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  • BREAKING NEWS
9 hours ago

Arlene forms as first tropical storm of the season. Here’s what to expect

Tropical Depression 2 has become Tropical Storm Arlene as it continues to linger off Florida in the Gulf of Mexico.

A rip current statement in effect for Coastal Flagler Region

See the complete list

BREAKING NEWS

Arlene forms as first tropical storm of the season. Here’s what to expect

A rip current statement in effect for Coastal Flagler Region

JAMIE DIMON


2 days ago

JPMorgan CEO Jamie Dimon says he never heard of Jeffrey Epstein until after his 2019 arrest

JPMorgan CEO Jamie Dimon says he never heard about Jeffrey Epstein until he was arrested in 2019 and he was surprised by that.

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

Uncertainty continues to pummel the banking industry, despite assurances from financial regulators and bankers that the worst of the recent crisis is over and the banking system remains strong.

Bank stocks continue to fall following First Republic demise

Regulators have barely written the epitaph for First Repbulic Bank, but investors on Wall Street have already moved onto speculating which bank might be the next to fail.

JPMorgan Chase CEO Jamie Dimon to be deposed in Epstein suit

JPMorgan Chase & Co. CEO Jamie Dimon must undergo up to two days of questioning by lawyers handling lawsuits over whether the bank can be held liable in financier Jeffrey Epstein's sexual abuse of teenage girls and women.

Profits at big US banks show few signs of industry distress

The nation’s largest banks appear to be weathering the current turmoil in their industry just fine.

Dimon: Bank rules should change after Silicon Valley Bank

JPMorgan’s Jamie Dimon told investors Tuesday that government and banks should work to adjust industry regulations following the collapse of Silicon Valley Bank and Signature Bank last month.

Bank failures and rescue test Yellen's decades of experience

Treasury Secretary Janet Yellen worked against the clock with other regulators, lawmakers and business leaders to come up with a plan that would prevent a full blown banking crisis.

Bank CEOs increasingly turning pessimistic on economy

The outlook of the U.S. economy from Wall Street’s biggest banks is getting gloomier and gloomier, after the industry spent the past year and a half trumpeting that the U.S. economy is strong and the U.S. consumer resilient.

JPMorgan profits fall; bank stores cash for coming downturn

JPMorgan Chase & Co.’s third quarter profits fell by 17% from a year earlier, as the bank set aside roughly a billion dollars to cover potential losses in what CEO Jamie Dimon has said a could be a recession in six to nine months.

Correction: People-Kanye West story

In a story published October 13, 2022, about JPMorgan Chase and the rapper formerly known as Kanye West ending their business relationship, The Associated Press misspelled conservative activist Candace Owens' first name as Candice.

Fraud, scam cases increasing on Zelle, Senate report finds

Incidents of fraud and scams are occurring more often on the popular peer-to-peer payment service Zelle, according to a report issued Monday by the office of Sen. Elizabeth Warren, giving the public its first glimpse into the growing problems at Zelle.

Bank CEOs questioned on consumer protections, social issues

The CEOs of the nation’s biggest banks returned to Capitol Hill for a second day Thursday, and Senate Democrats strongly urged them to do more to help and protect their customers, while Republicans questioned whether banks should weigh in on hot-button social issues.

Bank CEOs warn that US economy faces 'daunting' challenges

The CEOs of the nation’s biggest banks have appeared in front of Congress and given a dim view of the U.S. economy, reflecting the financial and economic distress many Americans are facing.

Earnings slide ongoing for banks; BofA Q2 profit dips 32%

Bank of America’s second quarter profits fell by 32% from a year ago, the latest bank to report a decline in profits after a strong 2021.

JPMorgan 2Q profit drops; CEO warns of economic challenges

Profits at JPMorgan Chase fell by 28% in the second quarter, as the bank tries to navigate an economy that’s showing strength in many areas but losing steam as interest rates continue to rise.

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.

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.

JPMorgan profits drop 42%, bank writes down 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 Russia’s war in Ukraine.

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.

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.

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.

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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