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JPMorgan Chase & Co. (JPM)

  • Tue, Mar. 17, 4:37 PM
    • JPMorgan Chase (NYSE:JPM) declares $0.40/share quarterly dividend, in line with previous.
    • Forward yield 2.6%
    • Payable April 30; for shareholders of record April 6; ex-div April 1.
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  • Tue, Mar. 17, 4:12 PM
    • Ocwen Financial (OCN +4%) earlier this month said it signed an LOI to sell MSRs on 277K performing loans, and Bloomberg is reporting JPMorgan (JPM -0.3%) as the buyer.
    • The deal would bring JPMorgan's mortgage servicing portfolio to nearly $1T, trailing only Wells Fargo's $1.75T.
  • Tue, Mar. 17, 11:10 AM
    • A possible harbinger of things to come next month when the big banks report Q1 earnings, profits at Jefferies plunged in FQ1 (ended Feb. 28), with FICC, capital markets, and investment banking particularly weak.
    • Previously: Poor results at Jefferies sinks Leucadia (March 17)
    • Jefferies parent Leucadia is lower by 3.7%. Goldman Sachs (GS -1.1%), Morgan Stanley (MS -0.9%), JPMorgan (JPM -1.2%), Citigroup (C -0.1%), Bank of America (BAC -0.8%).
  • Mon, Mar. 16, 3:41 AM
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  • Fri, Mar. 13, 4:09 PM
    • It's looking like $1B is the price the DOJ wants from banks to make the forex manipulation probe go away, according to Bloomberg. Banks, however, are finally starting to feel their oats and pushing back a bit more than in the mortgage probes - the final penalty could be lower, according to sources.
    • Among the lenders discussing settlements: Barclays (NYSE:BCS), Citigroup (NYSE:C), JPMorgan (NYSE:JPM), RBS, and UBS. The government is also readying cases against individuals.
    • In the global investigations, banks have already agreed to pay regulators about $4.3B.
  • Thu, Mar. 12, 12:47 PM
    • Citigroup's (C +2.7%) $7.8B in buybacks was 10% higher than estimated by MKM analyst David Trone. Combined with the nickel dividend, that's total shareholder returns of $8.4B vs. his $7B expectation.
    • Bank of America (BAC -1%) - though given just conditional approval - is set for $4B in buybacks and a nickel dividend. That's a total return of $6.1B vs. Trone's $3.1B estimate. Trone notes the bank can proceed with its buyback prior to resubmitting plans.
    • JPMorgan's (JPM +1%) $6.4B buyback was shy of Trone's $7B estimate, but the 10% dividend increase was better than forecast. The total capital return of $12.9B vs. his $13.2B forecast is a "marginal negative."
    • The dividend hike to $0.65 at Goldman (GS +2.1%) beat Trone's expectation of $0.62. As for the buyback, Goldman's policy of not disclosing the amount remains in place.
    • Morgan Stanley's (MS +4.5%) capital return of $4.3B is more than double Trone's $1.9B estimate.
    • Source: Benzinga
  • Wed, Mar. 11, 5:07 PM
    • After passing the CCAR with its resubmitted capital plan (the first submission ended up too close to the 5% minimum capital threshold), JPMorgan (NYSE:JPM) announces its intention to boost the quarterly dividend to $0.44 per share from $0.40, effective Q2. The buyback will be for up to $6.4B of stock between through the end of 2016 Q2.
    • Source: Press Release
    • Shares -0.6% after hours
    • Previously: More CCAR: Goldman, Morgan Stanley, and JPMorgan pass after resubmissions (March 11)
  • Wed, Mar. 11, 4:44 PM
    • Goldman's Sachs' (NYSE:GS) first score of 5.8% was only marginally ahead of the 5% threshold, but the resubmitted capital plan came in at 6.4%
    • Morgan Stanley (NYSE:MS) was 5.9% on both tests, so one wonders what changed. The company has announced a $3.1B buyback through the end of 2016 Q2 as well as a boost in the quarterly dividend to $0.15 per share from $0.10.
    • JPMorgan (NYSE:JPM) lifted its score from a barely scraping by 5% to 5.5%.
    • There's no word yet on the details of Goldman's or JPMorgan's plans.
    • GS +0.9%, MS +1.8%, JPM +0.1% after hours.
    • Previously: BofA must resubmit capital plan; Deutsche and Santander rejected (March 11)
    • CCAR results
  • Wed, Mar. 11, 3:15 PM
    • The lawsuit - brought by three California ratepayers on behalf of retail power customers in the state - accuses JPMorgan (JPM +0.7%) of violating RICO Act when it sold power from several gas plants between 2010 and 2012.
    • The action comes following the bank's settlement with FERC in 2013 over similar charges in which it paid a $285M fine and $124M in refunds, though without admitting any wrongdoing.
  • Tue, Mar. 10, 10:39 AM
    • "Slowing earnings growth, deterioration in the quality of earnings, loan growth largely limited to low-yielding assets, continuing NIM pressure, loss absorbing capital issuance, and rising loan loss provision costs are some of the headwinds," says SocGen's Murali Gopal, downgrading Wells Fargo (WFC -1.9%) to Sell from Neutral.
    • The stock owes much of its recent move higher to expanding multiples, but Gopal sees little hope for further advance on that front.
    • "With the stock’s performance likely to be a function of earnings growth, and consensus forecasting 3% EPS growth in FY15, we recommend investors Sell the stock at current levels," says Gopal, who remains positive on the TBTFs in general, and suggests investors instead buy Bank of America (BAC -1.8%) and JPMorgan (JPM -1.7%).
  • Mon, Mar. 9, 3:30 PM
    • There's plenty of change going on at Wall Street's investment banks, but the boldest moves at the top are coming from JPMorgan (JPM +1%) write James Fontanella-Khan and Arash Massoudi in the FT. The Bank of Dimon has tapped four 40-somethings to co-head operations in North America and EMEA to lead through a more complex and frenzied M&A environment.
    • Anu Aiyengar, 42 and co-head of North America, recently advised on Russell Investment's $2.7B sale to the LSE.
    • Henry Gosebruch, 42 and co-head of North America, is a JPM lifer, having started as a summer intern in 1994.
    • David Lomer, 40 and co-head EMEA, rose as a rainmaker in the bank's technology, media and telecoms group.
    • Dirk Albersmeier, 45 and co-head of EMEA, recently advised on Deutsche Annington's €3.9B deal to acquire competitor Gagfah.
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  • Fri, Mar. 6, 9:46 AM
    • A turnaround from the action earlier this year - financials (XLF +0.9%) are marching higher in early action as the averages slip, as nervous investors buy back in following the stress test results. Also helping are surging interest rates following the strong jobs number.
    • Looking at a pretty broad screen of bank names, just two - Goldman Sachs and Zions, both of which barely passed the stress test - are lower. Among the others: Bank of America (BAC +3.7%), JPMorgan (JPM +1.1%), U.S. Bancorp (USB +1.6%), Regions FInancial (RF +2.3%), KeyCorp (KEY +2.7%), PNC Financial (PNC +2.3%), BB&T (BBT +2.4%), Fifth Third (FITB +2.2%), Comerica (CMA +3.8%), BNY Mellon (BK +2.9%).
    • Among those starved for higher rates: MetLife (MET +3%), Prudential (PRU +3.3%), Lincoln National (LNC +4.1%), AIG (AIG +1.4%),  Hartford (HIG +2%), E*Trade (ETFC +3.9%), Schwab (SCHW +4.4%), Ameritrade (AMTD +4.3%).
    • Previously: Futures slip after jobs number as yields and dollar soar (March 6)
  • Thu, Mar. 5, 8:28 PM
    • The minimum Tier 1 common capital ratio for banks is 5%, according to the Fed, and here's how the 31 lenders stacked up under the central bank's severely adverse scenario vs. a year ago (h/t: WSJ):
    • Deutshce Bank (NYSE:DB): 34.7%, not tested a year ago
    • DIscover (NYSE:DFS): 13.9% vs. 13.2% a year ago
    • Bank of New York Mellon (NYSE:BK): 12.6% vs. 13.1%
    • American Express (NYSE:AXP): 12.5% vs. 12.1%
    • Northern Trust (NASDAQ:NTRS): 12.3% vs. 11.7%
    • State Street (NYSE:STT): 11.8% vs. 13.3%
    • Citizens Financial (NYSE:CFG): 10.7% vs. 10.7%
    • KeyCorp (NYSE:KEY): 9.9% vs. 9.2%
    • Capital One (NYSE:COF): 9.5% vs. 7.8%
    • PNC Financial (NYSE:PNC): 9.5% vs. 9%
    • Santander Holdings USA (SAN's U.S. unit): 9.4% vs. 7.3%; shares +0.8% after hours
    • BMO Financial (BMO's U.S. unit): 9% vs. 7.6%
    • Comerica (NYSE:CMA): 9% vs. 8.6%
    • Huntington Bancshares (NASDAQ:HBAN): 9% vs. 7.4%
    • HSBC North America (NYSE:HSBC): 8.9% vs. 6.6%
    • U.S. Bancorp (NYSE:USB): 8.5% vs. 8.2%
    • Regions Financial (NYSE:RF): 8.3% vs. 8.9%
    • Citigroup (NYSE:C): 8.2% vs. 7.2%
    • SunTrust (NYSE:STI): 8.2% vs. 8.8%
    • BB&T (NYSE:BBT): 8.1% vs. 8.4%
    • MUFG Americas Holdings (NYSE:MTU): 8% vs. 8.1%
    • Ally Financial (NYSE:ALLY): 7.9% vs. 6.3%
    • Fifth Third Bancorp (NASDAQ:FITB): 7.9% vs. 8.4%
    • Wells Fargo (NYSE:WFC): 7.5% vs. 8.2%
    • M&T Bank (NYSE:MTB): 7.3% vs. 6.2%
    • Bank of America (NYSE:BAC): 7.1% vs. 5.9%; shares +2.1% after hours
    • JPMorgan (NYSE:JPM): 6.5% vs. 6.3%
    • BBVA Compass (NYSE:BBVA): 6.3% vs. 8.5%
    • Goldman Sachs (NYSE:GS): 6.3% vs. 6.9%
    • Morgan Stanley (NYSE:MS): 6.2% vs. 6.1%
    • Zions Bancorp (NASDAQ:ZION): 5.1% vs. 3.6%; shares -1.7% after hours
    • The lenders were also informed today whether their capital return plans would put them below the Fed's 5% threshold, giving them a 6-day window with which to change those requests, if need be. Last year, both BofA and Goldman scaled back their dividend/buyback requests, allowing them to pass the CCAR. This year's CCAR results will be announced on Wednesday.
    • 2015 Stress Test Methodology and Results
  • Thu, Mar. 5, 5:28 AM
    • Bloomberg journalists tried to recreate JPMorgan's (NYSE:JPM) impressive mutual-fund-group performance figures, which it presented at last month's investor day, but were unable to do so.
    • JPM's confusing approach "raises questions about how JPMorgan has come up with a set of numbers describing a key part of its business," the article says.
    • According to the bank’s 2014 presentation, 97% of alternative assets beat their benchmarks for the previous 10 years. In 2015 that figure rose to 100%. Working from their own data on JPM’s alternative assets, Morningstar and Lipper got different numbers. Morningstar said 33% of JPM’s alternative assets beat their benchmarks; Lipper’s figures show that only 14% did.
    • With assets of $443B, JPM is the world’s fastest-growing active mutual fund manager.
  • Wed, Mar. 4, 12:17 PM
    • Anu Aiyengar and Henry Gosebruch have been named co-heads of M&A for North America, while Dirk Albersmeier and David Lomer have been tapped as co-heads of M&A in EMEA, reports the WSJ.
    • "In this time of unprecedented M&A activity, we are making changes to our organization structure to better align our regional M&A resources in support of our client agenda,” say JPMorgan (JPM -0.2%) co-heads of global M&A Hernan Cristerna and Chris Ventresca.
    • The bank currently holds first place in Dealogic's league table for U.S.-announced M&A year-to-date, with 26 deals worth a combined $94B.
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  • Wed, Mar. 4, 11:30 AM
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Company Description
JPMorgan Chase & Co is a financial services firm and a banking institution. its segments are Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Management.
Sector: Financial
Country: United States