JP Morgan profits up 52 per cent as it benefits from SVB chaos with influx in deposits of $37bn April 14, 2023 JP Morgan reported a surge in profit in the first quarter and an increase in deposits as the Wall Street giant weathered turmoil in the banking sector to deliver record results. Profit at America’s largest bank soared 52 per cent to hit $12.6bn while its diluted earnings per share was $4.10, significantly ahead of consensus [...]
JP Morgan’s top bankers told to work five days a week in the office April 12, 2023 JP Morgan has asked its senior bankers in all of its offices around the world to work from the office five days a week in another sign of executives’ growing frustration with homeworking. In a memo to staff seen by City A.M., JP Morgan’s operating committee said that its leaders play “a critical role in [...]
Deposits in focus as US banks line up to report amid banking volatility April 12, 2023 The largest banks on Wall Street will start reporting their first quarter earnings later this week with investors set to pay very close attention to banks’ deposits. So far this year, huge amounts of money have flowed into higher-yielding money market funds from bank deposits. This picked up in March after the collapse of Silicon [...]
JP Morgan boss Jamie Dimon warns ‘crisis not yet over’ and against ‘knee-jerk’ response from regulators April 4, 2023 Jamie Dimon said today that the banking crisis is not yet over as he warned the regulators against making a “knee-jerk” response to the crisis. In a letter to shareholders, he wrote “the current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to [...]
JP Morgan’s Jamie Dimon to be deposed in Epstein case, plaintiffs’ lawyer says March 29, 2023 JP Morgan chief executive Jamie Dimon will be interviewed under oath in connection with the bank’s relationship with Jeffrey Epstein, the late sex offender and a former client, a lawyer involved in the litigation said on Tuesday. The deposition is expected to occur in early May, according to Brad Edwards, a lawyer representing women who [...]
JPMorgan sues former banker Staley over Jeffrey Epstein ties March 9, 2023 JPMorgan has sued Jes Staley, its former private banking head and later Barclays chief executive, accusing him of entangling it with sex offender Jeffrey Epstein, and saying Staley himself had been accused of sexual assault. The largest U.S. bank filed two complaints on Wednesday night in Manhattan federal court, where it is also defending against lawsuits [...]
JP Morgan’s Chase: ‘We haven’t entered the market just to be a small challenger’ March 8, 2023 JP Morgan’s digital challenger bank Chase has set its sights on becoming a major retail bank in the UK, even if it costs a lot, a top executive at the bank told City A.M. Shaun Port, managing director for everyday banking at Chase, said: “We haven’t entered the market just to be a small challenger.” [...]
City jobs surge in year after Brexit as Barclays, JP Morgan and Revolut accelerate recruitment February 6, 2023 Finance firms ramped up efforts to hire workers in the year after Brexit, with big banks Barclays and JP Morgan and fintech Revolut leading the charge, according to exclusive figures shared with City A.M. London banks, accountants and fintechs led the recruitment charge in 2022, offering more one in two of every vacancy in England [...]
City will be shaken up by AI – so we asked ChatGPT for an equities strategy February 1, 2023 Artificial intelligence and machine learning is set to transform trading over the next three years, a JP Morgan survey shows, as traders anticipate the potential for new technologies to shake up trading floors. Over half of traders surveyed in JP Morgan’s eTrading survey predicted that AI and machine learning will be the most influential technology [...]
US lawsuit alleges Jes Staley saw Jeffrey Epstein abuse young women – report January 18, 2023 A US lawsuit filed today has accused former head of Barclays Jes Staley of “personally observ[ing] the sexual abuse of young women” by Jeffrey Epstein. Staley is named in a lawsuit filed by one of Epstein’s victims, known as Jane Doe 1, who is suing JP Morgan for allegedly facilitating her sexual abuse. Staley was [...]