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JPMorgan Chase CEO Jamie Dimon thinks there's a better-than-even chance that the U.S. is heading for a recession, though he doesn't see systemic issues looming. "The market is kind of pricing in a soft landing. Along with the elevated rates, markets have had to contend with the Federal Reserve rolling off its bond holdings, a process known as quantitative tightening. But they will play out and they will have an effect and in my mind I'm just kind of cautious about everything." Higher interest rates along with a recession could hit areas such as commercial real estate and regional banks hard, but with limited macroeconomic impacts, Dimon said.
Persons: Jamie Dimon, there's, Dimon, CNBC's Leslie Picker Organizations: JPMorgan, Conference, Federal Reserve, Silicon Valley Bank, New York Community Bank, CNBC PRO Locations: Miami, U.S, Silicon
The burgeoning artificial intelligence tools from companies such as OpenAI still have their share of skeptics, but don't count JPMorgan Chase CEO Jamie Dimon among them. It's real," Dimon said. JPMorgan has done work on the ability to use the new technologies internally, with Dimon saying that AI will eventually "be used in almost every job." JPMorgan created a new role of chief data and analytics officer last year, in part to handle AI. Dimon said Monday that there are 200 people at JPMorgan doing research on the large language models that have recently been rolled out by tech companies.
Persons: Jamie Dimon, CNBC's Leslie Picker, Dimon Organizations: JPMorgan Chase, JPMorgan, CNBC PRO
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of America CEO: 3 rate cuts this year will bring economy into equilibrium by the end of 2025CNBC's Leslie Picker and Bank of America CEO Brian Moynihan join 'Squawk on the Street' to discuss the state of the economy, strength of the consumer, the Fed's rate path outlook, the impact of Capital One-Discover deal, regional bank turmoil, and more.
Persons: CNBC's Leslie Picker, Brian Moynihan Organizations: Email Bank of America, Bank of America
The Community Reinvestment Act and the fight over redlining
  + stars: | 2024-02-16 | 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 EmailThe Community Reinvestment Act and the fight over redliningCNBC's Leslie Picker joins 'Power Lunch' to report on the latest fight over banks redlining.
Persons: redlining CNBC's Leslie Picker Organizations: Reinvestment
NEW YORK, NEW YORK - MAY 17: President and CEO of Wells Fargo Charlie Scharf attends The Future of Everything presented by the Wall Street Journal at Spring Studios on May 17, 2022 in New York City. (Photo by Steven Ferdman/Getty Images)Wells Fargo said Thursday one of its primary regulators has lifted a key penalty tied to its 2016 fake accounts scandal. Wells Fargo, one of the country's largest retail banks, has retired six consent orders since 2019, the year that CEO Charlie Scharf took over. The 2016 fake accounts scandal and related consent order ignited a wave of scrutiny on the bank that revealed problems related to the servicing of mortgages, auto loans and other consumer accounts. The attention tarnished the bank's reputation and forced the retirement of both ex-CEO John Stumpf in 2016 and successor Tim Sloan in 2019.
Persons: Wells, Charlie Scharf, Steven Ferdman, Wells Fargo, Scharf, John Stumpf, Tim Sloan, , Leslie Picker Organizations: NEW, Wall, Spring Studios, Currency, Federal Reserve Locations: New York City, Wells Fargo
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley laying off a few hundred in wealth-management divisionCNBC's Leslie Picker joins 'Power Lunch' to report on the latest round of layoffs in the financial sector.
Persons: Morgan Stanley, Leslie Picker
At a conference in Miami on Tuesday, Griffin expressed deep frustration with the state of American universities, including the disastrous testimony before Congress by the presidents of Harvard, MIT and UPenn. Griffin, the founder of hedge fund Citadel, said he is no longer supporting Harvard financially but would like that to change. The donor backlash at Ivy League schools raises questions about the sway wealthy individuals hold over educational institutions. Just last April, Griffin made a $300 million gift to Harvard’s Faculty of Arts and Sciences (FAS). Griffin suggested that students at elite schools are “just caught up in the rhetoric of oppressor and oppressee and… just like whiny snowflakes.”The billionaire also reiterated that he won’t hire students who signed an anti-Israel statement issued by Harvard organizations in October.
Persons: Ken Griffin, ” Griffin, Griffin, CNBC’s Leslie Picker, , , “ Will, it’s “, Leslie Wexner, Len Blavatnik Organizations: New, New York CNN —, Harvard University, Harvard, University of Pennsylvania, MIT, UPenn, Citadel, MFA Network Miami, Ivy League, Harvard’s Faculty of Arts and Sciences, FAS, Harvard College, Bloomberg Locations: New York, Columbia, Miami, microaggressions, Israel
The market has managed to put behind the "economic anxiety" it faced as recently as the fourth quarter of 2023, according to Citadel CEO Ken Griffin. "The [Federal Reserve] can start to cut rates come this summer, and we will see unemployment touch up a little bit. But the overall economy looks pretty damn good right now," Griffin told CNBC's Leslie Picker on Tuesday at the MFA Network event in Miami. However, Griffin noted that the current level of federal spending has created an economy that "feels really good right now," but could come at a cost. It's creating [a] bit of euphoria right now, but it will come with a hangover," said Griffin.
Persons: Ken Griffin, Griffin, CNBC's Leslie Picker, Griffin's, Dow Organizations: Citadel, Federal, Fed, U.S, Dow Jones, CNBC PRO Locations: Miami, Taiwan, China, U.S
[The stream is slated to start at 10:10 a.m. Citadel CEO Ken Griffin is slated to speak to CNBC's Leslie Picker on Tuesday at the MFA Network event in Miami. The chat comes a day after the S&P 500 reached a fresh record high, building on its strong start to 2024. It also comes as traders brace for major tech earnings this week and the first Federal Reserve policy announcement on Wednesday. Griffin's hedge fund, Citadel, is also coming off a year in which it posted double-digit returns.
Persons: Ken Griffin, CNBC's Leslie Picker Organizations: Citadel, Federal Reserve, CNBC, YouTube Locations: Miami, Griffin's
"We ended our buyers' strike and found several promising new investments that we believe will help us in 2024," the hedge fund manager said in an investor letter dated Monday and obtained by CNBC. Einhorn had stopped building new stock positions at one point in the fourth quarter due to worries about intensifying geopolitical risks. Because of his conservative positioning, his hedge fund, particularly the short side, was hurt during 2023's strong year-end rally. Einhorn's hedge fund returned 22.1% in 2023, net of fees and expenses. His stellar track record made him one of the most followed hedge fund managers on Wall Street.
Persons: Capital's David Einhorn, Einhorn, he's, Greenlight, drugmaker, He's, CNBC's Leslie Picker Organizations: CNBC, Cornell grad, Greenlight Capital, Wall, Pfizer, Syensqo, U.S . Aerospace & Defense, Invesco Aerospace & Defense, P Aerospace & Defense Locations: Belgian, U.S
What if the DOJ Levels the Playing Field?
  + stars: | 2023-12-05 | by ( Leslie Picker | ) www.cnbc.com   time to read: 1 min
The Biden administration has argued that robust enforcement of antitrust law can lower prices for consumers, raise wages for workers, and promote innovation throughout the economy. But critics of the policy (including many CFOs) say the administration is using a radical interpretation of the law to stop most mergers. Rather than suing to block every deal, though, the Department of Justice has been using investigative powers to make the process of merging cumbersome and costly. Is it achieving the desired effect? A leading anti-trust official explains what all CFOs should know before they pursue a deal.
Persons: Biden Organizations: Department of Justice
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJamie Dimon on Capital Hill: Capital proposal could fundamentally alter U.S. economyCNBC’s Leslie Picker, join 'Power Lunch' to report on the Senate hearing on banks.
Persons: Jamie Dimon, CNBC’s Leslie Picker Locations: Capital Hill
Member Panel: Workforce
  + stars: | 2023-12-04 | by ( Leslie Picker | ) www.cnbc.com   time to read: 1 min
The workforce is on the brink of a revolution fueled by societal, technological, and demographic shifts. CFOs need to be prepared. National immigration policies, company remote work policies, and developments in AI will impact who is hired, and how they work. Three CFO members from different industries share projections on their future workforce and how they're preparing for the shift.
What if It's Not Biden vs. Trump?
  + stars: | 2023-12-04 | by ( Leslie Picker | ) www.cnbc.com   time to read: 1 min
If the last few years have taught CFOs anything, it is to anticipate all possibilities — including the highly unlikely. In his signature style, NBC News National Political Correspondent Steve Kornacki talks about the contentious races, the polls and one of the most consequential elections of our time.
Persons: Steve Kornacki Organizations: NBC, National Political
CNBC Daily Open: AI schadenfreude is real
  + stars: | 2023-11-29 | by ( Clement Tan | ) www.cnbc.com   time to read: +3 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. Munger's family said he died peacefully Tuesday morning at a California hospital, according to a press release from Berkshire Hathaway. Bob the builderDisney Chief Executive Officer Bob Iger told employees Tuesday during an internal town hall that he was looking forward to "building again" after spending 2023 mending parts of the business that "needed attention." [PRO] Defense winnersMany countries have beefed up their defense budgets as geopolitical threats mount in the Asia-Pacific region and elsewhere in the world.
Persons: China's CSI300, Korea's KOSPI, Munger, Charlie Munger, Warren Buffett's, Munger's, Berkshire Hathaway, Buffett, Bob, Bob Iger, Iger, Goldman, Apple, Goldman Sachs, CNBC's Leslie Picker, AllianceBernstein Organizations: CNBC, Hong, Nikkei, Federal Reserve, Berkshire Hathaway, Berkshire, Disney, ESPN, Apple Locations: Frankfurt, Germany, Hong Kong, Asia, Pacific, California
It would also mean that Apple would need to find a new financial partner for its popular credit card, Apple Card, and its high-yield savings accounts under the Apple brand. While Apple offers both its credit card and savings account through the wallet app on iPhones, the banking backend is handled by Goldman Sachs. When Apple first launched the Apple Card in 2019, Goldman Sachs CEO David Solomon was in attendance at a glitzy Apple launch event at its California campus. But the partnership has been rocky in recent years as Goldman Sachs, under CEO David Solomon, has retreated from its previous consumer banking ambitions as costs stacked up. Earlier this year, Goldman Sachs said that it would "consider strategic alternatives" for its consumer banking business.
Persons: David Solomon, Goldman Sachs, The Beverly Hilton, CNBC's Leslie Picker, Goldman, It's, Apple, Steve Kovach Organizations: Milken Institute Global, The Beverly, The Beverly Hilton Hotel, Apple, CNBC, Wall Street Locations: Beverly Hills , California, California
Are dividend plays key for recession protection?
  + stars: | 2023-11-06 | 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 EmailAre dividend plays key for recession protection? CNBC’s Leslie Picker on ‘ETF Edge’ with Roundhill's Dave Mazza and VettaFi's Todd Rosenbluth discuss investing amid recessionary fears.
Persons: Leslie Picker, Dave Mazza, VettaFi's Todd Rosenbluth
JPMorgan CEO Jamie Dimon to sell 1 million shares of the bank
  + stars: | 2023-10-27 | 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 CEO Jamie Dimon to sell 1 million shares of the bankJPMorgan stock took a hit on Friday after the bank said the company's CEO, Jamie Dimon, is selling 1 million shares next year. CNBC's Leslie Picker has the details.
Persons: Jamie Dimon, CNBC's Leslie Picker Organizations: JPMorgan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley's incoming CEO Ted Pick: Our business strategy is sound, there will be no changeCNBC's Leslie Picker sits down with Morgan Stanley's Ted Pick and James Gorman to talk about the leadership change in the company. Pick will succeed Gorman as CEO on January 1.
Persons: Morgan, Ted Pick, Leslie Picker, Morgan Stanley's Ted Pick, James Gorman, Pick, Gorman
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Morgan Stanley's Ted Pick and James GormanCNBC's Leslie Picker sits down with Morgan Stanley's Ted Pick and James Gorman to talk about the leadership change in the company. Pick will succeed Gorman as CEO on January 1.
Persons: Morgan Stanley's Ted Pick, James Gorman CNBC's Leslie Picker, James Gorman, Pick, Gorman
Morgan Stanley's Ted Pick named as company's next CEO
  + stars: | 2023-10-25 | 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 EmailMorgan Stanley's Ted Pick named as company's next CEOCNBC's Leslie Picker joins 'Fast Money' with breaking news on Morgan Stanley naming a new CEO.
Persons: Morgan, Ted Pick, CNBC's Leslie Picker, Morgan Stanley
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley shares under pressure despite better-than-expected Q3 resultsCNBC's Leslie Picker joins 'Closing Bell' to report on Morgan Stanley as the stock took a hit despite posting better-than-expected Q3 results.
Persons: Morgan Stanley, Leslie Picker
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley tops profit estimates on better-than-expected trading resultsCNBC's Leslie Picker joins 'Squawk Box' to break down the company's quarterly earnings results.
Persons: Morgan Stanley, Leslie Picker
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman CEO David Solomon says bank is 'cautiously positioned' amid growing geopolitical risksCNBC's Leslie Picker reports on the latest from Goldman Sachs' quarterly earnings results.
Persons: Goldman, David Solomon, Leslie Picker, Goldman Sachs
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs tops estimates on stronger-than-expected bond tradingCNBC's Leslie Picker joins 'Squawk Box' to break down the bank's quarterly earnings results.
Persons: Goldman Sachs, Leslie Picker
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