JPMorgan agrees to settle with Epstein victim in class action suit June 12, 2023 JPMorgan agreed in principle to settle a class action lawsuit with a victim of Jeffrey Epstein, the bank said in a statement Monday. The settlement resolves one claim against the largest U.S. bank in a proposed class action by women who say Epstein abused them, and by the government of the U.S. Virgin Islands, where Epstein [...]
Ex-JP Morgan executive wrote Epstein ‘should not be a client’ in 2011 email June 1, 2023 A former JP Morgan Chase executive wrote in a 2011 email that the late financier and sex offender Jeffrey Epstein should not be a client of the bank, according to a transcript of a deposition of chief executive Jamie Dimon seen by Reuters. Dimon said in the deposition he was not aware of the email at [...]
Could JP Morgan boss Jamie Dimon run for President of the United States? Billionaire investor Bill Ackman thinks so June 1, 2023 Billionaire investor Bill Ackman has argued that JP Morgan boss Jamie Dimon should run for president after comments earlier this week suggesting Wall Street’s longest-serving bank boss would consider running. In a tweet, Ackman said “we need an exemplary business, financial, and global leader to manage through what is likely to be a critically important [...]
JP Morgan expects $3bn income boost from acquisition of First Republic May 22, 2023 JP Morgan predicts a $3bn boost to its interest income as a result of its acquisition of First Republic, revealing how the Wall Street giant benefitted from the regional banking crisis. According to a presentation made at its investor day, the US’s largest bank said it expects its net interest income to increase to $84bn, [...]
Top shareholder advisory firm U-turns to back JP Morgan pay plan after misinterpreting data May 11, 2023 Influential shareholder advisory firm Institutional Shareholder Services (ISS) has U-turned on its initial recommendation to reject the pay packages for senior executives at JP Morgan. Just last week ISS had urged shareholders to vote against executive’s pay packages. However, JP Morgan wrote a letter to the firm on Monday, arguing it had wrongly interpreted data [...]
US regional banks face big sell-off despite First Republic rescue deal May 2, 2023 Regional banks across the US were under pressure today as investors became increasingly nervous about the state of the banking sector despite JP Morgan’s acquisition of First Republic Bank. The KBW regional bank index, which includes a range of regional lenders, shed 6.6 per cent. Pacwest Bancorp shares were down nearly 30 per cent, while [...]
JP Morgan takes over First Republic Bank in second largest US bank collapse ever May 1, 2023 Wall Street titan JP Morgan has swooped in for crisis-hit First Republic Bank, marking the third big American bank to collapse in just over a month and the second largest failure ever, US authorities announced today. The Federal Deposit Insurance Corporation (FDIC) confirmed they had accepted a bid from JP Morgan to seize the majority [...]
Sir Win Bischoff ‘was a giant of our industry’ JP Morgan chief Jamie Dimon says after City grandee dies aged 81 April 26, 2023 Heartfelt tributes have been paid to City grandee Sir Win Bischoff who has died at the age of 81 following a short illness. The German-born banking boss who had top roles at Schroders, chair of Lloyds Banking Group and Citigroup, as well as JP Morgan, enjoyed a 50-year career in both the City and Wall [...]
CBI exodus: Which firms have quit or suspended their relationship with the lobby group? April 21, 2023 A slew of top firms have quit or suspended engagement with the CBI today after the lobby group was rocked by new allegations of sexual abuse.
Crisis, what crisis? Interest income boosts US banks as boon expected to continue April 16, 2023 The largest US banks appear in rude health despite concerns about the wider financial sector as higher interest rates continue to boost lenders. JP Morgan, Citi and Wells Fargo all beat expectations when they released results for the first quarter on Friday. In response, analysts at UBS wrote “crisis, what crisis? The banking industry flexes [...]