democratic, but his brain is Republican.

☆ JPMorgan boss Jamie Dimon says recession risks have increased after the bank crisis and there are more storm clouds ahead for the US economy
▼ + stars: | 2023-04-07 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Jamie Dimon sees higher recession odds after March's banking turmoil. Dimon broke down why markets are better positioned than during the Great Financial Crisis. The current banking crisis is not over yet, Dimon says, adding that the industry will feel repercussions for years to come. Still, Dimon says the current situation is very different from the Great Financial Crisis and not nearly as severe. A handful of specialists banks failed in March, sending shockwaves through financial markets.

☆ JPMorgan's dealmaking flurry being scrutinized by US regulator - FT
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

JPMorgan had sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court in December. The OCC audit was scheduled before JPMorgan's lawsuit, the report said. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity. JPMorgan and the OCC did not immediately respond to Reuters request for comment. Reporting by Baranjot Kaur in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ JPMorgan CEO Jamie Dimon talks the banking crisis in Poppy Harlow interview
▼ + stars: | 2023-04-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: 1 min

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☆ How Amazon virtual health clinic's top doctor thinks about patients as customers
▼ + stars: | 2023-04-06 | by ( Ian Thomas | ) www.cnbc.com time to read: +6 min

In 2018, it bought online pharmacy PillPack for $750 million, which it followed up by launching its own virtual clinic for chronic conditions. Now Amazon Clinic, which launched in November, is looking to open up a new option for virtual care to help with common issues like allergies, acne and hair loss. That hasn't come without some setbacks – Amazon Care, its effort to take on telemedicine and primary care for the employer market nationwide, was shut down in August after just three years. Health care, he said, can at times be correctly described as paternalistic. "Care can be a thing that we do to patients rather than with patients or for patients," Ayogu said.

☆ Stocks meander as US jobs dry up, kiwi jumps on RBNZ surprise
▼ + stars: | 2023-04-05 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Futures indicated European markets were set for a broadly lower open, with Eurostoxx 50 futures down 0.26%, German DAX futures down 0.12%. Two-year treasury yields , which closely track short-term rate expectations, dived almost 15 basis points and the dollar tracked the move to hit two-month troughs. Elsewhere investors see a few more rate hikes in store in Europe, where German exports have turned surprisingly strong. The euro flat at $1.0952, just shy of a two-month high it hit overnight on the dollar at $1.0973. Commodity markets are settling after Monday's surge in oil prices on news of surprise OPEC+ production cuts.

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