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☆ 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

☆ 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

☆ 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

A national debt crisisAmericans are facing a credit card debt crisis, with millennials and Gen Z at the forefront of the struggle. If you're a consumer with average credit who tends to carry a credit card balance, McCarthy recommends seeking options for lower-interest repayment. If the Fed lowers interest rates as anticipated, you can expect personal loan interest rates to drop slightly, regardless of your credit score. "Many consumers struggling with high-interest debt have expressed confusion surrounding credit card APRs, and credit card companies are happy to keep it that way." "Many consumers believe that making the minimum payment is an effective way to manage their credit card debt," Elliot said.

Persons: —, Z, James McCarthy, McCarthy, Jeremy Schneider, Schneider, Sophia Bera Daigle, Daigle, you've, Mark Elliot, Elliot Organizations: Federal, Service, Federal Reserve, Consumer Financial Protection Bureau, National Foundation, Credit, JPMorgan Chase, Capital Locations: millennials, U.S

☆ Top economist Ed Hyman no longer sees recession coming, flips GDP forecast to positive
▼ + stars: | 2024-09-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Economists Ed Hyman is backing off his call for a hard landing, even though he still sees the potential for a recession ahead. "History and experience say to stick with a hard landing outlook," he said in a client note Thursday. "However, the hard math that our team has reviewed says flip to a soft landing outlook. "In our view, arguments for a hard landing are still persuasive," Hyman wrote. "So this flip could be a mistake," Hyman wrote.

Persons: Ed Hyman, Hyman, Ally, Russell Hutchinson, it's Organizations: ISI, Atlanta Federal Reserve, JPMorgan Chase, Federal Reserve Locations: New York

☆ 'Nothing is going to change.' Why Wall Street insiders are casting doubt on new policies to protect junior investment bankers from burnout.
▼ + stars: | 2024-09-12 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +8 min

Two of Wall Street's biggest banks are adopting new policies to mitigate overwork and burnout for their junior investment bankers. Bank of America will use a new tool to better track working hours for junior bankers, the Journal report said, and flag HR when those go above 80. But the nature of investment banking work makes it hard to believe that such guardrails will stand the test of time. He completed an internship at an investment bank in New York last summer and accepted a return offer to start full time in 2025. If senior banking staff don't unilaterally enforce the cap and take it seriously, junior bankers can feel pressure to let the rules slide for the sake of the team and their own careers.

Persons: Leo Lukenas III, Lukenas, Jamie Dimon, JPMorgan Chase, we've, they're, Moritz Erhardt, —, We've Organizations: Service, Industry, JPMorgan, Street, Bank of America, Business, Bank of, Green Beret, of America Locations: New York, London

☆ The 15 companies business students around the world most want to work for
▼ + stars: | 2024-09-12 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

Business students worldwide think it would be great to work for Apple, Google, or JPMorgan Chase. They were at the top of an ideal employer list according to business students in different countries. Go to newsletter preferences Thanks for signing up! AdvertisementUniversum, an employer branding specialist, used feedback from thousands of business students from around the world to see where they really want to work. This story is available exclusively to Business Insider subscribers.

Persons: JPMorgan Chase, —, Universum Organizations: Apple, Google, JPMorgan, Deloitte, Big, Service, Business

☆ JPMorgan just capped bankers' work at 80 hours a week — but there's still one big exception
▼ + stars: | 2024-09-12 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

JPMorgan Chase and Bank of America are taking steps to limit junior bankers' work hours. AdvertisementTwo Wall Street banks are cracking down on young bankers' working hours, as the industry continues to grapple with a long-standing culture of overwork. On Wednesday, The Wall Street Journal reported that JPMorgan Chase plans to limit bankers' hours and that Bank of America is using a new tool to track their time on the job. JPMorgan will cap working time at 80 hours a week. It carves out one big exception: live deals, typically the most taxing part of the job, when bankers need to be on call for high-stakes work around the clock.

Persons: Peers, Morgan Stanley, Goldman Sachs, —, JPMorgan Chase Organizations: JPMorgan Chase, Bank of America, Service, Street Journal, JPMorgan, Business

☆ General Mills sells North American yogurt operations in $2 billion deal to focus on stronger brands
▼ + stars: | 2024-09-12 | by ( ) edition.cnn.com time to read: +2 min

CNN —General Mills will sell its North American yogurt business to French dairy firms Groupe Lactalis and Sodiaal in a $2.1 billion deal, the Cheerios maker said on Thursday. Reuters reported in April that General Mills was working with investment bank JPMorgan Chase to attract interest from potential buyers for the business, which houses brands such as Yoplait and Liberté. The North American yogurt business contributed about $1.5 billion to General Mills’ fiscal 2024 net sales. Bloomberg News earlier on Thursday reported that General Mills was in talks to sell the North America yogurt operations to Groupe Lactalis and Sodiaal. In 2021, General Mills sold the European operations of Yoplait to Sodiaal.

Persons: Mills, Lactalis, Sodiaal, Jeff Harmening, Yoplait, General Mills Organizations: CNN, Groupe Lactalis, Canadian, Reuters, JPMorgan Chase, Bloomberg, General, PAI Partners Locations: U.S, Valley , Minnesota, North America, Yoplait, Sodiaal

☆ CNBC Daily Open: Banks might not love lower rates unconditionally
▼ + stars: | 2024-09-11 | 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. Big price reportsThe U.S. consumer price index for August comes out later today, while the producer price index, which measures prices at the wholesale level, will be released a day later. They're the last major economic data the Federal Reserve will receive — and hence influence its decision on the size of cuts — before its meeting next week. Separately, JPMorgan shares fell 5.19% after the bank's president Daniel Pinto lowered expectations for next year's net interest income.

Persons: Dow, Jamie Dimon, JPMorgan Chase, stagflation, Daniel Pinto Organizations: CNBC, Nasdaq, Continental, BMW, Federal Reserve, JPMorgan, U.S, Apple Intelligence Apple Locations: Basel

☆ Jamie Dimon says succession planning is top of mind right now: 'We all want to get that exactly right'
▼ + stars: | 2024-09-10 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

He said president and COO Daniel Pinto 'could run the bank tomorrow.' Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. 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 chairman and CEO Jamie Dimon is squarely focused on finding his successor.

Persons: Jamie Dimon's, Daniel Pinto, —, Jamie Dimon, Dimon, Jennifer Piepszak, Troy Rohrbaugh, Marianne Lake, Mary Erdoes Organizations: Service, JPMorgan, of Institutional Investors, Reuters, Business Locations: New York

☆ The possibility of stagflation hitting the US economy isn't off the table, JPMorgan chief Jamie Dimon says
▼ + stars: | 2024-09-10 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

JPMorgan Chase CEO Jamie Dimon said the worst outcome for the US economy is stagflation. Speaking at a Tuesday conference, Dimon said he "wouldn't take it off the table." Go to newsletter preferences Thanks for signing up! AdvertisementEven as inflation approaches the Federal Reserve's target, JPMorgan Chase CEO Jamie Dimon says stagflation is still a possibility. "I would say the worst outcome is stagflation — recession, higher inflation," Dimon said.

Persons: Jamie Dimon, Dimon, —, stagflation Organizations: JPMorgan, Service, of Institutional, CNBC, Business

☆ Jamie Dimon says 'the worst outcome is stagflation,' a scenario he's not taking off the table
▼ + stars: | 2024-09-10 | by ( Sarah Min | ) www.cnbc.com time to read: +1 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. JPMorgan Chase CEO Jamie Dimon said Tuesday he wouldn't rule out stagflation, even with greater confidence recently that inflation is coming off its highs. "I would say the worst outcome is stagflation — recession, higher inflation," Dimon said at a fall conference from the Council of Institutional Investors in Brooklyn, New York. "And by the way, I wouldn't take it off the table." In August, he said the odds of a "soft landing" were around 35% to 40%, implying a recession is the more likely outcome.

Persons: Jamie Dimon, JPMorgan Chase, Dimon Organizations: JPMorgan Chase & Co, Economic, of New, JPMorgan, of Institutional Investors Locations: of New York, Manhattan, New York City, U.S, Brooklyn , New York

☆ JPMorgan Chase shares drop 7% after bank tempers guidance on interest income and expenses
▼ + stars: | 2024-09-10 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Daniel Pinto, president and chief operating officer of JPMorgan Chase, speaks during the Semafor 2024 World Economy Summit in Washington, DC, on April 18, 2024. JPMorgan Chase shares fell 7% Tuesday after the bank's president told analysts that expectations for net interest income and expenses in 2025 were too optimistic. "I think that that number will be lower," Pinto said. When interest rates decline, new loans made by the bank and new bonds it purchases will yield less. When it comes to trading, JPMorgan said it expects third-quarter revenue to be flat to up about 2% from a year ago, while investment banking fees are headed for a 15% jump.

Persons: Daniel Pinto, JPMorgan Chase, Pinto, Goldman Sachs Organizations: JPMorgan, Summit, JPMorgan Chase, Federal Reserve Locations: Washington ,, New York, NII

☆ Federal Reserve unveils toned-down banking regulations in victory for Wall Street
▼ + stars: | 2024-09-10 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Federal Reserve Board Vice Chair for Supervision Michael S. Barr testifies at a Senate Banking, Housing and Urban Affairs Committee hearing on "Recent Bank Failures and the Federal Regulatory Response" on Capitol Hill in Washington, March 28, 2023. Introduced in July 2023, the regulatory overhaul known as the Basel Endgame would've boosted capital requirements for the world's largest banks by roughly 19%. The change comes after banks, business groups, lawmakers and others weighed in on the possible impact of the original proposal, Barr told an audience at the Brookings Institution. "There are benefits and costs to increasing capital requirements. That would likely boost capital requirements by 3% to 4% over time, Barr said.

Persons: Michael S, Barr, Michael Barr, could've, Jamie Dimon Organizations: Banking, Housing, Urban Affairs, Federal, Fed, Federal Deposit Insurance Corp, Brookings Institution, JPMorgan Chase Locations: Washington, Basel

☆ September living up to its reputation as a difficult, choppy month
▼ + stars: | 2024-09-10 | by ( Bob Pisani | ) www.cnbc.com time to read: +1 min

September is living up to its reputation as a difficult month. " In other words, a tough, choppy market for investors. The markets opened positive, with a nice lift from Oracle , which is keeping the expanding artificial intelligence story going. The company's positive comments on AI helped lift the hyperscalers ( Amazon , Microsoft , Alphabet ) as well. Put this all together, and it reinforces the view that there is no reason to stick your neck out.

Persons: Goldman Sachs Organizations: Oracle, Microsoft, Nvidia, Taiwan Semiconductor, JPMorgan Chase, Barclays, Dow Locations: midmorning

☆ 3 ways Wall Street's largest banks are leveraging AI to increase profitability
▼ + stars: | 2024-09-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Over the past year, Wall Street's largest names — including Goldman Sachs , Bank of America , Morgan Stanley , Wells Fargo to JPMorgan Chase — ramped up their generative artificial intelligence efforts with the aim of boosting profits. MS YTD mountain Morgan Stanley YTD AI use cases for key businesses Morgan Stanley was among the first on Wall Street to publicly embrace the technology, unveiling two AI assistants for financial advisors powered by OpenAI. Launched in September 2023, the AI @ Morgan Stanley Assistant gives advisors and their staff quick answers to questions regarding the market, investment recommendations, and various internal processes. If it does, that would be welcome news for shareholders after Morgan Stanley's wealth segment missed analysts' revenue expectations in the second quarter . However, As long as these costs don't outweigh return on investment (ROI), we're happy with Wells Fargo and Morgan Stanley's moves to innovate.

Persons: Goldman Sachs, Morgan Stanley, Wells, JPMorgan Chase — ramped, Jamie Dimon, Alexandra Mousavizadeh, OpenAI's ChatGPT, Jeff McMillan, Morgan, McMillan, It's, Morgan Stanley's, Evident's Mousavizadeh, Banks, Mousavizadeh, Tracy Kerrins, Morgan Stanley's McMillan, He's, Morgan Stanley's OpenAI, Teresa Heitsenrether, Jim Cramer's, Jim Cramer, Jim Organizations: Bank of America, JPMorgan, Citi, Microsoft, Nvidia, OpenAI, CNBC, Google, Deutsche Bank, BNP, Mistral, TD Bank Group, Big, Wall, New York Stock Exchange, Bloomberg, Getty Locations: Wells Fargo, Silicon, management's, Wells, New York

☆ Coinbase has worst week of the year as crypto stocks plummet
▼ + stars: | 2024-09-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

(Photo Illustration by Justin Sullivan/Getty Images) Justin Sullivan | Getty ImagesCryptocurrency exchange Coinbase just wrapped up its worst week of the year. According to CoinGlass, September is historically a difficult trading month for crypto assets, with bitcoin notching an average loss of 4.8%. The Crypto Fear & Greed Index, a gauge of crypto market sentiment, is firmly in the "Extreme Fear" zone, indicating that investors are worried about price moves. On Friday, the Bureau of Labor Statistics reported a cooldown in the labor market with August payrolls falling short of expectations. Crypto equities hit hardestWhile it was a rough week for risky assets of all sorts, investors over-indexed in crypto stocks had it particularly bad.

Persons: Justin Sullivan, Schwab, CoinGlass, Bitcoin, payrolls, Leena ElDeeb, MicroStrategy, Michael Saylor, CleanSpark, Jerome Powell, Donald Trump, Trump, Gary Gensler Organizations: Securities, Exchange, Securities and Exchange Commission, Marathon, Nasdaq, bitcoin, Labor, of Labor Statistics, SEC, JPMorgan Chase, Federal Reserve, August's, U.S, Republican Locations: CALIFORNIA, San Anselmo , California, Bitcoin, U.S, MicroStrategy, Coinbase, Nashville

That continues a trend from 2023, when generative AI companies raised $25.9 billion for the full year, up more than 200% from 2022. The average round for AI companies is 140% bigger this year compared with last, the data shows, while for non-AI companies the increase is only 10%. Most venture investors are bullish on the potential for generative AI to eventually create big returns at the application layer. John-David Lovelock, an analyst at Gartner and a 35-year veteran of the IT industry, sees a big opportunity for generative AI in the enterprise. Yet, in 2024, only 1% of the trillion dollars spent on software will be from businesses spending on generative AI products, he said.

Persons: Adam Selipsky, Anthropic, Dario Amodei, Noah Berger, aren't, They're, Melissa Incera, Chip Hazard, PitchBook, that's, Cerebras, hasn't, Jeremiah Owyang, Owyang, That's, —, Cohere, Tobias Lutke, Inovia, JPMorgan Chase, Elon Musk's, what's, NASA's, Joe Raedle, Michael Harris, David Lovelock, Lovelock Organizations: Amazon Web, Getty, Microsoft, Nvidia, Tech, P Global Market Intelligence, CNBC, U.S, Forge, Flybridge Capital Partners, Federal Reserve, Meta, Nasdaq, Benchmark, Foundation Capital, SEC, Blitzscaling Ventures, Menlo Ventures, Inovia, Menlo, SPV, AMD, Oracle, Representatives, JPMorgan, Morgan Private Ventures, Elon Musk's SpaceX, SpaceX, Polaris, NASA's Kennedy Space Center, New York Stock Exchange, NYSE, Astera Labs, Tempus, Google, Facebook, Gartner Locations: Vegas, Las Vegas, PitchBook, Anthropic, Montreal, xAI, Cape Canaveral , Florida

☆ JPMorgan Chase is giving its employees an AI assistant powered by ChatGPT maker OpenAI
▼ + stars: | 2024-08-09 | by ( Hugh Son | ) www.nbcnews.com time to read: +7 min

Rather than developing its own AI models, JPMorgan designed LLM Suite to be a portal that allows users to tap external large language models — the complex programs underpinning generative AI tools — and launched it with ChatGPT maker OpenAI’s LLM, said the people. ChatGPT banThe bank is giving employees what is essentially OpenAI’s ChatGPT in a JPMorgan-approved wrapper more than a year after it restricted employees from using ChatGPT. The number of uses for generative AI are “exponentially bigger” than previous technology because of how flexible LLMs are, Heitsenrether said. Ultimately, the generative AI field may develop into “five or six big foundational models” that dominate the market, she said. Heitsenrether charted out three stages for the evolution of generative AI at JPMorgan.

Persons: ” Teresa Heitsenrether, “, ChatGPT, Morgan Stanley, Jamie Dimon, Dimon, JPMorgan didn’t, Heitsenrether, ”, “ We’ve, ” Heitsenrether, it’s, — CNBC’s Leslie Picker Organizations: JPMorgan Chase, CNBC, JPMorgan, Apple, Accenture, Citigroup Locations: U.S

☆ How JPMorgan's crackdown on private-equity recruiting could play out for junior bankers, PE firms, and more
▼ + stars: | 2024-08-09 | by ( Emmalyse Brownstein | Reed Alexander | ) www.businessinsider.com time to read: +9 min

JPMorgan's message has become the talk of Wall Street as everyone from recruiters to junior bankers tries to figure out what it might mean for them. Here are 4 ways JPMorgan's missive could impact Wall Street, from private-equity recruiting to junior bankers who fear of losing their jobs and more. But JPMorgan's warning that coming forward could get one fired leaves junior bankers in a damned-if-you-do-damned-if-you-don't scenario. Advertisement"I think probably the biggest impact is going to be on current bankers and prospective bankers," he said. Do you work on Wall Street?

Persons: —, Chase, it's, JPMorgan, It's, Anthony Keizner, who's, Keizner, Goldman Sachs, Morgan Stanley, I'd, Emmalyse, Reed Alexander Organizations: Service, Business, JPMorgan, Wall, Search, Bankers, BI, Citigroup, Bank of America, Deutsche Bank, Barclays Locations: Instagram, New York

☆ Banks face tough new security standards in the EU — their tech suppliers are under scrutiny, too
▼ + stars: | 2024-08-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

DORA requires banks, insurance companies and investment to strengthen their IT security. The EU regulation also seeks to ensure the financial services industry is resilient in the event of a severe disruption to operations. These IT providers often deliver "critical digital services to customers," said Joe Vaccaro, general manager of Cisco-owned internet quality monitoring firm ThousandEyes. This has made banks and other financial services providers more vulnerable to cyberattacks and other incidents. DORA will focus more on banks' digital supply chain — which represents a new, potentially less comfortable legal dynamic for financial firms.

Persons: DORA, DORA —, Charles Schwab —, Mike Sleightholme, Joe Vaccaro, Banks, Vaccaro, Sleightholme, it's, Carl Leonard, Leonard, Stephen McDermid, Okta, Fredrik Forslund, Blancco, there's, Forslund Organizations: Getty, Financial, European Union, CNBC, JPMorgan Chase, Santander, Visa, Broadridge, Cisco, EU, Data Locations: European, EU, DORA, noncompliance

☆ A guide to the wild week of trading, from Monday's 'flash crash' to the yen to the volatility spike
▼ + stars: | 2024-08-08 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

.VIX YTD mountain Cboe Volatility Index in 2024 That is literally what the VIX measures: expectations for volatility over the next 30 days. Was Monday a 'flash crash'? A "flash crash" is a sudden and severe price drop that lasts for a very short period, usually a few hours. "It appears that the sell-off of August 5th qualified as a flash crash, although it was rather modest by historical standards," he told me. During the 1987 flash crash, Higgins said an investor was trying to orchestrate trades on the phone while he was preparing to go to his relative's funeral.

Persons: Jamie Dimon, Alec Young, haven't, Mark Higgins, Higgins Organizations: Bank of Japan, Yen Trust, JPMorgan Chase, Fund, Dow Jones Locations: Japan, backwardation

☆ Consumers reported losing $210 million to scams across payment apps last year. A new bill wants to help future victims get their money back.
▼ + stars: | 2024-08-07 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Consumers and small businesses sent $806 billion across 2.9 billion Zelle transactions in 2023, both up 28% from 2022. Consumers reported losing $210 million to scams across all payment apps in 2023, according to data from the Federal Trade Commission. The new bill aims to amend the law to make banks more liable for all financial transactions, whether they're authorized or unauthorized. AdvertisementOver 99.95% of all Zelle transactions in 2023 were completed without instances of fraud, according to Zelle. In the meantime, the Protecting Consumers from Payment Scams Act will go to the Committee on Banking, Housing, and Urban Affairs for review.

Persons: —, JPMorgan Chase, PayPal —, Maxine Waters, Sen, Richard Blumenthal, Elizabeth Warren, Waters, Zelle, Blumenthal, Wells Fargo, Wells, Cameron Fowler Organizations: Service, Bank of America, JPMorgan, Business, PayPal, Consumers, Federal Trade Commission, Rep, Homeland Security, Governmental Affairs, Investigations, Blumenthal, Services, Warning Services, SEC, Consumer Financial, Banking, Housing, Urban Affairs Locations: Zelle, Wells Fargo, jtowfighi@businessinsider.com

☆ Jamie Dimon says he still sees a recession on the horizon
▼ + stars: | 2024-08-07 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a "soft landing" for the U.S. economy are around 35% to 40%, making recession the most likely scenario in his mind. When CNBC's Leslie Picker asked Dimon if he had changed his view from February that markets were too optimistic on recession risks, he said the odds were "about the same" as his earlier call. Dimon, leader of the biggest U.S. bank by assets and one of the most respected voices on Wall Street, has warned of an economic "hurricane" since 2022. But the economy has held up better than he expected, and Dimon said Wednesday that while credit-card borrower defaults are rising, America is not in a recession right now. "I'm fully optimistic that if we have a mild recession, even a harder one, we would be okay.

Persons: Jamie Dimon, CNBC's Leslie Picker, Dimon, I've Organizations: JPMorgan, Federal Reserve Locations: U.S, America

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