JPMorgan just got a lot bigger — and Elizabeth Warren is alarmed
1 year, 10 months ago

JPMorgan just got a lot bigger — and Elizabeth Warren is alarmed

CNN  

Washington, DC CNN — JPMorgan Chase has once again come to the rescue of the banking system by acquiring a doomed bank. By blessing JPMorgan’s takeover of First Republic Bank, Warren fears federal regulators just made the” Too Big to Fail” problem even worse. “What happened here is because a bank was under-regulated and started to fail, the federal government has helped JPMorgan Chase get even bigger,” Warren told CNN on Tuesday in her first on-camera interview about the First Republic failure. Asked if the decision to let JPMorgan get even bigger gives her pause about how Biden-appointed regulators have handled the crisis, Warren argued a different bank should have been allowed to buy First Republic. Let somebody else take over those assets.” ‘This is how the system works’ Of course, JPMorgan was only named the buyer of First Republic after the FDIC first held a competitive bidding process.

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History of this topic

Jamie Dimon warns US might face interest-rate spike
11 months, 2 weeks ago

Jamie Dimon warns US might face interest-rate spike

Live Mint  

JPMorgan Chase Chief Executive Jamie Dimon warned that U.S. interest rates could soar to 8% or more in coming years, reflecting the risk that record-high deficit spending and geopolitical stress will complicate the fight against inflation. Dimon said such an outcome, which implies that inflation quickly returns to the Fed’s 2% target from higher levels now, is less likely than …

Big bank CEOs warn that new regulations may severely impact economy
1 year, 3 months ago

Big bank CEOs warn that new regulations may severely impact economy

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. The CEOs of JPMorgan Chase, …

The banking crisis isn’t over. But how bad will it get?
1 year, 10 months ago

The banking crisis isn’t over. But how bad will it get?

Associated Press  

NEW YORK — Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers such as Jamie Dimon this week that the worst of the recent crisis is over and the health of the banking system remains strong. A renewed sell-off Thursday focused on PacWest Bancorp and Western Alliance Bancorp, two smaller regional banks whose shares have …

First Republic Bank sold to JPMorgan Chase: What you need to know
1 year, 10 months ago

First Republic Bank sold to JPMorgan Chase: What you need to know

Firstpost  

The federal government seized First Republic Bank and sold it to JPMorgan Chase on Monday, ending the lender’s six-week-long free fall and reassuring depositors that their money is safe. First Republic Bank’s failure had much the same roots as the collapses of Silicon Valley Bank and Signature Bank — spooked depositors and investors pulling their money and selling their shares …

First Republic Bank seized, sold in fire sale to JPMorgan
1 year, 10 months ago

First Republic Bank seized, sold in fire sale to JPMorgan

Associated Press  

NEW YORK — Regulators seized troubled First Republic Bank early Monday, making it the second-largest bank failure in U.S. history, and promptly sold all of its deposits and most of its assets to JPMorgan Chase in a bid to end the turmoil that has raised questions about the health of the U.S. banking system. First Republic’s 84 branches opened on …

Regulators seize First Republic Bank, sell to JPMorgan Chase
1 year, 10 months ago

Regulators seize First Republic Bank, sell to JPMorgan Chase

The Hindu  

Regulators seized troubled First Republic Bank early on May 1 and sold all of its deposits and most of its assets to JPMorgan Chase Bank in a bid to head off further banking turmoil in the U.S. San Francisco-based First Republic is the third midsize bank to fail in two months. The Federal Deposit Insurance Corporation said early on May …

JPMorgan will assume control of all First Republic deposits but not company's corporate debt
1 year, 10 months ago

JPMorgan will assume control of all First Republic deposits but not company's corporate debt

Daily Mail  

San Francisco-based First Republic had total assets of $229.1 billion as of April 13 Regulators seized the bank on Monday and a deal to sell its assets was struck First Republic Bank has been sold to JPMorgan Chase after regulators seized it on Monday, making it the third major bank to fail in two months. Pictured: First Republic Bank headquarters …

Opinion: It’s not just First Republic that failed. It’s the whole banking system
1 year, 10 months ago

Opinion: It’s not just First Republic that failed. It’s the whole banking system

LA Times  

First Republic Bank became the second-biggest bank failure in U.S. history after the lender was seized by the Federal Deposit Insurance Corp. and sold to JPMorgan Chase on Monday. The collapse of Silicon Valley Bank and now First Republic underscores how the effect of risky decisions at one bank can quickly spread into the broader financial system. At Silicon Valley …

Biden says bank system ‘safe’ after JPMorgan buys First Republic
1 year, 10 months ago

Biden says bank system ‘safe’ after JPMorgan buys First Republic

Al Jazeera  

US president offers assurances after California-based lender becomes third major institution to fail in two months. US President Joe Biden has sought to reassure Americans that the United States banking system is “safe and sound”, after regulators seized California’s troubled First Republic Bank and sold it to JPMorgan Chase in hopes of ending a two-month crisis. The deal, announced early …

Warren: First Republic collapse shows how deregulation made “too big to fail” banks “even worse”
1 year, 10 months ago

Warren: First Republic collapse shows how deregulation made “too big to fail” banks “even worse”

Salon  

This article originally appeared at Common Dreams. "The failure of First Republic Bank shows how deregulation has made the too big to fail problem even worse," said Warren in response to the news. "As part of the transaction," said the FDIC, "First Republic Bank's 84 offices in eight states will reopen as branches of JPMorgan Chase Bank, National Association, today …

Why First Republic Bank may not be the end of the crisis
1 year, 10 months ago

Why First Republic Bank may not be the end of the crisis

CNN  

Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. The three banks — Silicon Valley Bank, Signature, and First Republic — all had particularly jittery customers with high levels of uninsured funds. I spoke to Robert Hockett, a law professor and expert on public finance at Cornell University, for the decidedly less sunny take: “Contrary to …

Profits at big US banks show few signs of industry distress
1 year, 11 months ago

Profits at big US banks show few signs of industry distress

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Despite a pair of historical …

JPMorgan Chase profits jump 52% amid banking turmoil
1 year, 11 months ago

JPMorgan Chase profits jump 52% amid banking turmoil

Associated Press  

JPMorgan Chase & Co. posted a 52% jump in its first-quarter profits, helped by higher interest rates, which allowed the bank to charge customers more for loans. The bank saw deposits grow noticeably, as business and customers flocked to the banking titan after the failure of Silicon Valley Bank and Signature Bank last month. In a call with reporters, JPMorgan …

’Banking crisis not over,’ JPMorgan CEO on possibility of ’2008’ like recession
1 year, 11 months ago

’Banking crisis not over,’ JPMorgan CEO on possibility of ’2008’ like recession

Live Mint  

In a recent letter to shareholders, JPMorgan Chase & Co CEO Jamie Dimon expressed his concerns about the ongoing U.S. banking crisis and its potential long-term effects. "The current crisis is not yet over, and even when it is behind us, there will be repercussions from it for years to come," Dimon wrote Storm clouds are still threatening the economy …

JPMorgan’s Jamie Dimon warns banking crisis will be felt for ‘years to come’
1 year, 11 months ago

JPMorgan’s Jamie Dimon warns banking crisis will be felt for ‘years to come’

CNN  

New York CNN — The banking crisis triggered by the recent collapses of Silicon Valley Bank and Signature Bank is not over yet and will ripple through the economy for years to come, said JPMorgan Chase CEO Jamie Dimon on Tuesday. In a note last month, Wells Fargo banking analyst Mike Mayo wrote “Goliath is winning.” JPMorgan in particular, he …

JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks
2 years ago

JPMorgan, Citi, BofA tell staff not to poach clients from stressed banks

Firstpost  

JPMorgan, the nation’s largest bank, told all employees they “should never give the appearance of exploiting a situation of stress or uncertainty,” in a March 13 memo New York: As a series of US lenders were besieged by customers yanking out their money this month, banking behemoths including JPMorgan Chase & Co, Citigroup Inc and Bank of America Corp. warned …

JPMorgan Chase CEO Jamie Dimon still nervous about US economic recovery
4 years, 2 months ago

JPMorgan Chase CEO Jamie Dimon still nervous about US economic recovery

CNN  

New York CNN Business — The economy may not have fully recovered yet, but that’s no problem for America’s biggest bank. JPMorgan Chase reported a record profit of $12.1 billion for the fourth quarter Friday — easily topping Wall Street’s forecasts. But JPMorgan Chase CEO Jamie Dimon still sounded a bit nervous about the near-term economic outlook, citing the lingering …

JPMorgan puts $30B toward fixing banking's 'systemic racism'
4 years, 5 months ago

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

The Independent  

Get Nadine White's Race Report newsletter for a fresh perspective on the week's news Get our free newsletter from The Independent's Race Correspondent Get our free newsletter from The Independent's Race Correspondent SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy JPMorgan Chase said Thursday it will extend billions …

In Apparent Slap At Trump, JPMorgan Chase CEO Rips Botched COVID-19 Planning
4 years, 11 months ago

In Apparent Slap At Trump, JPMorgan Chase CEO Rips Botched COVID-19 Planning

Huff Post  

LOADING ERROR LOADING In a veiled swipe Monday at the Trump administration, JPMorgan Chase CEO Jamie Dimon blamed poor planning for the COVID-19 crisis. In an annual letter to shareholders, Dimon said, “As a nation, we were clearly not equipped for this global pandemic, and the consequences have been devastating.” Dimon predicted a “bad recession” as the fallout. Without naming …

Elizabeth Warren wants to prevent Too Big To Fail bank mergers
5 years, 3 months ago

Elizabeth Warren wants to prevent Too Big To Fail bank mergers

CNN  

New York CNN Business — If big banks held marriage ceremonies to celebrate their mergers, Elizabeth Warren would be the first one to shout, “I object!” Warren fears these tie-ups will create Too-Big-To-Fail institutions like those at the heart of the 2008 financial crisis. The legislation, announced Wednesday, would force bank marriages involving consumer products to get the blessing of …

JPMorgan’s Jamie Dimon is fed up with you ‘lazy’ investors voting against him
9 years, 9 months ago

JPMorgan’s Jamie Dimon is fed up with you ‘lazy’ investors voting against him

LA Times  

Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co.: If you vote against him, you must be bad at your job. “God knows how any of you can place your vote based on ISS or Glass Lewis,” Dimon said petulantly at a conference What may have irked Dimon the most is that the results of the shareholder voting reflected …

Wall Street's favorite myth just got busted: The rise of "shadow banking" and the fall of GE Capital
9 years, 11 months ago

Wall Street's favorite myth just got busted: The rise of "shadow banking" and the fall of GE Capital

Salon  

The Dodd-Frank Act is a sprawling work of hundreds of provisions encompassing the entire financial sector. “GE’s decision shows that some of the financial reform measures regulators have taken are working,” said Dennis Kelleher of the reform group Better Markets. Most of the first $26.5 billion sale of GE Capital’s commercial real estate holdings went to the Blackstone Group, a …

Elizabeth Warren slams JPMorgan Chase for giving a raise to CEO Jamie Dimon
11 years, 1 month ago

Elizabeth Warren slams JPMorgan Chase for giving a raise to CEO Jamie Dimon

Salon  

Speaking during a Senate Banking Committee hearing, Massachusetts Sen. Elizabeth Warren noted how government regulators have much work to do when it comes to changing the culture of Wall Street, pointing specifically to the example of JPMorgan Chase CEO Jamie Dimon. The JPMorgan Chase example is simple and instructive: Despite the fact that the megabank spent much of 2013 negotiating …

JPMorgan’s $13 billion deal hits stumbling blocks: sources
11 years, 4 months ago

JPMorgan’s $13 billion deal hits stumbling blocks: sources

Live Mint  

JPMorgan Chase and Co. and the US Justice Department have hit snags in working out the final details of their $13 billion settlement over the bank’s mortgage bonds, two people familiar with the talks said. The bank and the government are arguing over whether JPMorgan should be forced to pay for mistakes made by Washington Mutual, the failed mortgage lender …

JPMorgan's $13 bn settlement stumbles yet again
11 years, 4 months ago

JPMorgan's $13 bn settlement stumbles yet again

Firstpost  

JPMorgan Chase & Co and the US Justice Department have hit snags in working out the final details of their $13 billion settlement over the bank’s mortgage bonds, two people familiar with the talks said. The bank and the government are arguing over whether JPMorgan should be forced to pay for mistakes made by Washington Mutual, the failed mortgage lender …

JPMorgan scandal: What we can learn about it from John Pierpont Morgan’s fight with Congress 100 years ago.
12 years, 10 months ago

JPMorgan scandal: What we can learn about it from John Pierpont Morgan’s fight with Congress 100 years ago.

Slate  

A hundred years ago, the most famous banker in America testified before Congress in one of his last public appearances. It was in his capacity as the great “boss” of American finance capitalism that an elderly Morgan appeared before Congress in December 1912 to answer for Wall Street’s alleged sins. Building off the Pujo hearings, future Supreme Court Justice Louis …

ALEX BRUMMER: JP Morgan's Dimon joins the hall of shame
12 years, 10 months ago

ALEX BRUMMER: JP Morgan's Dimon joins the hall of shame

Daily Mail  

ALEX BRUMMER: JP Morgan's Dimon joins the hall of shame Imagine if, in the present hostile climate for banks, any other institution but JP Morgan Chase dropped $2bn of shareholders’ money because of ‘sloppiness’ and ‘bad judgement’ on their watch. Troubled times: JP Morgan's record over the Great Panic is far from untarnished Putting to one side the fact that …

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