Dimon heralds ‘fortress balance sheet’: JP Morgan revenue up 17 per cent as interest rate boon continues January 13, 2023 JP Morgan beat expectations in its quarterly results, reporting increases in both income and revenue as higher interest rates continued to benefit the Wall Street giant. In the three months to December 31, JP Morgan reported net income of $11.0bn (£9.0bn), up from $10.4bn in the same period last year. The bank’s earnings per share [...]
How recession in the US is expected to affect bank earnings this week January 11, 2023 US earnings season kicks off later this week with a string of results from some of the country’s largest banks. JP Morgan, Citi Group, Wells Fargo and Bank of America will all release results on Friday in an interesting environment – to say the least. While higher interest rates have led to record levels of [...]
JP Morgan in talks over potential Freetrade takeover December 1, 2022 JP Morgan is reportedly gearing up to buy stock trading app Freetrade in a grand push to expand its fintech offering. According to initial reports from Mark Kleinman for Sky News, the City titan has been in talks with the British stock trading app, which allows customers to buy British, American and European stocks and [...]
City workers are ignoring ‘ego driven’ calls to return to offices November 29, 2022 City workers are ignoring calls from ‘C Suite’ executives for staff to come into the office for a minimum number of days each week, according to a new report. Workers and managers in the financial and professional services sectors are instead employing their own “bespoke” working models that align with their specific operational needs, the [...]
JP Morgan settles with trader fired over wrongful allegations of market spoofing November 8, 2022 JP Morgan has settled with a trader, who was wrongly fired from his job for market spoofing, after the bank failed to pay a £1.58m sum awarded to him by an employment tribunal in January. Ex-trader Bradley Jones was awarded £1.58m after an employment tribunal ruled he was wrongly fired from his £220,000 a year job [...]
JP Morgan tops quarter estimates whilst Morgan Stanley misses the mark October 14, 2022 JP Morgan reported a less-than-feared 17 per cent fall in third-quarter profit this afternoon, while Morgan Stanley posts a revenue plunge. JP Morgan’s adjusted profit was $3.36 per share, above analysts’ average estimate of $2.88, according to Refinitiv data. JP Morgan chief Jamie Dimon said that consumers in the US were continuing to spend despite [...]
£277m financing deal between Quintain and J.P. Morgan to provide new homes at Wembley Park September 28, 2022 A £277m financing deal between development company Quintain and investment bank J.P. Morgan Chase will provide 769 new homes at Wembley Park. 74 percent of Quintain’s two new residential buildings, expected to be completed by early 2025, will be ‘Build-to-Rent’. Shops, cafes, restaurants and a 7-acre park are also in the works. The largest construction [...]
Citigroup hires veteran JP Morgan dealmaker to bolster London team September 14, 2022 Citigroup has hired JP Morgan veteran Barry Weir as the new managing director of its London investment banking team. The veteran dealmaker, known for his expertise in natural resources, will join Citigroup’s London office in September, acco. rding to Bloomberg. Citibank’s poaching efforts come as the New York bank is seeking to bolster its UK [...]
JP Morgan’s investment banking fees could drop 50 per cent, executive says September 13, 2022 JP Morgan Chase’s investment banking revenues could drop by as much as 50 per cent in the third quarter of 2022, one the Wall Street bank’s most senior executives has warned. The bank’s president and chief operating officer Daniel Pinto said he expects JP Morgan’s investment banking fees to be 45-50 per cent lower than [...]
City Moves: Who’s switching jobs in the Square Mile? September 1, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. QuadReal QuadReal Property Group has appointed a Deutsche Asset Management lead as its vice president of research and strategy. Farhaz Miah is set to oversee research across UK and European markets. Reporting to executive vice president Rosemary [...]