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...JPMorgan Chase spent about a year discussing a possible deal with Discover Financial before Capital One agreed a $35bn bid for the credit card company, as the largest US bank pursued ways to get control...
...A new unit, Chase Media Solutions, will help brands target the bank’s customers based on their spending history....
...Raghavan, 57, is a 23-year veteran of JPMorgan Chase, the largest investment bank globally, and had been promoted to sole head of investment banking last month....
...JPMorgan Chase captured almost a fifth of all US bank profits in the first nine months of 2023, capitalising on a year of turmoil for the country’s financial sector to emerge even more dominant....
...At JPMorgan Chase, investment banking head Vis Raghavan regularly told recruits, “You’re either reading the news or making the news.”...
...Of these, call overwriting ETFs are the largest, accounting for almost two-thirds of AUM....
...For further reading: JPMorgan takes almost a fifth of total US bank profits US regional banks hope for profit revival as pain from SVB fallout eases JPMorgan: the bank that never lets a crisis go to waste...
...JPMorgan Chase chief executive Jamie Dimon has warned that US inflation and interest rates could remain higher than markets expect because of high government spending....
...Other top banks Citigroup, JPMorgan Chase and Wells Fargo also recorded drops in lending in the first three months of the year as they revealed results late last week....
...But banks led by JPMorgan Chase lobbied hard to underwrite a financing over the past four months....
...JPMorgan Chase expects to pay about $350mn to US regulators after finding that some of its trading data was not properly processed into its surveillance system, the bank disclosed on Friday....
...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....
...Bank of America, Barclays, Citigroup, Jump Trading, JPMorgan Chase, Morgan Stanley, Tower Research Capital and Wells Fargo are also investing in FMX....
...The need to offer higher rates to keep deposits, which is the primary source of funding for banks, has remained a strain on the profit margins of smaller banks, even as larger lenders like JPMorgan Chase...
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
...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....
...Sachs, JPMorgan and HSBC....
...Rivals JPMorgan Chase, Morgan Stanley and Goldman have also raised their chief executives’ 2023 pay....
...JPMorgan Chase, Citigroup and Wells Fargo were all able to charge more on loans while increasing payouts on deposits more slowly....
...emissions by nearly a third, he says — even with no change to the bank’s loan book....
...JPMorgan Chase chief executive Dimon’s annual letter to shareholders this week struck an ominous note, predicting that too much attention is paid to month-to-month oscillations in interest rates and inflation...
...JPMorgan Chase captured almost a fifth of all US bank profits in the first nine months of 2023, capitalising on a year of turmoil for the country’s financial sector....
...Despite this, in recent days executives from the country’s four largest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — said during earnings calls that consumers were resilient....
...JPMorgan Chase recently estimated the size of that market at $3.1tn....
...Look out the first of the large financial groups reporting their results, including JPMorgan, Citi, State Street, Wells Fargo and BlackRock on Friday....
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