A top JPMorgan Chase executive warned the bank’s 86 million customers that their currently free checking accounts may soon carry a fee, according to a report. Marianne Lake, CEO of consumer and community banking at JPMorgan Chase, pinned blame for potentially the added burden on Washington regulators — who have pushed an $8 cap on … Read more
Chinese tech shares have raced ahead of earnings, and investors expect companies to deliver in an improving economy before buying more stock, according to an analyst who once questioned the sector’s investibility. “We are still looking at roughly 20 per cent to 25 per cent of share price upside,” given improving cost structure and less … Read more
This year’s steady climb of the S&P 500 index has market experts forecasting a robust remainder of 2024. JPMorgan analyst Madison Faller recently highlighted that the S&P 500 has gained over 10% in 100 trading days, and whenever that has happened since 1950, “stocks have closed out the full year with an average return of … Read more
Despite the downward inflation trend, JPMorgan CEO Jamie Dimon, 68, isn’t ruling out a “hard landing” for the US economy. On the prospects of a “hard landing,” Dimon said in a CNBC recent interview at the JPMorgan Global China Summit in Shanghai: “Could we actually see one? Of course, how could anyone who reads history … Read more
One of the biggest questions involving JP Morgan, the nation’s biggest and most prestigious bank, involves succession planning: When will its long time CEO, the king of all banking, Jamie Dimon, step down. Last week, he gave some clues. It’s “not five years anymore,” he said during JP Morgan’s investor day without elaborating. Thanks for … Read more
To hear it from his handlers at Goldman Sachs, CEO David Solomon is having quite a moment these days. After surviving a rocky couple of years of staff turmoil and business failures (retail banking, the Apple credit card), Solly gave up his side hustle as DJ D-Sol so he could focus more on his day … Read more
JPMorgan Chase CEO Jamie Dimon has sold about $33 million of his shares in the bank, a regulatory filing showed on Monday, completing a previously disclosed plan to sell 1 million shares. Last October, JPMorgan had said Dimon and his family intended to sell 1 million of their 8.6 million shares, the first time Dimon was selling shares since becoming the CEO … Read more
It’s a tale of two Wall Streets. Hundreds of thousands of junior bankers are cutting back after their bonuses were a bust this year. But the very top of the 1% is living large thanks to the stock market surging and Bitcoin soaring — meaning their inflation-beaten bonuses didn’t affect their wealth. The stock market’s … Read more
It seems almost unfathomable that there was time — and not that long ago — that Citigroup was the model financial services firm. It might be yet again — but only if its CEO Jane Fraser can pull off the restructuring of the century. Full disclosure: I’m not a believer in the Citi comeback story, … Read more
JPMorgan Chase shuffled executives in its investment banking and consumer units on Thursday, giving them more experience running different businesses as Wall Street focuses on the bank’s succession plans for CEO Jamie Dimon. The largest US lender appointed Marianne Lake sole CEO of the consumer division, which was previously run together by Lake and Jennifer Piepszak, according to a filing. … Read more
