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New York Times (February 16)

2024/ 02/ 17 by jd in Global News

“BlackRock, JPMorgan Chase and State Street are quitting or scaling back their ties to an influential global investment coalition.” The former reduced its ties with “Climate Action 100+, a global investment coalition that has been pushing companies to decarbonize” while the latter two outright quit the coalition. “All told, the moves amount to a nearly $14 trillion exit from an organization meant to marshal Wall Street’s clout to expand the climate agenda.”

 

Bloomberg (January 21)

2023/ 01/ 23 by jd in Global News

“In a week marked by fresh recession angst from Wall Street to Davos, JPMorgan Chase & Co. finds the odds of an economic downturn priced into financial markets have actually fallen sharply from their 2022 highs.” In October, “a contraction was effectively seen as a done deal across markets.” Now, “according to the firm’s trading model, seven of nine asset classes from high-grade bonds to European stocks now show less than a 50% chance of a recession. That’s a big reversal.”

 

Financial Times (June 2)

2022/ 06/ 04 by jd in Global News

“Cloudy with chance of hurricanes for Wall Street.” Jamie Dimon the head of JPMorgan Chase, started the rush to use “meteorological metaphors to make sense of the economic turbulence.” After speaking of big storm clouds and a hurricane striking the economy, other bankers followed suit. Only a few, like Goldman Sachs chief John Waldron, refused to play along. He rejected the use of “any weather analogies,” but largely agreed the outlook is complex and dynamic, “The confluence of the number of shocks to the system, to me, is unprecedented.”

 

MarketWatch (October 11)

2020/ 10/ 13 by jd in Global News

“For those of you expecting the world to return to some sense of normalcy by the time 2021 rolls around, JPMorgan Chase JPM CEO Jamie Dimon has a message: ‘We’re going to have to live with this.’” Dimon does not “expect normality to return until the summer of 2021.”

 

Barron’s (March 7)

2018/ 03/ 09 by jd in Global News

“Today, in response to a campaign by sustainable investors Arjuna Capital and Walden Asset Management, American Express (AXP) became the seventh financial-services company since Jan. 15 to agree to take steps to publish and close the pay gap between male and female employees. The others are Citigroup (C), Bank of America (BAC), Wells Fargo (WFC), Bank of New York Mellon (BK), Mastercard (MA), and JPMorgan Chase (JPM).”

 

Institutional Investor (April 24)

2014/ 04/ 26 by jd in Global News

To strengthen their balance sheets, large banks (including Deutsche Bank, Royal Bank of Scotland, UBS, Morgan Stanley, JPMorgan Chase and Barclays) have been reducing their commodities businesses, mainly through sales to independent trading companies. With these sales “to smaller players, conflicts of interest remain a potential problem” and nobody’s sure whether new problems will accompany this major shift. Given the skinnier balance sheets of the new players, market liquidity could conceivably suffer. In addition, “concerns abound that the underlying problems that have traditionally beset the commodities markets are simply being pushed onto a new and less tightly regulated set of actors.”

 

Washington Post (April 29, 2013)

2013/ 04/ 30 by jd in Global News

Despite the Dodd-Frank financial reforms, JPMorgan Chase, Bank of America, Citigroup and Wells Fargo remain too big to fail. “At $7.8 trillion, their combined assets are half the size of the entire U.S. economy, and they hold more than half of the nation’s $7 trillion in deposits.” It is unlikely that the U.S. government could ever allow any of them to fail.

 

New York Times (January 20)

2013/ 01/ 21 by jd in Global News

“A detailed report put out by JPMorgan Chase last week on how it lost $6 billion from ill-fated trading in 2012 should be required reading for policy makers and financial executives. The 129-page document serves as a case study of how excessive complexity and poor oversight still threaten many parts of the financial system more than four years after the failure of Lehman Brothers.”

 

New York Times (February 16)

2011/ 02/ 17 by jd in Global News

Given the unprecedented scale of Bernard Madoff’s Ponzi scheme, investigators and lawyers are probing whether anyone else knew about the fraud. Fingers are being pointed at institutions including JPMorgan Chase. In a private interview, Maddoff told the New York Times that some hedge funds and banks turned a blind eye to his activities. “They had to know…. But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’”

Given the unprecedented scale of Bernard Madoff’s Ponzi scheme, investigators and lawyers are probing whether anyone else knew about the fraud. Fingers are being pointed at institutions including JPMorgan Chase. In a private interview, Maddoff told the New York Times that some hedge funds and banks turned a blind eye to his activities. “They had to know…. But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’”

 

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