JPMorgan Financial News

Zomato, CLSA maintained an underperform rating on ACC, Goldman Sachs recommended a neutral rating on Nestle India and JPMorgan has an underweight rating on Tech Mahindra.

JPMorgan Chase CEO Jamie Dimon on the Federal Reserve's rate trajectory, 2024 economy, looming bank regulations and artificial intelligence.

The gross domestic product estimates published by the Bureau of Economic Analysis (BEA) today (25 April) came in below expectations of a 2.5% growth rate, and followed a revised rate of 3.4% for Q4 2023. Compared to the previous quarter, the deceleration in real GDP in the first three months of 2024 primarily reflected a slowdown in consumer, state and local government spending, exports and a downturn in federal government spending, the BEA said. JPMorgan CEO Jamie Dimon 'cautious' on US soft landing These movements were partly offset by an acceleration in residential fixed investm...

With Vis Raghavan due to turn up at Citi in early June, there are growing suspicions that all sorts of people leaving JPMorgan are heading to Citi to join him.

investors were right to back him as an agent of change, Modi’s Bharatiya Janata Party peppered its 2014 poll manifesto with 22 references to “reform.” Ten years later, very little remains of that zeal. The BJP’s 2024 manifesto still promises to “reform, perform, transform.” But the few specifics it offers on the economy are modest — such as automatic approvals for standard housing designs. Gone are the days when Modi pledged to change everything from inefficient markets in labor and farm produce to entire sectors like banking. And yet, the appetite for a third term for the Indian leader is very high in the global financial industry. “Modi has done an unbelievable job in India,” JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said Tuesday at the Economic Club of New York. Both Goldman and JPMorgan are predicting a deluge of overseas capital after general elections are over on June 4. (The BJP is favorite to win the contest.)

A Russian court sided with state-run lender VTB Bank in its efforts to recoup $439.5 million from JPMorgan Chase that the American lender froze in U.S. accounts after the Ukraine invasion.

Higher-for-longer interest rates are continuing to weigh on Main Street banks. Regional banks posted steep profit declines in the first quarter and predicted more pain ahead. The results underscore the uneven toll that two years of higher interest rates have taken on regional banks, which tend to have plain-vanilla businesses taking in deposits and making loans.

As the crypto world buzzes with anticipation ahead of Bitcoin’s halving event, JPMorgan has issued a warning of a potential price decline post-halving. In these uncertain times, investors are seeking stability and security for their assets. Enter the HLX token presale by Healix Protocol—a beacon of stability amidst the tumultuous seas of cryptocurrency. Here’s why investors are rushing to the HLX token presale for peace of mind and promising returns.

Speaking at the Economic Club of New York on Tuesday (23 April), Dimon said the US was «booming» after 20 years of low growth caused by «bad reasons such as regulations, bureaucracy and stupidity and forced policies». With unemployment at an all-time low, US consumers are «in good shape», he said, even if they did have to endure another recession, adding that debt service ratios were «very low». However, he said this did not alleviate all economic headwinds to a soft landing. Dimon said that even if individual wealth was higher than previous years, this did not mean they could «fight ...

Economic Club of New York, Dimon highlighted PM Modi's achievements, including the extensive recognition system, widespread banking access, and significant poverty reduction initiatives. Dimon at the event said a lot of US government officials are “fantasizing... how we think they should be running their country".

UBS Group AG is postponing plans to build its own mutual fund business in mainland China due to high costs and a dim profit outlook, people familiar with the matter said. The Swiss bank will instead rely on existing joint ventures to expand in China's mutual fund industry following the acquisition of Credit Suisse last year, the people said, requesting not to be identified because the matter is private.

Tesla and Musk, constituting "one of the most important moments in the company's history in our view," said a note from Wedbush. Heading into 2024, Tesla watchers were already girding for a tougher path, with Musk's once-dominant leadership in EVs facing more competition from rivals, resulting in a series of price cuts. After disclosing on April 2 a disappointing 8.5 percent drop in first-quarter deliveries, Tesla last week announced plans to lay off more than 10 percent of its staff.

₹58,89,117 on Wazirx. The event was highly anticipated by cryptocurrency enthusiasts who believe it will solidify Bitcoin's value as a scarce asset. Bitcoin's founder, Satoshi Nakamoto, capped the total supply at 21 million coins.

The halving is intended the underscore the value of bitcoin by capping its supply and increasing its worth. It was a process developed by bitcoin creator Satoshi Nakamoto, who has since disappeared. The halving will take place after bitcoin’s all time high price of $73,803 in March this year, and subsequent drop in the last few weeks.

Citizens Financial Group is enhancing its wealth management division in California by integrating a new team of advisors in the San Francisco Bay Area. The group, which specializes in serving ultra-high-net-worth clients, had managed more than $5 billion in client assets at JPMorgan.

Merrill Lynch recently bolstered its ranks with the addition of a group of advisors managing $3.5 billion in client assets from J.P. Morgan Wealth Management.

It's results season for US banks and afterCiti, JPMorgan and Goldman, today we have Bank of America and Morgan Stanley. 

The countdown is on at Citigroup. In less than two months' time, Vis Raghavan, whom JPMorgan had only recently promoted as head of its investment bank, is joining Citi as head of all banking. 

Following on from Citi and JPMorgan, Goldman Sachs today announced its first quarter results. They're pretty good. As the chart below shows, Goldman outperformed its rivals in M&A and equities and fixed incomesales and trading, even if it lagged a little in equity and debt capital markets. 

Goldman Sachs CEODavid Solomon has always been optimistic that investment banking revenues would come back again. Solomon's past optimism was, however, based upon the premise that the energy transition and pent-up dealmaking and capital raising would lead the revival. Speaking yesterday, he added a new factor to the mix.

Bank of America’s fixed income traders were the darlings of 2023 (if you excuse a tough Q4), but the bank’s Q1 results suggest that they might not necessarily repeat that feat in 2024.