JPMorgan Financial News

Citigroup’s chief investment officer for its wealth division, David Bailin, is leaving the bank after 15 years.

America’s biggest banks reported stronger-than-expected earnings in the first quarter, highlighting how a resilient economy is helping power everything from Main Street to Wall Street. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley all reported revenue and earnings that beat or met analysts’ expectations. Consumer spending remained robust.

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Kotak Mahindra Bank Ltd. expects the addition of the country’s sovereign bonds to JPMorgan Chase & Co.’s global indexes from June to boost banks’ liquidity and reduce the need to aggressively pursue deposits in the short term. The anticipated entry of overseas funds into India’s $1.2 trillion government debt market presents an opportunity for lenders including Kotak to sell part of their bond investments to these new buyers, according to Joint Managing Director K.V.S Manian. The move is expected to unlock funds for lending purposes and ease the pressure on banks that have been relying on costly deposits to disburse loans, Manian said in an interview. Kotak holds securities well in excess of the minimum statutory liquidity ratio mandated by the Reserve Bank of India, he said. Banks in India are the largest holders of government bonds.

Goldman Sachs Group Inc.’s back-to-basics approach is paying off as it posted profits that vaulted past expectations.

Don’t bank on an upbeat corporate earnings season to drive equities higher as much of the optimism is already priced in following the record-breaking rally this year, according to JPMorgan Chase & Co. strategists.

Vedanta Ltd. has mandated JPMorgan Chase & Co. to help it raise 25 billion rupees ($300 million) via rupee-denominated bonds, according to people familiar with the matter. JPMorgan’s financing-solutions department in India, headed by Nitin Rungta, is reaching out to potential investors on behalf of the metals and mining company, according to people who asked not to be identified as the information is private. Those investors include global private credit funds, they said.

Shares in Japanese banks and brokerages slid following lacklustre earnings reports from the likes of JPMorgan Chase and Wells Fargo, while local chip-sector stocks also tracked their U.S. peers lower.

JPMorgan Chase & Co. and Kotak Mahindra Bank to help arrange Hexaware Technologies Ltd.’s planned initial public offering in Mumbai this year, according to people familiar with the matter. The US investment firm plans to hold the IPO as early as in the fourth quarter of this year, the people said, asking not to be identified as the deliberations are private. More bankers will likely be added for the potential $1 billion offering, which may value the Indian information technology company at as much as $6 billion, they said.

Stocks that traded heavily or had substantial price changes on Friday: JPMorgan Chase, Advanced Micro Devices fall; Progressive, State Street rise

Big banks warned of an uncertain year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere

JPMorgan’s Q1 results are out, and while the Corporate and Investment Bank (CIB)’s revenue figures went on a bit of a rollercoaster, one thing was more interesting than any revenue figure: the bank, for the first time in over 5 years, reduced its headcount over the first quarter of the year.

Vis Raghavan may not have been the most popular person at JPMorgan, but he had his chums there. And now that he's gone to Citi, people at JPMorgan are wondering who might join him.

As we reported yesterday, there are suspicions that now thatVis Raghavan and Achintya Manglahave left JPMorgan's investment banking business broadly and equity capital markets (ECM) business specifically, there will be a heap of other exits from the team. In anticipation of this, London headhunters have assembled some long lists of all the people they think most likely to leave in the very, very near future. 

Citi presumably wanted to keep Matt Fink. 

There are some things people can say which are presumably meant to sound reassuring but just aren’t. An example familiar to bankers might be “there are no planned redundancies at present” or “we are not experiencing trouble finding liquidity”. 

Jerome Powell was poised to kick off the great monetary pivot in earnest thanks to the steady demise of inflation, while Corporate America’s famous profit machine vindicated the euphoria on Wall Street and beyond. Now after a week of geopolitical tensions and bond volatility, life is getting harder for money managers who are sitting on some of their highest exposures to stocks and credit combined in a decade.

UBS Private Wealth Management is expanding in New York City as it welcomes a new team from Goldman Sachs. On Friday, UBS announced the addition of Regina Bronson and Alex Gitomer as managing directors and private wealth advisors, highlighting the duo’s vast experience and commitment to servicing ultra-high-net-worth clients.

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

JPMorgan Chase & Co. reported net interest income that slightly missed analyst estimates and raised its expense guidance for the year, sending shares down.