JPMorgan Chase – The News Desk

JPMorgan’s Jamie Dimon sounds alarm about possible worst risks to U.S. since WWII

8Apr

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Money

JPMorgan’s Jamie Dimon sounds alarm about possible worst risks to U.S. since WWII

Inflation, financial pressures lead more Americans to believe they need more in retirement savings Inflation, financial pressures lead more Americans to believe they need more in retirement savings 01:17 New York — The nation's most influential banker, JPMorgan Chase CEO Jamie Dimon, told investors Monday that he continues to expect the U.S. economy to be resilient and grow this year. But he worries geopolitical events including the war in Ukraine and the Israel-Hamas war, as well as U...

Credit-Card Spending Piles Up as Savings Dwindle

24Dec

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Money

Credit-Card Spending Piles Up as Savings Dwindle

U.S. consumers continue to burn through their pandemic savings and are taking on more debt as they face high prices on everything from food and housing to entertainment. Marianne Lake, co-chief executive of JPMorgan Chase’s consumer bank, said at a December conference that before the pandemic, the bank’s lowest-income clients had on average 12 days’ worth of cash on hand. Today, that average is around 15 days, meaning consumers are close to spending down money they socked away during the pandemic. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Oklahoma Finds It Hard to Break Up With JPMorgan and BlackRock

14Dec

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Money

Oklahoma Finds It Hard to Break Up With JPMorgan and BlackRock

Cutting ties with the largest U.S. banks and asset managers is easier said than done. In Oklahoma, where a new law requires the state to stop doing business with financial companies that “boycott” the oil-and-gas industry, officials and pension employees are running into hurdles while trying to comply.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

7Dec

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Money

Big Banks Need More Out of Wall Street

As the calendar turns for the biggest banks, a big question mark looms: Where will growth come from next year?A major feature of the global Wall Street banks is the diversity of their revenue sources. They don’t just make money from lending and deposits, like many regional banks, but also via trading and corporate advisory fees. And while volatile interest rates are known to scare chief executives and corporate boards from making big acquisition moves, they can sometimes be a big boost for trading desks.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Jamie Dimon on the cryptocurrency industry: “I’d close it down”

6Dec

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Money

Jamie Dimon on the cryptocurrency industry: “I’d close it down”

JPMorgan Chase CEO Jamie Dimon told lawmakers on Wednesday that he would pull the plug on the cryptocurrency industry if he had the power. "I've always been deeply opposed to crypto, bitcoin, etcetera," he said in response to a question from Sen. Elizabeth Warren, D.-Mass., about the use of cryptocurrencies by terrorists, drug traffickers and rogue nations to finance their activities. "If I was the government, I'd close it down."Dimon, regarded by many as America's most prominent banker, said bad actors use digital currencies to launder money and dodge taxes, noting that cryptocurrency remains largely unregulated and hard to trace. He has long criticized the emerging crypto sector, once calling it a "fraud" and likening it to historical financial manias. ...

The Stocks Investors Are Putting Under the Tree

3Dec

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Money

The Stocks Investors Are Putting Under the Tree

Retailers are making modest predictions about the holiday shopping season—and their stocks are going gangbusters in response.Victoria’s Secret, Foot Locker, Ulta Beauty and Dollar Tree are among the companies that offered somewhat mixed assessments of the state of the shopper last week. Yet each received an ovation from investors.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

3Dec

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World

The Stocks Investors Are Putting Under the Tree

Retailers are making modest predictions about the holiday shopping season—and their stocks are going gangbusters in response.Victoria’s Secret, Foot Locker, Ulta Beauty and Dollar Tree are among the companies that offered somewhat mixed assessments of the state of the shopper last week. Yet each received an ovation from investors.Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Fast-Fashion Giant Shein Files to Go Public

28Nov

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Money

Fast-Fashion Giant Shein Files to Go Public

Updated Nov. 27, 2023 7:11 pm ETShein, the China-founded online fashion company that won over hundreds of millions of shoppers around the world, has confidentially filed to go public in the U.S. in what could be one of the biggest IPOs in years. Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering, which could happen in 2024, people familiar with the matter said. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit

26Nov

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Money

ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit

Updated Nov. 26, 2023 12:02 am ETIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street. It got more than it bargained for. The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry. It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

26Nov

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World

ICBC’s Entree Onto Wall Street Looked Like a Bargain—Until Hackers Crippled Its U.S. Unit

Nov. 25, 2023 11:00 pm ETIndustrial & Commercial Bank of China, the world’s largest bank, paid $1 for its place on Wall Street. It got more than it bargained for. The Chinese lender acquired a small New York broker-dealer in 2010, a move that extended its presence into the U.S. securities industry. It is now dealing with the fallout from a cyberattack this month that crippled that business and briefly triggered widespread concerns about the fragility of the largest cash market in the world. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8