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Dec. 3, 2015, 2:24 AM
- Eight of the biggest U.S. banks have been downgraded by Standard & Poor's, following a rule approved by the Fed in October that will require large institutions to hold a stockpile of debt that can be converted into equity if they falter.
- "We now consider the likelihood that the U.S. government would provide extraordinary support to its banking system to be uncertain," S&P said in the statement.
- Firms affected include JPMorgan (NYSE:JPM), BofA (NYSE:BAC), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS), BNY Mellon (NYSE:BK) and State Street (NYSE:STT).
Dec. 2, 2015, 10:02 AM
- The new smaller-dollar loan product from JPMorgan (JPM +0.1%) in partnership with OnDeck Capital (ONDK +33.8%) is for the bank's small business customers, says Jennifer Piepszak, JPMorgan's chief executive for business banking (Source: WSJ).
- Many details are still being worked on, but the loans will be marketed under the JPMorgan brand and stay on its balance sheet, making OnDeck more technology vendor, rather than lending partner.
- Large banks have generally retreated from small-business lending as it's not that profitable - an equation maybe the technology (not to mention the high rates) of online lenders could change. For its part, JPMorgan moved Piepszak to her new role earlier this year in hope of capitalizing on the cross-selling opportunities between small-business banking, credit-card, and payment processing services.
- Lending Club (LC +3.3%)
Dec. 1, 2015, 5:47 PM
- On Deck Capital (NYSE:ONDK) +27.6% AH after disclosing it is working with JPMorgan Chase (NYSE:JPM) in a strategic partnership for JPM to use its small business lending platform and its OnDeck Score to serve its small business customers.
- ONDK says it is in the process of building out its integration with JPM and finalizing definitive agreements regarding the partnership, which it expects to begin operations in 2016.
Nov. 30, 2015, 2:26 AM
- JPMorgan (NYSE:JPM) is leaving its bonus pool for bankers and traders nearly unchanged from 2014, adding to pressure on weakened rivals, Bloomberg reports.
- "Flat is the new up," said Michael Karp, CEO of the Options Group. "It's a feat for any bank to maintain its pool amid elevated costs from compliance and new regulations."
- A firm's bonus pool represents its total allocation for incentive pay, while compensation differs by individual and trading desk performance.
Nov. 18, 2015, 3:48 AM
- Federal prosecutors are investigating executives at RBS (NYSE:RBS) and JPMorgan (NYSE:JPM) for their roles in the sales of allegedly flawed mortgage securities prior to the financial crisis, the WSJ reports.
- Investigators are attempting to establish if they can prove that the executives committed fraud by ignoring warnings from associates that they were filling their bond deals with too many dodgy mortgages.
- While major banks have had to pay billions of dollars in settlements over the financial crisis, there has been a notable lack of criminal convictions.
Nov. 15, 2015, 9:22 AM
- The European Central Bank has found capital gaps totaling €1.74B ($1.9B) among nine lenders that it tested, with the biggest hole at Portugal's Novo Banco.
- "Banks will be required to address remaining shortfalls in a timely manner by issuing capital instruments or undertaking other eligible measures," the ECB said in a statement.
- Other participating banks: Banque Degroof, Agence Française de Développement, JPMorgan (NYSE:JPM) Bank Luxembourg, Mediterranean Bank, Sberbank (OTCPK:SBRCY) Europe, VTB Bank (Austria), UniCredit (OTC:UNCFY) Banka Slovenija and Kuntarahoitus Oyj.
Nov. 11, 2015, 2:36 AM
- U.S. prosecutors have unveiled criminal charges against three men accused of running a sprawling computer hacking scheme that included the largest ever theft of 100M customers' data from twelve financial institutions and publishers.
- The cyberfraud, which began in 2007, also involved inflated stock prices, online casinos, payment processing for criminals and an illegal bitcoin exchange.
- Among the hack victims: JPMorgan (NYSE:JPM), TD Ameritrade (NYSE:AMTD), E*Trade (NASDAQ:ETFC), Scotttrade and News Corp. (NWS, NWSA).
- Previously: Four arrested in cases connected to JPMorgan breach (Jul. 22 2015)
- Previously: Authorities closing in on JPMorgan hackers (Mar. 16 2015)
- Previously: 83M accounts exposed in JPMorgan data breach (Oct. 03 2014)
Nov. 10, 2015, 9:43 AM
- "This is a shot across the bow from banks," says Pinnacle Advisory's Michael Kitces. At issue are popular aggregator sites - think Mint.com, Quicken (NASDAQ:INTU), Digit.co - which allow consumers to monitor all of their financial relationships in one place.
- JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) in recent months have also disrupted the data flow to these operators, according to the WSJ. Bank of America (NYSE:BAC), reports the Journal, took action in July, with at least two aggregators being shut out.
- Naturally trying to protect their turf, banks are also concerned the aggregator sites could threaten account security (they often require bank-account passwords be turned over). Fifth Third Bancorp (NASDAQ:FITB), Capital One (NYSE:COF), and JPMorgan are among those warning customers against sharing information with third parties.
Nov. 9, 2015, 4:24 AM
- The Financial Stability Board has published new rules that aim to stop banks from becoming "too big to fail," confirming its final proposals for Total Loss Absorbing Capacity, or TLAC.
- Under the plan, large lenders will have by January 2019 to hold a financial cushion of at least 16% of their risk-weighted assets in equity and debt that can be written off. That requirement will gradually increase, reaching 18% of assets weighted by risk by January 2022.
- The FSB will put the rules, which will apply to the world's top 30 banks, to the G20 later this month.
Nov. 2, 2015, 12:29 PM
- JPMorgan's (NYSE:JPM) Marianne Lake gave a generally favorable update on the Q4 operating environment, say analysts Jeffrey Harte and Sumeet Mody, after meeting with the CFO. She suggested December has the potential to buck its reputation for being a seasonally soft month.
- Of industry-beating loan growth this year, Lake insists the bank is maintaining credit discipline, The 15% Y/Y loan growth pace is attributed to the higher retention of originated jumbo mortgages and easier Y/Y commercial loan comps.
- Acknowledging the persistent discount the market applies to the global banks, Lake reiterated her belief in the fundamental advantages of scale in today's banking environment, a belief the Sandler analysts wholeheartedly agree with.
Oct. 28, 2015, 9:37 AM
- At issue are SEC charges the bank didn't make proper disclosures when its people touted its own investment products to clients over those from competitors, and JPMorgan (NYSE:JPM) has already agreed to pay more than $200M in fines.
- The deal, however, is being held up by SEC's demands that the bank accept limits on its ability to sell securities in private placements for several years. Such a deal could handcuff JPMorgan's private bank from raising funds for clients by pitching to sophisticated investors and wealthy individuals.
- As far as Wall Street is concerned, it's President Elizabeth Warren, and if the brass at the SEC don't want to spend their days being hauled in front of the Massachusetts Senator, they're going to have to start getting tougher with the banks.
Oct. 27, 2015, 3:10 AM
- JPMorgan Chase (NYSE:JPM) is bowing to shareholders on a request to disclose more information when it claws back money from top executives.
- The bank will now make a public disclosure any time it retrieves compensation from any member of the company's operating committee.
- JPMorgan is also preparing an amendment to grant groups of up to 20 shareholders the right to nominate their own candidates, a change known as "proxy access" that has become a popular reform at many companies this year.
Oct. 26, 2015, 5:28 PM
- Chase Bank (NYSE:JPM) is rolling out its own digital wallet with the announcement of Chase Pay, an approach to pay by phone in person as well as in-app and online transactions.
- The bank is partnering with MCX, the retailer consortium that includes Wal-Mart, Target, Best Buy, Kohl's and Shell. Merchants already part of CurrentC, MCX's solution, are folded into Chase Pay acceptance as well.
- Chase says that Chase Pay will be available mid-2016 across 94M credit, debit and prepaid card accounts.
- For merchants, it's promising fixed pricing and no additional fees for network, processing or fraud liability, and will work not via NFP (tap-and-pay) but by using existing gift-card scanners.
Oct. 21, 2015, 3:26 PM
- The latest in a series of moves to bring IPOs to the little guy, JPMorgan (NYSE:JPM) and Motif Investing (of which JPMorgan owns a piece), are offering a new program allowing individuals to invest as little as $250 in IPOs.
- JPMorgan's deal with Motif is exclusive to those IPOs in which the Bank of Dimon is the lead underwriter.
- The move harkens back to the late 90s bubble in which brokers built their businesses around offering access to the hottest deals (and abandoned those efforts after the bust).
- “There’s risk with IPOs, even it doesn’t seem that way because they’ve gone well” says TD Ameritade's J.J. Kinahan, whose firm offers pieces of IPOs mostly to clients with more than $250K in their accounts.
- Likely upcoming offerings in which lucky mom-and-pops will be able to participate in include Uber, Airbnb, Dropbox, and Pinterest.
- Source: WSJ
Oct. 20, 2015, 2:59 PM
- JPMorgan (JPM +0.6%) first bought majority control of Highbridge Capital Management in 2004, and later purchased the entire firm. There was a wave of business initially, but with a new regulatory regime in place, these relationships are more of a weight for both banks and the alternative asset managers.
- According to the WSJ, JPMorgan is finalizing a sale of the majority of Highbridge to CEO Scott Kapnick and his management team - with a major factor being the team's desire not to be associated with a large bank.
- The bank is expected to retain a minority stake as well as all of Highbridge's $6B hedge fund business.
- Highbridge's AUM - $7B when JPM got involved in 2004 - ballooned to $38B at the 2007 peak. Among the bankers who initially got JPMorgan in Highbridge is Jes Staley, who has since left JPMorgan and is now slated to be the next CEO at Barclays.
Oct. 19, 2015, 2:36 PM
- "Let me just say this outright," says JPMorgan (JPM -0.2%) CEO Jamie Dimon. "I don't care about quarterly earnings."
- Speaking to Bloomberg a few days after reporting a disappointing Q3, Dimon says it's decision made over a period of many years which influence the beats and misses. A CEO worried about making the number is going to have a tough time of it, he says.
- "I think some CEOs get bolloxed up when they start making promises they shouldn't make. So if I was a CEO don't make earnings forecast ... I've never done anything for quarterly earnings."
- Previously: JPMorgan slips after reporting sluggish quarter (Oct. 13)
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