JPMorgan Chase & Co. (JPM) - NYSE
  • Wed, Jun. 29, 4:58 PM
    • JPMorgan's (NYSE:JPM) capital plan is approved by the Fed. The bank will keep its quarterly dividend at $0.48 per share (a 3.1% annual yield), but lifts the buyback program to up to $10.6B.
    • Shares +1.6% after hours
    | Wed, Jun. 29, 4:58 PM | 11 Comments
  • Mon, Jun. 27, 8:02 AM
  • Mon, Jun. 27, 6:55 AM
    | Mon, Jun. 27, 6:55 AM | 62 Comments
  • Fri, Jun. 24, 3:18 PM
    • JPMorgan (JPM -7.2%) saw record foreign trading volumes amid the Brexit vote, says CEO Jamie Dimon in an internal memo, processing 1K trading tickets per second at one point.
      "Our systems and technology were resilient, pricing was consistent, and feedback from clients was very good ... You were there for our clients."
    • "In dramatic times like these, the quality, scope, capabilities and character of JPMorgan truly come into focus."
    | Fri, Jun. 24, 3:18 PM | 10 Comments
  • Fri, Jun. 24, 5:22 AM
    | Fri, Jun. 24, 5:22 AM | 129 Comments
  • Thu, Jun. 23, 4:51 PM
    • Ally Financial (NYSE:ALLY): Actual end of 2015 CET1 ratio of 9.2%, Q1 2018 CET1 ratio under severely adverse scenario of 6.1%, minimum 6.1%.
    • American Express (NYSE:AXP): Actual 12.4%, Q1 2018 12.3%, minimum 11.4%.
    • Bank of America (NYSE:BAC): Actual 11.6%, Q1 2018 8.1%, minimum 8.1%.
    • BNY Mellon (NYSE:BK): Actual 11.5%, Q1 2018 11.2%; minimum 10.5%.
    • BB&T (NYSE:BBT): 10.3%, 6.9%, 6.9%
    • BBVA Compass (NYSE:BBVA): 10.7%, 6.5%, 6.5%.
    • BMO Financial (NYSE:BMO): 11.9%, 5.9%, 5.9%.
    • Capital One (NYSE:COF): 11.1%, 8.2%, 8.2%.
    • Citigroup (NYSE:C): 15.3%, 9.2%, 9.2%.
    • Citizens Financial (NYSE:CFG): 11.7%, 8.8%, 8.8%.
    • Comerica (NYSE:CMA): 10.5%, 8.3%, 8.3%.
    • Discover (NYSE:DFS): 13.9%, 12.4%, 11.9%.
    • Fifth Third (NASDAQ:FITB): 9.8%, 6.8%, 6.8%.
    • Goldman Sachs (NYSE:GS): 13.6%, 10.2%, 8.4%.
    • HSBC N.A. (NYSE:HSBC): 15.7%, 9.1%, 9.1%.
    • Huntington Bancshares (NASDAQ:HBAN): 9.8%, 5%, 5%.
    • JPMorgan (NYSE:JPM): 12%, 8.3%, 8.3%.
    • KeyCorp (NYSE:KEY): 10.9%, 6.4%, 6.4%.
    • M&T (NYSE:MTB): 11.1%, 6.9%, 6.9%.
    • Morgan Stanley (NYSE:MS): 16.4%, 10%, 9.1%.
    • Northern Trust (NASDAQ:NTRS): 10.8%, 9.6%, 9.6%.
    • PNC Financial (NYSE:PNC): 10.6%, 7.6%, 7.6%.
    • Regions (NYSE:RF): 10.9%, 7.3%, 7.3%.
    • Santander Holdings (NYSE:SAN): 12%, 11.8%, 11.8%
    • State Street (NYSE:STT): 13%, 9.6%, 9.6%
    • SunTrust (NYSE:STI): 10%, 7.5%, 7.5%.
    • TD Group (NYSE:TD): 13.1%, 8.4%, 8.4%.
    • U.S. Bancorp (NYSE:USB): 9.6%, 7.5%, 7.5%.
    • Wells Fargo (NYSE:WFC): 11.1%, 7.2%, 7.2%.
    • Zions (NASDAQ:ZION): 12.2%, 6.6%, 6.6%.
    • Previously: All 33 banks pass this year's stress tests (June 23)
    | Thu, Jun. 23, 4:51 PM | 62 Comments
  • Wed, Jun. 22, 8:39 AM
    • The percentage of Americans with subprime credit scores fell to 20.7% in April, the sixth consecutive year-over-year decline, and the lowest level since at least 2005 when FICO started tracking the data.
    • The level peaked at 25.5% in 2010.
    • The improving trend means revenue-squeezed banks can boost lending without lowering standards. "It will have a positive impact on loan volume, loan growth and revenue,” says Morgan Whitacre, a consumer client underwriting executive at Bank of America (NYSE:BAC).
    • Alongside rising credit scores are near-record lows for defaults. Just 0.81% of consumer loan dollars - including mortgages, auto loans, and credit cards - were in default in May, the lowest level on records going back to 2004. This peaked at 5.51% in 2009.
    • The result: Consumers are starting to borrow more again ... a good thing until it isn't anymore. Jamie Dimon (NYSE:JPM) earlier in June called the auto-lending market "a little stretched," and Synchrony Financial (NYSE:SYF) just lifted its forecast for credit losses in the coming year.
    • Source: Annamaria Andriotis at the WSJ
    | Wed, Jun. 22, 8:39 AM | 6 Comments
  • Tue, Jun. 21, 8:56 AM
    • Jefferies' fiscal quarters end one month ahead of those for JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), Citigroup (NYSE:C), and Bank of America (NYSE:BAC), so investors in those banks like to keep an eye out in order to get a preview.
    • What they'll get from Jefferies' FQ2 is that fixed-income trading has experienced a sharp reversal to the upside after a lame Q1. Bond-trading revenue at Jefferies was up 55%, the largest quarterly gain since 2014, and the best Mar-May quarter since 2012. Wall Street executives for a few weeks have touted a Q2 trading rebound, and the news from Jefferies backs that up.
    • On the downside, stock and bond underwriting income continued to slump.
    | Tue, Jun. 21, 8:56 AM | 1 Comment
  • Fri, Jun. 17, 2:50 PM
    • Diving interest rates have banks scrambling to up their expectations of how much mortgage business they'll be doing this year. Wells Fargo (NYSE:WFC) expects volume to be 20-25% higher than the $1.5T it initially guided to. JPMorgan (NYSE:JPM) thinks business could be 50% higher than expected. U.S. Bancorp (NYSE:USB) is busy hiring more loan officers at branches and call centers, with most of the increase coming in Q2.
    • The MBA expects new mortgages of $1.608T this year, up from $1.38T at 2016's start. It's also upping the share of refinancing activity to 40% from 33% earlier (still nowhere near the 71% hit in 2012).
    • The pickup naturally is coming as interest rates have defied expectations once again, with the 10-year Treasury yield at multi-year lows and close to an all-time low. The average 30-year mortgage rate at 3.59% this week is the lowest since April 2013.
    | Fri, Jun. 17, 2:50 PM | 8 Comments
  • Thu, Jun. 16, 12:23 PM
    • Increasing costs and weaker capital markets activity are a bad combination, but they're coming should the U.K. vote to exit the EU, says KBW's Brian Kleinhanzl, expecting a two-year transition period with those headwinds.
    • Longer-term, though, Brexit should be a wash for the U.S. universal banks.
    • As for the shorter-term, banks would need to have presence in both the U.K. and EU - the transition should be a manageable expense, but the run-rate costs would remain.
    • Kleinhanzl sees JPMorgan (NYSE:JPM) and Goldman Sachs (NYSE:GS) as most exposed to the fallout thanks to the relatively large amount of income each generates from U.K. units. Citigroup and the custodial banks - BNY Mellon (NYSE:BK), State Street (NYSE:STT), Northern Trust (NASDAQ:NTRS) - should be less impacted since operations in the U.K. are smaller relative to the overall companies.
    | Thu, Jun. 16, 12:23 PM
  • Tue, Jun. 14, 8:58 AM
    • Speaking at the Morgan Stanley Financials Conference, JPMorgan (NYSE:JPM) CFO Marianne Lake says the U.S. consumer is in pretty good shape, and the bank is seeing pretty consistent core loan growth.
    • Webcast
    • As for trading revenue, she continues to see it higher by the mid-teens Y/Y in Q2.
    • Turning to $50 oil, she says crude at that price won't lead to any sizable change in the outlook for losses on energy loans.
    | Tue, Jun. 14, 8:58 AM | 4 Comments
  • Thu, Jun. 9, 9:41 AM
    • The IPO of Saudi Arabia's state-owned oil mammoth could generate $1B in fees - the largest fee event in Wall Street history. At the moment, the Visa's 2008 IPO leads with $550M in fees.
    • It's ignited a bull market in trips made by senior bankers to Aramco's HQ in Dhahran, and no doubt has luxury home brokers in the Hamptons and elsewhere dreaming of trading up from their Porsches.
    • Those bankers who have won a meeting with CEO Amin Nasser have been told that in order to win the IPO business, they need to consider financing big infrastructure projects to help move Saudi Arabia beyond its dependence on oil.
    • "This will give the winning banks tremendous credibility in the energy markets for all kinds of transactions,” says Wharton's David Wessels.
    • So far, only a small number of bankers, consultants, and lawyers have done any direct work on the IPO. They include longtime Kingdom banker JPMorgan (NYSE:JPM).
    | Thu, Jun. 9, 9:41 AM | 5 Comments
  • Mon, Jun. 6, 3:44 AM
    • Goldman Sachs (NYSE:GS) received more than a quarter of a million applications from students and graduates for jobs this summer, a rising number that is way more than the bank could ever employ.
    • The trend is mirrored at several other large banks such as JPMorgan (NYSE:JPM), Morgan Stanley (NYSE:MS), BofA (NYSE:BAC) and Citigroup (NYSE:C).
    • According to figures provided to the Financial Times, the number of these applications has risen more than 40% globally since 2012.
    | Mon, Jun. 6, 3:44 AM | 22 Comments
  • Fri, Jun. 3, 8:00 AM
    • "One realistic outcome is that we lose the ability to passport our banking and trading services into Europe,” says Jamie Dimon in join address with U.K. Treasury chief George Osborne to JPMorgan's (NYSE:JPM) U.K. staff.
    • JPMorgan has 16K U.K. employees, and Dimon says as many as 4K could go if Britain votes to leave the EU.
    • "My observation of the facts is that a vote to leave would be a terrible deal for the British economy,” says Dimon.
    | Fri, Jun. 3, 8:00 AM | 7 Comments
  • Thu, Jun. 2, 12:20 PM
    • "Auto is clearly a little stretched, in my opinion," says JPMorgan (JPM -0.3%) CEO Jamie Dimon, speaking at a conference. "Someone is going to get hurt... we don't do much of that."
    • Speaking at the same conference, U.S. Bancorp (USB -0.3%) CEO Richard Davis calls the auto loan market "overheated" thanks to pricing competition .“It’s a business you have to watch through the cycles, and right now it is probably at its least attractive. But in what could be a day, a month or a year, it could be very attractive.”
    • Interested players: COF, SC, ALLY, CACC
    | Thu, Jun. 2, 12:20 PM | 20 Comments
  • Thu, Jun. 2, 11:24 AM
    • In separate public comments today, Fed governors Daniel Tarullo and Jerome Powell said the Fed will require the eight largest U.S. banks to hold even more capital if they want to pass stress tests.
    • The goal, says Powell, is to make capital requirements so difficult that the largest lenders have to honestly assess whether it would be a better idea to break themselves up.
    • For now, the Fed is going to make 2015's capital surcharges permanent, which alone makes things tougher. "Really quite significant, probably the most significant additional potential capital requirement on the horizon." says former OCC Director John Dugan.
    • The eight: Bank of America (BAC -0.1%), Citigroup (C -0.3%), JPMorgan (JPM -0.4%), Morgan Stanley (MS -0.7%), Wells Fargo (WFC -0.5%), State Street (STT -0.7%), Goldman Sachs (GS -0.7%), BNY Mellon (BK -0.5%)
    | Thu, Jun. 2, 11:24 AM | 107 Comments
Company Description
JPMorgan Chase & Co. is a financial holding company that provides financial and investment banking services. It offers a range of investment banking products and services in all major capital markets, including advising on corporate strategy and structure, capital-raising in equity and debt... More
Sector: Financial
Industry: Money Center Banks
Country: United States