• Top brass from JPMorgan and BlackRock, among the firms to kick off earnings season with their results, said Tuesday that they expect more consolidation in the wealth- and asset-management industries.
  • Pressures on money managers have fueled a flurry of acquisitions in those areas this year, and analysts questioned executives about their own deal ambitions, albeit coming from different corners of the market. 
  • JPMorgan boss Jamie Dimon said the bank would be “very interested” in deals in that space, and BlackRock finance chief Gary Shedlin said the firm was focused on targets that could expand its technology, global distribution, and private markets capabilities.
  • Last week, Morgan Stanley said it would buy investment manager Eaton Vance in a deal valued at $7 billion just days after it closed on its E-Trade acquisition. 
  • Visit Business Insider’s homepage for more stories.

Top brass at the world’s largest asset manager and largest US bank told

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FILE PHOTO: JPMorgan Chase CEO Jamie Dimon speaks at the North America’s Building Trades Unions (NABTU) 2019 legislative conference in Washington
  • Jamie Dimon told CNBC on Wednesday he’s not against higher taxes on the wealthy, and that it would not slow down economic growth. 
  • The JPMorgan CEO said there should be “far more” thought about taxation if the US wants an active, healthy, growing economy. 
  • “And I remind people, the world, when you slow down the economy, you are hurting the disadvantaged more than anybody else,” Dimon added.

Jamie Dimon told CNBC on Wednesday he’s not against higher taxes on the wealthy and that it wouldn’t slow economic growth.

“There are taxes which will slow down growth, like taxes on capital formation or labor, and there are taxes which will not affect growth, like taxes on, you know, well-to-do people like me,” the JPMorgan CEO said.

He added

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JPMorgan Chase & Co Chief Executive Jamie Dimon said the economic recovery from the coronavirus recession could be derailed by a lack of additional economic stimulus, the election, and a second wave of infections.

TRUMP PRAISES JPMORGAN FOR TELLING TRADING STAFF TO RETURN

Dimon made the comments on Friday to stock analyst Brian Kleinhanzl of Keefe, Bruyette & Woods, who wrote about their meeting in a report.

Dimon added that earlier government stimulus had delayed the full effects of the recession. As it hits, customers who have borrowed from the banks will feel the impact, the note said.

Consumers are spending less. “Based on their data it is unclear if that trend is getting better or worse,” Kleinhanzl wrote.

RUBIO QUESTIONS JPMORGAN’S DIMON OVER ALLEGED VIRUS AID FRAUD AT BANK

JPMorgan is the largest U.S. bank by

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Reuters

FILE PHOTO: Jamie Dimon, chairman & CEO of JP Morgan Chase & Co., speaks during the Bloomberg Global Business Forum in New York City, New York, U.S., September 25, 2019. REUTERS/Shannon StapletonReuters

NEW YORK (Reuters) – JPMorgan Chase & Co

Chief Executive Jamie Dimon said the economic recovery from the coronavirus recession could be derailed by a lack of additional economic stimulus, the election and a second wave of infections.

Dimon made the comments on Friday to stock analyst Brian Kleinhanzl of Keefe, Bruyette & Woods, who wrote about their meeting in a report.

Dimon added that earlier government stimulus had delayed the full effects of the recession. As it hits, customers who have borrowed from the banks will feel the impact, the note said.

Consumers are spending less. “Based on their data it is unclear if that trend is getting better or worse,” Kleinhanzl wrote.

JPMorgan is largest

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Sen. Marco Rubio on Thursday questioned JPMorgan Chase CEO Jamie Dimon after the nation’s largest bank said some of its employees may have played a role in potential abuse a coronavirus relief programs intended to help small businesses weather the pandemic.

“I am alarmed by recent reports alleging that employees of your financial intuition may have been involved in potentially illegal conduct in the distribution of PPP,” Rubio wrote in the letter.

Rubio asked for details of the company’s investigation by Sept. 23, as well as other steps the New York-based bank has taken to mitigate potential fraud and alert authorities to instances of misuse.

Ticker Security Last Change Change %
JPM JP MORGAN CHASE & CO. 99.83 -1.04 -1.03%

“Financial institutions, like yours, are on the frontlines of providing

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  • JPMorgan Chase CEO Jamie Dimon came somewhat close to running Home Depot in the late ’90s, according to the home-improvement retailer’s founder Arthur Blank.
  • Blank wrote in his book “Good Company” that Dimon was his “first choice” to replace him at the company’s helm. 
  • The Home Depot founder wrote that Dimon thoroughly “understood the values” of the company and seemed “intrigued” by the opportunity.
  • Ultimately, Dimon told Blank he felt he could not just “walk away” from the world of finance.
  • Visit Business Insider’s homepage for more stories.

In an alternate reality, Jamie Dimon would have traded his suits for a closet full of orange aprons in the late ’90s, bolting from the world of finance to become the CEO of Home Depot.

Home Depot cofounder Arthur Blank wrote in his new book, “Good Company,” about courting Dimon, now the CEO of JPMorgan Chase, during his search for a successor.

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