jpmorgan
New York (AFP) - Large American banks reported solid earnings Friday behind still-high interest rates while offering varying views on the likelihood the United States can avoid a near-term recession. JPMorgan Chase reported higher profits, citing increased asset management and investment banking fees as well as the lift from lofty interest rates, while Citigroup and Wells Fargo reported dipping profits on higher costs. Compared with a year ago, the banks have seen some uptick in write-offs for bad loans, reflecting the weaker profile of low-income consumers. However, bankers still point to a h...
AFP
New York (AFP) - Large US banks reported mixed results Friday, dented by exceptional costs connected to job cuts and to replenishing a federal fund tapped during last year's crisis involving midsized lenders. But while consumer credit quality has diminished somewhat, executives continued to describe a relatively solid US economy, with talk of a recession replaced by a "soft landing" of slower growth. "We think the soft landing is a core thesis," Bank of America Chief Executive Brian Moynihan said on a conference call with analysts, adding that consumers are "still in the game" even as consumpt...
AFP
New York (AFP) - JPMorgan Chase announced Tuesday that it will pay $75 million to settle a US Virgin Islands' (USVI) lawsuit that accused the bank of facilitating Jeffrey Epstein's sex trafficking ring. The big US bank, which previously reached a $290 million settlement with Epstein's victims, also announced an agreement with former JPMorgan executive Jes Staley for an undisclosed sum. These cases together resolve the bank's remaining litigation over its embarrassing long-running association with the late Epstein. The agreement with the USVI came a few weeks ahead of a scheduled trial in New Y...
AFP
New York (AFP) - JPMorgan Chase announced Tuesday that it will pay $75 million to settle a US Virgin Islands' (USVI) lawsuit that accused the bank of facilitating Jeffrey Epstein's sex trafficking ring. The big US bank, which previously reached a $290 million settlement with Epstein's victims, also announced an agreement with former JPMorgan executive Jes Staley for an undisclosed sum. These cases together resolve the bank's remaining litigation over its embarrassing long-running association with the late Epstein. The agreement with the Virgin Islands came a few weeks ahead of a scheduled tria...
AFP
New York (AFP) - Results of large US banks released Friday underscored the boon from higher interest rates, as executives described the world's biggest economy as "resilient" but facing risks. JPMorgan Chase, Citi and Wells Fargo all enjoyed the benefits of being able to charge higher rates on credit cards and other loans, while not yet suffering as much of a hit from elevated interest payments to depositors. JPMorgan and Wells Fargo both reported huge increases in second-quarter profits while Citi experienced a drop, citing an anemic investment banking market as a drag on revenues. Executives...
AFP
New York (AFP) - JPMorgan Chase has agreed to pay $290 million to settle a class action lawsuit brought by victims of Jeffrey Epstein's sex trafficking scheme, the accusers' lawyer said Monday. The original complaint against JPMorgan accused the big US bank of providing financial services that enabled Epstein's abuse, while ignoring red flags in order to profit off of a wealthy client. JPMorgan has said Epstein himself is to blame for the atrocities, while arguing that it cut him off when the bank became aware of wrongdoing. The two sides disclosed the settlement early Monday, saying the agree...
AFP
New York (AFP) - JPMorgan Chase reported a jump in first-quarter profits Friday alongside fellow banking giants Citigroup and Wells Fargo, in reassuring news to investors after recent banking sector turmoil sparked contagion fears. The first substantial look at the sector -- since last month's collapse of Silicon Valley Bank and two other midsized banks -- showed large banks are still benefiting in some ways from the Federal Reserve's shift towards higher interest rates and from a still-healthy US consumer. But JPMorgan's better-than-expected results came as it warned again of a potential econ...
AFP
New York (AFP) - JPMorgan Chase is suing former high-level executive Jes Staley over his ties to Jeffrey Epstein, naming him as the official involved in a sexual assault case against the firm, court filings showed. The financial services giant was facing legal proceedings in cases brought forward by the US Virgin Islands and an unnamed woman who said she was a victim of Epstein's sex-trafficking scheme, which involved a JPMorgan employee. The defendant, known only as Jane Doe 1, alleged that Epstein's scheme had been aided by the firm providing him with financial services while knowing -- thro...
AFP
New York (AFP) - Major US banks reported mixed fourth-quarter results Friday as executives pointed to the rising odds of a "mild recession," with inflation and interest rate hikes challenging households and businesses. The biggest US bank, JPMorgan Chase, set aside $1.4 billion in fresh reserves in case of loan defaults, noting that its "central" scenario is "a mild recession" with somewhat higher unemployment. Bank of America accounted for $403 million in possible bad loans as Chief Executive Brian Moynihan alluded to an "increasingly slowing economic environment," while Citigroup reserved $6...
AFP
New York (AFP) - JPMorgan Chase reported higher fourth-quarter profits Friday, boosted by income tied to increasing interest rates as the big bank set aside more funds in case of a recession. Profits came in at $11.0 billion, up six percent from the year-ago level, while revenues rose 18 percent to $34.5 billion. Chief Executive Jamie Dimon praised the company's performance, describing the US economy as solid but facing myriad uncertainties. "The US economy currently remains strong with consumers still spending excess cash and businesses healthy," Dimon said, while pointing to the Ukraine war,...
AFP
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