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...Citigroup cut 5,000 jobs, Morgan Stanley shed 4,800, Bank of America 4,000, Goldman Sachs 3,200 and JPMorgan Chase 1,000. Collectively, the big Wall Street banks cut at least 30,000 staff in 2023....
...Remember, the Covid-19 pandemic caused a crisis of almost every other kind, but big US banks didn’t collapse....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...In a 20-year period that has been lousy for banks generally, JPMorgan has kept up with the S&P 500 and, recently, beaten it....
...That puts the net figure on course for a third consecutive year of decline — a phenomenon not seen since the bank’s data series began in 1999....
...The bank’s burst of friendly fire comes just a few weeks after the Bank for International Settlements became the latest to flag that the explosion of option-based investment funds may be contributing to...
...This is a wholly separate issue from the issue of bank runs: The ease of a financial super-app may be what prompts you to chase down an extra 50 basis in points, but the clunkiness or lack of an app is unlikely...
...This is notwithstanding that a large share of USDT’s reserves comprise short-term U.S. treasury bills and other U.S. dollar cash equivalents....
...JPMorgan Chase and Bank of America were at 2.1 per cent and 2.3 per cent. At Capital One and Discover this was nearly 4 per cent. Cutting late fees also won’t affect companies equally....
...Over the past six months, the S&P 500 has gained nearly a fifth. More interestingly, high yield credit spreads have narrowed from 500 basis points last year to about 300....
...In some regions, risk adjusted performance has become more challenged, but overall, the model shows continued efficacy in outperforming a benchmark 1/N style allocation strategy.” Exciting stuff....
...That makes it worth looking closely at JPMorgan Chase, where longtime chief executive Jamie Dimon gets credit for building up a chunky pipeline of female heavy hitters....
...Of course, there are ever-present risks to the fintech renewal, not least that trad fi — old-fashioned banks to you and me — will wake up and get into the game, as JPMorgan has done with its Chase app....
...Major US banks Wells Fargo, JPMorgan Chase, Citigroup, and Bank of America all recorded losses ahead of their Friday morning earning results, which mark the unofficial start of earnings season....
...The intervention by Venkatakrishnan, boss of one of the UK’s biggest banks, comes after years of patchy relations between ministers and industry and frustration in boardrooms over policy U-turns by successive...
...University of California, San Diego, for example, returned a leading 11 per cent in fiscal 2023 by virtue of its nearly one-third allocation to the S&P 500....
...It is hard to find a subsector of the market that has done worse. All 14 food stocks in the S&P 500 have underperformed the broader index by at least 8 percentage points....
...A Russian court ordered the seizure of $440mn from JPMorgan Chase after state-owned lender VTB filed a lawsuit to “recover losses” from the largest US bank....
...But it is a global responsibility. Perpetrators enjoy the help of global companies and banks, most based in New York and London. Dubai and Hong Kong are notorious money-laundering centres....
...A trial in the case had been set to begin next month. The USVI, where Epstein had a home, had sought a payout of at least $190mn from the bank....
...It is trading at a 50 per cent discount to book value, whereas JPMorgan Chase, for example, trades at an 80 per cent premium to book....
...Shares of JPMorgan Chase, the largest US bank by assets, rose 2.3 per cent after it reported a 35 per cent jump in profits in the third quarter....
...Some of the so-called Tiger cubs — managers who trace their roots back to Robertson’s firm — were among those hard hit in 2022’s market sell-off, including Chase Coleman’s once- high-flying Tiger Global...
...It’s no coincidence that the S&P 500 is also having a stellar run....
...JPMorgan itself has previously trumpeted the fact that Dimon had “not sold a single share of JPMorgan Chase common stock”....
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