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☆ OpenAI gets $4 billion revolving credit line, giving it more than $10 billion in liquidity
▼ + stars: | 2024-10-03 | by ( Hayden Field | ) www.cnbc.com time to read: +4 min

OpenAI has a $4 billion revolving line of credit, bringing its total liquidity to more than $10 billion, CNBC has learned. The base credit line is $4 billion, with an option to increase it by an additional $2 billion. Led by Thrive Capital, which planned to invest $1 billion, investors included existing backer Microsoft as well as chipmaker Nvidia. SoftBank, Khosla Ventures, Altimeter Capital, Fidelity Management & Research Company, MGX and Tiger Global also participated, according to sources familiar with the situation. Earlier this year, OpenAI was valued at a reported $80 billion, up from $29 billion in 2023.

Persons: Sam Altman, OpenAI, Goldman Sachs, Morgan Stanley, Mira Murati, Bob McGrew, Barret Zoph, Altman, Bret Taylor, Sam, Taylor Organizations: CNBC, JPMorgan Chase, Citi, UBS, HSBC, Microsoft, Nvidia, SoftBank, Khosla Ventures, Fidelity Management & Research Company, Tiger Global, The New York Times Locations: Santander, Wells Fargo, SMBC

☆ Apollo just set a goal to manage $1.2 trillion in private loans by 2029. These 7 slides show how it will get there.
▼ + stars: | 2024-10-01 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

AdvertisementThe biggest player in non-bank loans has set a massive new goal for itself: more than doubling its $562 billion private lending business to $1.2 trillion in five years. At $1.2 trillion, Apollo will manage as much in loans as JPMorgan Chase last year, according to data tracker Statista. Apollo plans to more than double both its private credit and equity businesses by 2029, which would bring total assets under management to roughly $1.5 trillion. At its last investor day in 2023, it set a goal to hit $1 trillion in total assets under management, including private loans, by 2026. AdvertisementHere's how Apollo plans to grow to over $1 trillion in private lending alone.

Persons: Marc Rowan, —, Blackstone, Rowan, John Zito, JPMorgan Chase, Jamie Dimon Organizations: Service, KKR, Apollo's AG InBev, InBev, Intel, Apollo, JPMorgan

☆ Here are Monday's biggest analyst calls: Nvidia, Amazon, Tesla, Meta, Disney, Apple, Uber, JPMorgan Chase & more
▼ + stars: | 2024-09-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Morgan Stanley upgrades Blackline to overweight from equal weight Morgan Stanley said the software company is undervalued. Morgan Stanley upgrades US Bancorp to overweight from equal weight Morgan Stanley said U.S. Bancorp is well-positioned going forward. Barclays reiterates Tesla as equal weight Barclays says it's not sure the EV maker's upcoming robotaxi day will be a game changer. Morgan Stanley reiterates Apple as overweight Morgan Stanley says the iPhone 16 cycle remains "unchanged" for now for Apple. Morgan Stanley downgrades JPMorgan to equal weight from overweight Morgan Stanley sees better value elsewhere than shares of JPMorgan.

Persons: Wolfe, Hess, Brent, Morgan Stanley, reprice, Cantor Fitzgerald, Cantor, Tesla, it's, Uber, Apple, Goldman Sachs, Goldman, JPMorgan, Piper Sandler, Piper, Forman, Gamble, TD Cowen Organizations: Chevron, Bancorp, U.S, MU, Autodesk, Barclays, Citi, Meta, Apple, Pro, Westlake, Resources, JPMorgan, DIS, Brown, Barclays downgrades Procter, Accenture, UBS, Brookfield, Partners Locations: AVGO, ASML, TER, OW, 4Q24

☆ Cramer's Stop Trading: JPMorgan Chase
▼ + stars: | 2024-09-30 | 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 EmailCramer's Stop Trading: JPMorgan ChaseCNBC’s Jim Cramer explains why he is keeping an eye on shares of JPMorgan Chase.

Persons: JPMorgan Chase, Jim Cramer Organizations: JPMorgan, JPMorgan Chase

Elsewhere, TD Cowen raised its price target on Costco to $975. 7:04 a.m.: TD Cowen raises Costco price target TD Cowen is even more bullish on Costco after hosting the company's leadership for a post-earnings meeting. Analyst Brian Bedell reiterated his buy rating and lifted his price target by $3 to $27, implying about 13% upside. With that, analyst Stephen Scouten upgraded Amerant to overweight from neutral and raised his price target by 50 cents to $25.60. — Pia Singh 5:50 a.m.: TD Cowen upgrades Accenture Investors should buy shares of Accenture as the company's recovery gains steam, according to TD Cowen.

Persons: Morgan Stanley, TD Cowen, Cowen, Oliver Chen, Costco's, Chen, Gary Millerchip, — Pia Singh, Brian Bedell, Bedell, Robinhood, Wells, Donald Fandetti, Fandetti, Piper Sandler, Amerant, Stephen Scouten, Scouten, JPMorgan Chase, Betsy Graseck, Graseck, NIM, Bryan Bergin, Bergin, Fred Imbert Organizations: CNBC, JPMorgan Chase, Accenture, Costco, Deutsche Bank, American, Amerant, JPMorgan, Services Locations: Florida, Friday's

☆ Why JPMorgan Chase is prepared to sue the U.S. government over Zelle scams
▼ + stars: | 2024-09-27 | by ( Hugh Son | ) www.cnbc.com time to read: +7 min

The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network. In response, JPMorgan issued a thinly veiled threat: "The firm is evaluating next steps, including litigation." Trade groups say that in the aftermath of the financial crisis, banks became easy targets for populist attacks from Democrat-led regulatory agencies. Amid the scrutiny, the bank began warning Zelle users on the Chase app to "Stay safe from scams" and added disclosures that customers won't likely be refunded for bogus transactions. While all of these battles are ongoing, the financial industry has racked up several victories so far.

Persons: JPMorgan Chase, Jamie, Evelyn Hockstein, Tobin Marcus, Joe, Marcus, That's, Biden, Marianne Lake, Zelle, Banks, Jamie Dimon, Dimon, Donald Trump, Kamala Harris, Mark Pittman Organizations: JPMorgan, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, Reuters, JPMorgan Chase, Consumer Financial, Democrat, Republican, Wolfe Research, Services, PayPal, Bank of America, Senate, Electronic, Federal Reserve, U.S . Chamber of Commerce, Northern, Northern District of Texas Locations: Washington ,, Zelle, Basel, Wells Fargo, Northern District

☆ Jamie Dimon says American schools should teach nutrition and financial literacy
▼ + stars: | 2024-09-26 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +1 min

JPMorgan Chase CEO Jamie Dimon spoke at The Atlantic Festival 2024 this month. Dimon said American schools should change how they approach education. He said schools should teach subjects like financial education and nutrition. Go to newsletter preferences Thanks for signing up! Dimon said that high schools and community colleges could do more to prepare young folks for adulthood.

Persons: Jamie Dimon, Dimon, — Organizations: JPMorgan, Service, JPMorgan Chase, Business

☆ Jamie Dimon says he likes Elon Musk's idea to start a DOGE, or Department of Government Efficiency
▼ + stars: | 2024-09-25 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +4 min

Read previewJPMorgan Chase CEO Jamie Dimon says he approves of Elon Musk's proposal to create a new department of government efficiency — or, in Musk's words, DOGE. "Ok, so — Elon, this idea about having an efficiency commission, I actually like the idea," Dimon said in an interview with CNBC-TV18, which aired on Tuesday. This story is available exclusively to Business Insider subscribers. AdvertisementDuring the CNBC interview, Dimon said that at the moment, he will not endorse Trump or his opponent, Vice President Kamala Harris, for the presidency. Musk, representatives of Trump and JPMorgan Chase didn't immediately respond to a request for comment from Business Insider, sent outside business hours.

Persons: —, Jamie Dimon, Tesla, Donald Trump's, — Elon, Dimon, Al Gore, Musk, Trump, Kamala Harris, Larry Fink, he's, JPMorgan Chase didn't Organizations: Service, Chase, Elon, Trump, CNBC, TV18, Business, Reinventing Government, Economic, of New, Reuters, Bloomberg, Treasury, JPMorgan Locations: of New York

☆ CNBC Daily Open: It might be better economic data isn’t all rosy
▼ + stars: | 2024-09-25 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. How much will oil demand grow? Oil demand will experience "robust medium-term growth," reaching 112.3 million barrels per day in 2029 from 102.2 million barrels per day in 2023, according to OPEC's 2024 World Oil Outlook report. The International Energy Agency thinks oil demand will level off at 106 million barrels per day by the end of the decade.

Persons: Stocks, Consumer's, September's, Dow, Goldman, Denis Coleman, Jamie Dimon, JPMorgan Chase Organizations: CNBC, Dow Jones, U.S . Federal, JPMorgan, International Energy Agency

☆ Why moves by Amazon and comments by Jamie Dimon don’t threaten an end to remote work benefits
▼ + stars: | 2024-09-25 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

But for two key reasons, these kinds of public proclamations don’t signal a broader demise of remote work benefits. Flex work options are too popular to ditchWhile an individual company may decide to backtrack on its remote work policies, the numbers suggest that’s not happening widely. Workplace consulting firm Gallup found in May that among full-time employees in remote-capable jobs, 53% work a hybrid schedule, 27% work exclusively remotely and 21% work on site. As of August 31, job postings on Indeed.com that specify hybrid and remote work have dipped a half percentage point year over year. It also found that HR leaders say hybrid work models help attract and retain talent.

Persons: Jamie Dimon, Andy Jassy’s, Jassy, ”, ’ ”, Chris Williams, “, ” Williams, Gallup, Nick Bunker, it’s, Williams Organizations: CNN, JPMorgan Chase, Microsoft, Board Locations: “, Seattle

☆ Gold’s hitting new records again. Here’s what it means for the economy
▼ + stars: | 2024-09-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

Gold, traditionally perceived as a haven, has climbed roughly 30% this year, outperforming the benchmark S&P 500 index’s 20% gain. Fresh consumer confidence data on Tuesday indicated that Americans are feeling pessimistic about the US economy and future of the job market. JPMorgan Chase researchers said in a note on Monday that they expect the yellow metal to continue running toward their 2025 target price of $2,850 an ounce as the Fed brings down rates. Silver, another precious metal that tends to move in tandem with gold, has jumped roughly 34% this year, outperforming the yellow metal. New moves from China to revive its economy also has the potential to lift precious metals, said Rhind.

Persons: Jerome Powell, ”, Kristina Hooper, JPMorgan Chase, “ There’s, Will Rhind, Rhind Organizations: New, New York CNN, Federal Reserve, Traders, JPMorgan, Treasury, GraniteShares, Citi Locations: New York, China, Turkey, India, China’s

☆ JPMorgan CEO Jamie Dimon warns 'geopolitics is getting worse'
▼ + stars: | 2024-09-24 | by ( Dylan Butts | ) www.cnbc.com time to read: +2 min

Jamie Dimon, Chairman and Chief Executive officer (CEO) of JPMorgan Chase & Co. (JPM) speaks to the Economic Club of New York in Manhattan in New York City, U.S., April 23, 2024. A year after Jamie Dimon named geopolitics as the world's biggest risk, JPMorgan Chase's CEO sounded the alarm again, warning that the state of global stability has gotten worse. During his visit to India, Dimon said in an exclusive interview with CNBC-TV18 released Tuesday: "My caution is all geopolitics, which may determine the state of the economy." "Geopolitics is getting worse, they are not getting better. The interview came almost a year after Dimon had called geopolitics, after Russia's invasion in Ukraine, the biggest risk that he sees facing the world, larger than high inflation or a U.S. recession.

Persons: Jamie Dimon, Dimon, Yemen's, I'm Organizations: JPMorgan Chase & Co, Economic, of New, JPMorgan, CNBC, TV18, ., Federal Reserve, Traders Locations: of New York, Manhattan, New York City, U.S, India, Red, Ukraine, Russia

☆ Over 400 economists and ex-officials endorse Kamala Harris
▼ + stars: | 2024-09-24 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —More than 400 economists and former high-ranking US policymakers are endorsing Vice President Kamala Harris and her vision for the American economy, according to a document announcing the endorsement seen by CNN. “The choice in this election is clear: between failed trickle-down economic policies that benefit the few and economic policies that provide opportunity for all,” the endorsement document reads. Harris plans to roll out new policies on what she calls the “opportunity economy” during a speech in Pennsylvania, another key battleground state, on Wednesday. Several notable economists threw their weight behind Harris, including University of Michigan economist Justin Wolfers and Claudia Goldin, who won the Nobel Prize last year for tracking women’s labor participation and the evolving wage gap. The endorsement argued that Harris has a “proven track record of economic leadership,” crediting her with efforts as vice president to lower costs, cut taxes and raise wages.

Persons: Kamala Harris, Harris, Donald Trump’s, Brian Deese, Obama, Jason Furman, Bill Daley, Penny Pritzker, Clinton, Robert Reich, Alan Blinder, Donald Trump, ”, Trump, Sean O’Keefe, George W, Justin Wolfers, Claudia Goldin, Marty Walsh, Deval Patrick, Larry Summers, Robert Rubin, Mark Cuban, James Murdoch, he’s, Bill Ackman, Peter Thiel, Tesla, Elon Musk, ” Harris, Jamie Dimon, Dimon, Jeffrey Sonnenfeld, Sonnenfeld Organizations: New, New York CNN, CNN, Federal Reserve, Management, NASA, University of Michigan, House, Labor, Massachusetts Gov, Democratic, JPMorgan Chase, JPMorgan, Wall Street, Trump, Yale, That’s Locations: New York, Georgia, Pennsylvania, United States, America, Dimon

☆ Employers are increasingly tracking staff in the return-to-office world. One academic says surveillance at work has its good, bad, and ugly.
▼ + stars: | 2024-09-24 | by ( Nora Redmond | ) www.businessinsider.com time to read: +5 min

Go to newsletter preferencesSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. There was a brief period during the pandemic and the years after it when hybrid work, four-day workweeks, and flexible hours gave employees more power than ever before. And now, employee surveillance is on the rise. "That might create high staff turnover rates," he said, "and there are all sorts of costs associated with recruiting staff." Overall, Kayas held that whether staff surveillance is good or bad, or right or wrong, comes down to whether you're asking the employee or the employer.

Persons: —, JPMorgan Chase, Leo Lukenas III, BofA, Oliver Kayas, Kayas Organizations: Service, Business, Street Journal, Bank of America, JPMorgan, of America, Army, Liverpool John Moores University, Citigroup

☆ What Jamie Dimon thinks about junior bankers with hush-hush private-equity jobs
▼ + stars: | 2024-09-23 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

Last week, JPMorgan Chase CEO Jamie Dimon lashed out at investment bankers in training who quietly accept future-dated jobs with buyout firms. In the past, such recruiting tactics often took place after newbie investment bankers got some experience under their belts. Related storiesLast year's private-equity recruiting cycle kicked off while many bankers were still in training for their first full-time jobs after college. In August, JPMorgan issued a warning to incoming investment bankers about the risks of accepting hush-hush jobs with private-equity firms, including potential termination. AdvertisementIn the August letter, JPMorgan warned that future-dated jobs with a private-equity firm could present conflicts of interest for the bank.

Persons: —, Jamie Dimon, Dimon, hadn't Organizations: Service, JPMorgan, Georgetown University, Street's, Business, Georgetown

☆ CNBC Daily Open: One day makes all the difference
▼ + stars: | 2024-09-20 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. "Recalibration" Fed Chair Jerome Powell's use of the word "recalibration" seemed to reassure investors that the central bank's 50 basis point cut wasn't that worrying. It signaled the Fed wasn't responding to a slowing economy, but shifting focus to ensuring employment doesn't dip further, wrote CNBC's Jeff Cox. At the end of Washington's song, she croons, "What a difference a day makes / And the difference is you."

Persons: BOE, Jerome Powell's, Jeff Cox, Dinah Washington, Oppenheimer, Brian Belski, Powell, –, Alex Harring, Fred Imbert, Hakyung Kim, Lisa Kailai Han Organizations: Nasdaq, CNBC, JPMorgan Chase, of England, Monetary, Fed, Dow, Nvidia, Apple, BMO Locations: New York, Dinah Washington . Washington

☆ Jamie Dimon is the latest CEO to weigh in on RTO — this time, for DC federal workers
▼ + stars: | 2024-09-20 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Read previewFederal workers in Washington, DC, still have flexibility about where they work, and JPMorgan Chase CEO Jamie Dimon isn't impressed. In the middle of an answer, Dimon added: "By the way, I'd also make Washington, DC, go back to work. Last year, the Biden Administration pushed for federal employees to return to in-person office work. Many federal workers have indeed returned to the office for at least part of the week. He also said, however, that employees who don't like their RTO policy can find jobs elsewhere, according to The Economist.

Persons: —, Jamie Dimon isn't, Dimon, Jeffrey Goldberg, Donald Trump, Kamala Harris, I'd, Andy Jassy, CBRE Organizations: Service, JPMorgan Chase, The, Business, JP, JPMorgan, Amazon, Biden Administration, Protection Agency, Federal News Network, Department of, Treasury, Department of the, Management, Futures Trading Commission Locations: Washington , DC, Washington, DC

☆ JPMorgan economist who nailed half-point call sees another big Fed rate cut in November
▼ + stars: | 2024-09-19 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

At its much-anticipated meeting Wednesday, the Fed approved a half percentage point, or 50 basis point, cut to its benchmark funds rate that ran counter to the 25 basis point move that many Wall Street economists and strategists had been expecting. The benchmark fed funds rate now stands at 4.75% to 5.00% after Wednesday's move. Futures market pricing Thursday suggested a 25 basis point move in November followed by a 50 basis point cut in December, according to the CME Group's FedWatch. A basis point equals 0.01%. "Ultimately what we found most important in what Powell said was also among the least surprising things he said: future decisions are going to depend on the data," Feroli wrote.

Persons: Michael Feroli, Feroli, Jerome Powell, Powell Organizations: Federal Reserve, JPMorgan, Fed, Street Locations: U.S

☆ Overworked junior bankers at JPMorgan are getting someone to check on their well-being
▼ + stars: | 2024-09-19 | by ( Nora Redmond | ) www.businessinsider.com time to read: +1 min

JPMorgan has created a new role to oversee the well-being of junior bankers and analysts. JPMorgan capped junior bankers' hours at 80 a week earlier this month. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJPMorgan Chase has created a new global role to oversee junior bankers and analysts and prevent overwork.

Persons: Wall, —, JPMorgan Chase, Ryland McClendon, McClendon Organizations: JPMorgan, Service, Reuters, Business

☆ JPMorgan's junior bankers just gained an ally in their fight against overwork. Here's what we know about the longtime exec tapped to advocate for them.
▼ + stars: | 2024-09-19 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +10 min

Read previewLast week, JPMorgan Chase announced that it would be seeking to limit junior bankers' work hours to 80 per week to tackle concerns over unhealthy working conditions. "So a lot of investment bankers — they've been traveling all week. Jamie Dimon on Tuesday addressed Ryland McClendon's new job ScreenshotThe investment banker's daughterMcClendon grew up near Atlanta, Georgia with her parents and three siblings. AdvertisementIn a 2023 episode of JPMorgan's "Women on the Move" podcast, McClendon said her career path has been heavily influenced by her parents. AdvertisementIn the 2023 podcast, McClendon said she likes to use storytelling as a tool to educate because it can be more effective than numbers alone.

Persons: —, Ryland McClendon, Leo Lukenas, Lukenas, McClendon, Michael Nagle, Jamie Dimon, Dimon, aren't, — they've, It's, Ryland McClendon's, Raymond J, Pryor, Ryland, Marion Barry, SunTrust Robinson Humphrey, we've, what's Organizations: Service, JPMorgan Chase, CNBC, JPMorgan, Business, of America, Getty, Bank of America, Georgetown University, Hartsfield, Jackson Atlanta International Airport, Washington D.C, Duke, econ, Wall Locations: Atlanta , Georgia, Atlanta, Washington, Florida

☆ Trump's crypto allies boast lavish lifestyles amid trail of debts
▼ + stars: | 2024-09-19 | by ( Katherine Long | ) www.businessinsider.com time to read: +7 min

Three of Trump's children are employees of World Liberty Financial, including his 18-year-old son Barron, who CoinDesk reported holds the title of "DeFi visionary" at the company. World Liberty Financial's spokesperson, Jim Redner, told BI he has "no information." Both were involved in a project called Dough Finance, whose source code appears remarkably similar to that of World Liberty Financial, Coindesk reported. It's still unclear when World Liberty Financial will begin allowing investors to purchase its tokens. "Attention community: Please be aware of scams and fake tokens," World Liberty Financial posted on Telegram last month.

Persons: —, Donald Trump, Trump, Zachary Folkman, Chase Herro, Crypto, he's, Barron, CoinDesk, Herro, they've, Folkman, Jim Redner, I've, Redner, he'd, JPMorgan Chase, Folkman's, Zack Bauer, AmEx, Coindesk Organizations: Service, Liberty, U.S ., Business, Trump, World Liberty, Facebook, Ritz Carlton, Virgin Islands, Liberty Financial's, JPMorgan, Bloomberg, American Express, Finance, Dough Finance, Liberty Financial Locations: Greenwich Village, Caribbean, Puerto Rico, California , New York, Virgin, Los Angeles, San Diego, California

☆ JPMorgan creates new role overseeing junior bankers as Wall Street wrestles with workload concerns
▼ + stars: | 2024-09-18 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

JPMorgan Chase has created a new global role overseeing all junior bankers in an effort to better manage their workload after the death of a Bank of America associate in May forced Wall Street to examine how it treats its youngest employees. The firm named Ryland McClendon its global investment banking associate and analyst leader in a memo sent this month, CNBC has learned. The move shows how JPMorgan, the biggest American investment bank by revenue, is responding to the latest untimely death on Wall Street. Later that month, JPMorgan CEO Jamie Dimon said his bank was examining what it could learn from the tragedy. Exceptions can be made for live deals, said the person, who declined to be identified speaking about the internal policy.

Persons: Jamie, JPMorgan Chase, Wall, Ryland McClendon, McClendon, Bank of America's Leo Lukenas III, Jamie Dimon, JPMorgan's Organizations: JPMorgan Chase, U.S . Senate Banking, Housing, Urban Affairs, Wall, Capitol, Washington , D.C, JPMorgan, Bank of America, CNBC, Associates, Bank of America's Locations: Washington ,

☆ Apple is in talks with JPMorgan for bank to take over card from Goldman Sachs
▼ + stars: | 2024-09-17 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Apple is in discussions with JPMorgan Chase for the bank to take over the tech giant's flagship credit card program from Goldman Sachs , a person with knowledge of the negotiations said. But the move shows the extent to which Apple's choices were limited when Goldman Sachs decided to pivot from its ill-fated retail banking strategy. There are only a few card issuers in the U.S. with the scale and appetite to take over the Apple Card program, which had saddled Goldman with losses and regulatory scrutiny. JPMorgan is the country's biggest credit card issuer by purchase volume, according to the Nilson Report, an industry newsletter. Apple and JPMorgan declined to comment on the negotiations, which were reported earlier by the Wall Street Journal.

Persons: JPMorgan Chase, Goldman Sachs, Goldman, Nilson Organizations: Apple, JPMorgan, Apple Card, Wall Street Locations: U.S

☆ FDIC unveils rule forcing banks to keep fintech customer data in aftermath of Synapse debacle
▼ + stars: | 2024-09-17 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

The Federal Deposit Insurance Corporation on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. That's what happened in the Synapse collapse, which impacted more than 100,000 users of fintech apps including Yotta and Juno. Customers with funds in these "for benefit of" accounts have been unable to access their money since May. Keeping better records would allow the FDIC to quickly pay depositors in the event of a bank failure by helping to satisfy conditions needed for "pass-through insurance," FDIC officials said Tuesday in a briefing. While FDIC insurance doesn't get paid out in the event the fintech provider fails, like in the Synapse situation, enhanced records would help a bankruptcy court determine who is owed what, the officials added.

Persons: Biden Organizations: Federal Deposit Insurance Corporation, FDIC, Federal Register, Bank, JPMorgan Chase

☆ Future Proof gathering in California surf town is trying to reinvent the investment conference
▼ + stars: | 2024-09-16 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

More than 4,000 people have descended here for the Future Proof conference , a vast social gathering designed to give younger registered investment advisors and other investment professionals access to what they want. What they want, apparently, is an intense desire to network with other RIAs and investment professionals and find ways to grow their business. Reimagining the financial conference Future Proof is the brainchild of Barry Ritholtz, co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, and CEO Josh Brown. This is the third year for the conference, but Ritholtz and company have been doing conferences for 15 years. Ritholtz describes it as an ongoing project to reinvent the financial conference concept, which he says is "moribund."

Persons: Barry Ritholtz, Josh Brown, Ritholtz, Van Eck, Matt Middleton, Adarsh, Brett Rodgriguez, Delon Mansour, Mansour, Shyamsundar, Harris, Consulting's Brett Rodgriguez, Akash Shah, Shannon Saccocia, Raj Dhanda, Ares Management, John Christmas, RIAs, They'll, Mike Novogratz, Anna Paglia, Bryan Whalen, Saira Malik, Lauren Goodwin, Scott Wapner, DoubleLine Capital's Jeff Gundlach, CNBC's, Jan van Eck, Matt Hougan, DJ Mick, There's, Bob Pisani, Jon Maier, JP Morgan, Pisani, Jan Van Eck, Marlena Lee, That's Organizations: Ritholtz Wealth Management, JPMorgan Chase, Capital Group, Street Global Advisors, Funds, Polaris Capital Management, Graystone Consulting, Investments, Investment, Ares, HPS Investment Partners, Global, Life Investments, Bitwise, Management, Dimensional Fund Advisors Locations: HUNTINGTON BEACH, Calif, Los Angeles, Iowa, California, Huntington Beach, San Diego, Michigan, ETFEdge.cnbc.com

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