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JAMIE DIMON


Why some of the country's top CEOs fear a recession is coming

The Fed will continue raising interest rates this week as inflation continues to soar. Some CEOs worry the fight to bring prices under control could end up sparking an economic downturn.

npr.org

Morgan Stanley CEO James Gorman sees 50-50 odds of recession ahead

The odds of a recession may be rising, but it’s unlikely to be a deep one, said Morgan Stanley CEO James Gorman.

cnbc.com

Cramer: 15 things I learned about the changing tech sector from my week in Silicon Valley

Over the past week, Jim Cramer reconnected with many executives and CEOs in CNBC's San Francisco bureau, and he was shocked by how much is different from 2020.

cnbc.com

Unprofitable Fintechs at Risk of Laying an Egg

Neobanks like Varo and Monzo overlook history’s expensive lessons at their peril.

washingtonpost.com

JPMorgan Stars Take Other Side of Dimon’s ‘Hurricane’ Trade

The bank’s own chief economist and top-ranked market strategist are breaking with the CEO, underscoring the complexity of the current economy and markets.

washingtonpost.com

Asian markets mixed after Wall St bond sell-off

Asian stock markets are mixed following a bond sell-off on Wall Street amid anxiety about higher U.S. interest rates.

The Biggest Threat to the US Economy Is Policy Makers

Inflation is painful, but policies that could undermine longer-term growth are far more worrying.

washingtonpost.com

A paradigm shift has begun in markets, says Morgan Stanley's Ted Pick. Here's what to expect

Markets will be dominated by two forces – concern over inflation, or "fire," and recession, or "ice," said Pick, co-President of the bank.

cnbc.com

"Lots of luck on his trip to the moon": Biden responds to Elon Musk's economic doubts

President Biden wished the Tesla CEO "lots of luck on his trip to the moon" in response to his doubts about the U.S. economy.

cbsnews.com
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Elon Musk has a 'super bad feeling' about the economy and wants Tesla to cut jobs

Musk wants the electric auto maker to cut 10% off its staff according to a Reuters report.

npr.org

Elon Musk Has a ‘Super Bad Feeling.’ Should Everyone?

Tesla’s bloated workforce may help explain the CEO’s gloomy outlook.

washingtonpost.com

Elon Musk says Tesla needs to cut 10 percent of its workforce: report

In an email to executives, the billionaire CEO says he has a “super bad feeling” about the economy.

washingtonpost.com

What Jamie Dimon Learned From Alan Greenspan

Sometimes a little hyperbole is appropriate. The JPMorgan chief is right to hoist the warning flag as the global picture darkens.

washingtonpost.com

Jamie Dimon says interest rate hikes and Ukraine war will cause economic "hurricane"

It won't necessarily be a recession, but expect a rocky road ahead, warns the JPMorgan Chase CEO.

cbsnews.com

CEOs warn that US households are burning through savings at an alarming rate, and could run out within months

American consumers gained an estimated $2.5 trillion in excess savings during the pandemic, but rising prices are pushing savings rates to new lows.

news.yahoo.com

Stock futures are little changed as investors dwell on health of the economy

U.S. stocks ended the first trading day in June on a down note as economic worries weighed on investor sentiment.

cnbc.com

Fed report sees 'slight or modest' economic growth as inflation surges

Most of the U.S. has been seeing just "slight or modest" economic growth over the past two months or so, according to a Fed report Wednesday.

cnbc.com

Jamie Dimon says 'brace yourself' for an economic hurricane caused by the Fed and Ukraine war

"You know, I said there's storm clouds but I'm going to change it… it's a hurricane," Dimon said Wednesday at a financial conference in New York.

cnbc.com
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JPMorgan employees describe growing 'paranoia' as the company tracks their office attendance, calls, calendars, and more — with one worker even installing a 'mouse jiggler' to evade 'Big Brother'

More than half a dozen employees at America's largest bank tell Insider why the firm's surveillance leaves them feeling fearful and untrusted.

news.yahoo.com

Jamie Dimon's JPMorgan says bitcoin's slide has created 'significant upside' for crypto investors

The bank estimated that bitcoin, which was trading just above $29,600 on Thursday afternoon, was undervalued by 28%.

cnbc.com

How much the top-paid male, female CEOs made in 2021

Expedia's Peter Kern and Warner Bros.

CEO pay rose 17% in 2021 as profits soared; workers trailed

Pay for CEOs who run the biggest U.S. companies soared 17.1% last year, up to a median of $14.5 million.

What Are Civil Rights Audits, and Why Are Companies Doing Them?

Calls for U.S. companies to perform what are known as civil rights audits grew in the wake of the protests that erupted across the U.S. in 2020 after the murder of George Floyd. They’ve been promoted by advocates as a way to help corporations understand and address their role in creating or sustaining racial disparities. They’ve also been dismissed by JPMorgan Chase & Co. Chief Jamie Dimon for adding “bureaucracy and BS,” although his company later agreed to conduct a narrow analysis. Shareh

washingtonpost.com

Bank of America CEO Brian Moynihan says nothing will slow U.S consumer from spending money

The Federal Reserve is in the middle of an inflation-fighting campaign that has pummeled markets, especially for formerly high-flying growth stocks.

cnbc.com

Jamie Dimon’s Next Act? Wall Street’s Top Tech Mogul

There is a technology arms race in finance. The banks that can afford to spend the most will reap the greatest rewards.

washingtonpost.com

What Are Civil Rights Audits, and Why Are Companies Doing Them?

Calls for U.S. companies to perform what are known as civil rights audits grew in the wake of the protests that erupted across the U.S. in 2020 after the murder of George Floyd. They’ve been promoted by advocates as a way to help corporations understand and address their role in creating or sustaining racial disparities. They’ve also been dismissed by JPMorgan Chase & Co. Chief Jamie Dimon for adding “bureaucracy and BS,” although his company later agreed to conduct a narrow analysis. Shareh

washingtonpost.com

JPMorgan Chase backtracks on key performance target, says it can reach 17% returns this year

JPMorgan is holding its first Investor Day since 2020 in response to questions from investors and analysts about the bank's strategy and investments.

cnbc.com
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Oklahoma lawmakers pass new anti-abortion law ahead of potential SCOTUS ruling

Oklahoma's state legislature has passed an anti-abortion law that would be the most restrictive law in the nation. The legislation prohibits abortion at any point in pregnancy, except to save a woman's life or in cases of rape or incest reported to police. CBS News chief legal correspondent Jan Crawford reports.

news.yahoo.com

JPMorgan investors hand Jamie Dimon a rare rebuke with disapproval of $52.6 million bonus

The disapproval was the first time JPMorgan's board suffered a down vote on compensation since "say on pay" measures were introduced more than a decade ago.

cnbc.com

What Are Civil Rights Audits, and Why Are Companies Doing Them?

Calls for U.S. companies to perform what are known as civil rights audits grew in the wake of the protests that erupted across the U.S. in 2020 after the murder of George Floyd. They’ve been promoted by advocates as a way to help corporations understand and address their role in creating or sustaining racial disparities. They’ve also been dismissed by JPMorgan Chase & Co. Chief Jamie Dimon for adding “bureaucracy and BS,” although his company later agreed to conduct a narrow analysis. Shareh

washingtonpost.com

Jamie Dimon’s Subtle Message to Regulators

The head of the biggest U.S. bank points out how much unregulated competition is out there.

washingtonpost.com

Jamie Dimon, other JP Morgan executives donated to centrist Democrat Kyrsten Sinema

J.P. Morgan Chase CEO Jamie DImon and other executives donated to Democratic Sen. Kyrsten Sinema as she opposed key elements of her party's agenda.

cnbc.com

Goldman, Citi and Morgan Stanley Gain From Investor Anxiety

The three big Wall Street banks smashed expectations for stock- and bond-trading revenue but don’t know how long that can last.

washingtonpost.com

Look for durable stocks to weather this 'hyper-confusing moment' in the market, Jim Cramer says

"Search for stocks that can work long-term regardless of whether we're in the best of times, the worst of times, or both," the "Mad Money" host said.

cnbc.com

Jamie Dimon sees ‘storm clouds’ ahead for U.S. economy later this year

The JPMorgan CEO's remarks show just how quickly events can change the economic landscape.

cnbc.com

Jamie Dimon’s Cloudy Crystal Ball Disappoints Investors

JPMorgan’s CEO can’t predict how the war in Ukraine or the Fed’s inflation fight will play out, but he is optimistic about the U.S. consumer.

washingtonpost.com
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JPMorgan profits drop 42%, bank writes off Russian assets

JPMorgan Chase said its first quarter profits dropped by 42% from last year, partly because the bank had to write down nearly $1.5 billion in assets due to higher inflation and the Russian-Ukrainian War.

Jamie Dimon’s U.K. Startup Is Really a Global Story

JPMorgan Chase’s digital-only British operation will be a testing ground for infrastructure, technology, products and ideas.

washingtonpost.com

Ron Insana: Peter Thiel's 'sociopaths' know something he doesn't

Thiel's highly personal attack on Buffett, Dimon and Fink does nothing to make the case for bitcoin.

cnbc.com

Peter Thiel calls Warren Buffett a 'sociopathic grandpa from Omaha' and bitcoin's 'enemy number one'

At a bitcoin conference in Miami, Peter Thiel went on a rant about financial opinion leaders who he says are trying to stop the cryptocurrency.

cnbc.com

JPMorgan's Dimon warns of myriad issues for economy, bank

Jamie Dimon laid out a laundry list of big risks looming for the global and U.S. economy in his annual letter to JPMorgan Chase shareholders on Monday.

JPMorgan Chase's Jamie Dimon says the U.S. economy faces "unprecedented" risks

High inflation and Russia's Ukraine war may "dramatically increase the risks ahead," Dimon wrote in his annual shareholder letter.

cbsnews.com

Dimon says confluence of inflation, Ukraine war may 'dramatically increase risks ahead' for U.S.

Jamie Dimon's annual letter to JPMorgan shareholders, read widely in business circles, took a more downcast tone from his missive just last year.

cnbc.com

Amazon renews Prime credit card tie-up with JPMorgan Chase after flirting with American Express

Credit card deals with popular brands including Amazon, Costco and American Airlines are some of the most hotly contested contracts in the financial world.

cnbc.com

JPMorgan rolls back Covid precautions including masking and mandatory testing as U.S. cases drop

Two years after sending employees home en masse in the early days of the pandemic, corporations are preparing for the return to office life.

cnbc.com
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JPMorgan is winding down its Russia operations amid widening business exodus over Ukraine war

JPMorgan Chase, the biggest U.S. bank by assets, is stepping away from Russia.

cnbc.com

U.S. Business Leaders Place Their Bets on Prosperity

There are plenty of things to worry about in the world, but neither inflation nor war nor Covid-19 can blunt the optimism of chief executive officers.

washingtonpost.com

Global Money Markets Pass Their Stress Test — For Now

Global liquidity is easier to safeguard than it was during the global financial crisis.

washingtonpost.com

Western business flight from Russia continues with Shell, GM and others ending or suspending dealings

The invasion of Ukraine is bringing to an end Western investment in Russia.

washingtonpost.com

Secret JPMorgan project aims to push bank deeper into growing market serving private companies

CEO Jamie Dimon is aggressively investing to help his bank battle fintech firms.

cnbc.com

Robo-advisor dream of disrupting Wall Street wealth is not working out exactly as planned

Wealthfront and Personal Capital were acquired by financial services firms in billion-dollar deals. Not bad exits, but far from the loftiest fintech dreams.

cnbc.com

Wall Street’s Pandemic Bonanza

Most Americans have missed out on the asset-price boom created by the policy response to the pandemic. Not so the big banks.

newyorker.com

Bank profits soared in 2021, but inflation is front of mind

Three of the nation’s biggest banks reported blowout profits for 2021 on Friday, helped by the improving economy and consumers and businesses willing to spend and take on loans.

JPMorgan Chase is set to report fourth-quarter earnings – here’s what the Street expects

Analysts have pointed to a lending rebound in the fourth quarter, driven by demand from corporations and credit card borrowers.

cnbc.com
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JPMorgan Chase's Jamie Dimon says bank won't pay its unvaccinated workers

CEO Jamie Dimon said employees must be vaccinated to work in JPMorgan Chase's HQ after Citi said it will fire holdouts.

cbsnews.com

JPMorgan Chase's Jamie Dimon says bank won't pay its unvaccinated workers

CEO Jamie Dimon said employees must be vaccinated to work in JPMorgan Chase's HQ after Citi said it will fire holdouts.

cbsnews.com

As Bitcoin goes mainstream, Wall Street looks to cash in

Whether you love cryptocurrencies or hate the very idea of them, they’re becoming more mainstream by the day.

JPMorgan's 3Q profits rise, but low rates weigh on revenue

JPMorgan Chase says profits rose 24% in the third quarter, largely driven by one-time items that boosted its results, as the bank struggled to grow revenues with interest rates at near-zero levels.

Bash back better: Here's what governing by crisis looks like

It's been a tempestuous week in Washington, with insults and accusations flying, deadlines pressing and some major things to get done.

Big US banks to employees: Return to the office vaccinated

Wall Street’s big investment banks are sending a message to their employees this summer: Get back into the office and bring your vaccination card.

Female CEOs saw ranks dwindle in 2020; median pay fell 2%

Most of the women running the biggest U.S. companies saw their pay increase last year, even as the pandemic hammered the economy and many of their businesses.

Bank CEOs outline pandemic support; senators split on issues

The CEOs of the six biggest U.S. banks have appeared before Congress, eager to lay out their support for struggling consumers and small businesses.

JPMorgan dives back into fixing health care with new venture

JPMorgan Chase will take another crack at fixing health care after a push with two other corporate giants dissolved earlier this year.

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JPMorgan elevates 2 women to run bank's biggest division

JPMorgan Chase will promote two women to jointly manage the bank’s consumer finance division, potentially signaling that a woman may eventually run the nation’s biggest bank.

JPMorgan 1Q profit up sharply, helped by improving economy

JPMorgan Chase saw its first quarter profits jump nearly five fold from a year earlier, as the improving economy allowed the bank to release roughly $5 billion from its loan-loss reserves that it had stored away in the early weeks of the pandemic.

Banks to see big profits as COVID ‘bad’ loans become ‘good’

The nation’s largest banks are expected to report big profits for the first quarter amid renewed confidence that pandemic-battered consumers and businesses can repay their debts and start borrowing again.

Optimistic banks start moving 'bad' loans back to 'good'

(AP Photo/Mark Lennihan)CHARLOTTE, N.C. – The pandemic and recession aren’t over by a long shot, but banks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile. Citigroup had a similar story, releasing $1.5 billion of its loan-loss reserves that it had set aside earlier last year. Still, those amounts are just a fraction of the tens of billions of dollars into their so-called loan-loss reserves to cover potentially bad loans in the first months of the pandemic. In releasing funds from loan-loss reserves, the banks cited the improvement in the economy. JPMorgan still has more than $30 billion tied up in its loan-loss reserves, and banks like Citi and Wells have similar figures on their balance sheets.

JPMorgan's profits jump as economy, investment bank recovers

JPMorgan Chase & Co., the nations largest bank by assets, said its fourth quarter profits jumped by 42% from a year earlier, as the firms investment bank division had a stellar quarter and the banks balance sheet improved despite the pandemic. Excluding one-time items, the bank earned $3.07 a share, which is well above the $2.62 per share forecast analysts had for the bank. Banks had set aside tens of billions of dollars to cover potentially bad loans, and JPMorgan had been particularly aggressive in setting aside funds early in the pandemic. The driver of JPMorgan's profits this quarter was the investment banking business. The corporate and investment bank posted a profit of $5.35 billion compared with $2.94 billion in the same period a year earlier.

Bid to address health costs by 3 corporate giants is over

A health care venture created in 2018 by the three corporate giants to attack soaring care costs will shutter only a couple years after launching. (AP Photos, File)INDIANAPOLIS – A health care venture conceived by Amazon, Berkshire Hathaway and JPMorgan to attack soaring costs is dissolving. Haven, which was formed in 2018 by the three U.S. corporate giants, will cease operations by the end of February, a company spokeswoman said Monday. Health care costs have grown faster than wages and inflation for years, stressing families and employers. It started new designs for health care benefits that eliminated patient out-of-pocket payments like deductibles and coinsurance and encouraged access to primary care.

Bank profits remain resilient despite lingering pandemic

In the early months of the U.S. pandemic, banks set aside tens of billions of dollars to cover losses that could come from loans that were suddenly going bad. On top of the stimulus, banks entered into this pandemic the healthiest they’ve been in years and certainly healthier than they were before the financial crisis of 2008. JPMorgan set aside $611 million to cover potentially bad loans in the third quarter, a fraction of the $10.47 billion the bank set aside to cover bad loans in the second quarter. On Wednesday, Bank of America said it set aside $1.4 billion to cover potentially bad loans, far less than the $5.1 billion it set aside three months earlier. Most of the worry seems to reflect investors' uncertainty about whether banks will have to set aside additional billions in the future.

JPMorgan, Citi profits improve amid signs of recovery

Both Citi and JPMorgan set aside fewer funds to cover potentially bad loans, contributing to the improvement in their third-quarter results. JPMorgan had $611 million in loan loss provisions this quarter, a fraction of the $10.47 billion the bank set aside in the second quarter. Meanwhile Citigroup’s provision for credit losses was $2.26 billion in the third quarter compared to $7.9 billion the quarter before. Citi said its third-quarter net income fell to $3.23 billion from $4.91 billion a year earlier. JPMorgan and Citi were the first of the major banks to report its results this week.

JPMorgan puts $30B toward fixing banking's 'systemic racism'

CHARLOTTE, N.C. – JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort toward fixing what the bank calls “systemic racism” in the country’s economic system. “Systemic racism is a tragic part of America’s history,” said JPMorgan Chase CEO Jamie Dimon in a statement. Citigroup announced last month it is committing $1 billion toward closing “the racial wealth gap” in the United States, including $550 million toward homeownership programs for racial minorities. He noted that there’s a 30% gap between Black and white homeownership, amounting to about 4.5 million households. JPMorgan was one of 27 major New York-based companies that joined a program to recruit 100,000 workers from the city's low-income, predominately Black, Latino and Asian communities over the next 10 years.

Citi picks Jane Fraser as next CEO, first woman in that role

NEW YORK Citigroup announced that Jane Fraser would succeed Michael Corbat as the bank's next chief executive, making Fraser the first woman to ever lead a Wall Street bank. Fraser is currently head of Citi's global consumer banking division, a major part of the bank that includes checking and savings accounts but also Citi's massive credit card business. Fraser will be the first woman to lead one of Wall Street's big six banks. JPMorgan Chase's Jamie Dimon has had women as his second-in-command for years, but shows no signs of stepping down from the CEO role. Corbat turned Citi into a much smaller and stable entity, focusing on its credit card businesses and its international banking franchise.

Banks set aside billions, bracing for more economic pain

Thanks largely to the funds set aside for bad loans, JPMorgan's profit fell by half in the April-June quarter, Citigroup's sank about 70% and Wells Fargo reported its first quarterly loss since the financial crisis of 2008. In its second-quarter results, JPMorgan said it set aside $10.5 billion to cover potentially bad loans. Thats on top of the $8.3 billion the bank set aside in April, when the pandemic was only just starting to impact the U.S. economy. Citi, which is heavily exposed in credit cards, set aside an additional $7.9 billion to cover potentially bad loans. Wells Fargo, which did not set aside as much money as its peers in April, had to play catch up this quarter, setting aside $8.4 billion to cover potentially bad loans.

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