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JPMorgan Chase to match $1,000 contribution to ‘Trump accounts’

admin — Wed, 28 Jan 2026 17:08:20 +0000

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks at the US Chamber of Commerce in Washington, Jan. 15, 2026.

Luke Johnson | Bloomberg | Getty Images

JPMorgan Chase and Bank of America said Wednesday in separate releases that the firms will match the U.S. government’s one-time $1,000 contribution to children’s retirement savings accounts for eligible employees, the latest corporations to announce such a measure.

The so-called Trump accounts are part of a pilot program that deposits $1,000 from the U.S. Treasury into tax-advantaged accounts for eligible children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028.

The program, partly the brainchild of hedge fund manager Brad Gerstner, aims to help narrow the U.S. wealth gap by encouraging long-term saving and investing from birth. It has attracted commitments from a growing list of wealthy individuals, from billionaires such as Michael and Susan Dell and Ray Dalio to rap artist Nicki Minaj.

“JPMorgan Chase has demonstrated a long-term commitment to the financial health and well-being of all of our employees and their families around the world, including more than 190,000 here in the United States,” CEO Jamie Dimon said in a release. “By matching this contribution, we’re making it easier for them to start saving early, invest wisely, and plan for their family’s financial future.”

In a memo sent to employees Wednesday first reported by Reuters, Bank of America said it applauded the government’s “innovative solutions” for employee savings.

Financial firms dominate the list of companies that are matching contributions for the new accounts. Besides JPMorgan and Bank of America, the two largest U.S. banks by assets, BlackRock, BNY, Robinhood, SoFi and Charles Schwab have made similar announcements.

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How New York’s ‘extremely aggressive’ tax collectors chase down people who leave: ‘They will do whatever they can’

admin — Mon, 19 Jan 2026 15:31:20 +0000

There’s seemingly no escape from New York – the New York tax man, that is.

The Empire State is “extremely aggressive” in chasing down wealthy people who attempt to escape high taxes with moves to Florida and beyond – and that could escalate as New York City Mayor Zohran Mamdani works to increase taxes on top earners, experts told The Post.

Many New Yorkers who mull a move believe it’s enough to follow the “six-months-and-a-day” rule, which maintains you’re a resident if you spend 184 days or more in New York, not including airport layovers and hospital stays.

In reality, New York State law requires people to go a lot further to establish their domicile elsewhere, according to experts. That entails updating their driver’s license, voter registration, bank accounts and mailing subscriptions to their new address, whether that’s in Florida or another state. On top of that each state has its own requirements, too.

“New York is an extremely aggressive state when it comes to state income taxes. They do not like people leaving and they will do whatever they can to trap you back into the New York tax net,” Christine Concepcion, an attorney who advises on international and domestic tax matters, told The Post.

“This isn’t something that you do overnight.”

Meanwhile, Mamdani’s push for a 2% city income tax hike on millionaires — which would raise the rate to 5.9%, on top of federal and state taxes — lies at the heart of his socialist agenda. At least some of the increased revenue will likely be funneled back into auditing and tax enforcement, experts told The Post.

“The way it’s done in a socialist country like Belarus, where I’m from originally, you increase the taxes and you also allocate more money to enforcement,” said Tatiana Tsoir, an accountant and chief executive of Linza Advisors.

New York is a uniquely aggressive state when it comes to tax collection, experts told The Post. Bloomberg via Getty Images

New York auditors are already exacting – which Jon Hoff and his wife, Kathleen Ocorr-Hoff, found out the hard way when they were left on the hook for a $60,000 New York tax bill after they bought a $1 million Naples condo.

They registered their vehicles, updated their voting registrations, started a business, held bank accounts, owned hunting and fishing licenses and moved their ski equipment and crystal collection to Florida.

But they kept cashing their paychecks in New York and didn’t give up their local country club memberships – enough evidence to leave them subject to New York taxes.

New York City Mayor Zohran Mamdani has proposed a 2% tax hike on the city’s top earners. James Keivom for NY Post

The couple challenged the tax bill, then appealed a ruling that the Hoffs had to pay up — but that court decision was ultimately upheld. The couple’s attorneys did not immediately respond to The Post’s request for comment.

New York even chases after people living in other states who work remotely for New York-headquartered companies – known as the “convenience of the employer” rule – especially as more people switched to remote work and moved out of state during the pandemic.

“Our organization represented someone who lived and worked in Missouri and tried to file a discrimination claim against his New York-based employer, and New York said that they weren’t responsible for that…but then New York also said he still owed them income tax,” said Andrew Wilford, senior policy analyst at National Taxpayers Union Foundation.

The client ultimately avoided forking over New York state taxes because he didn’t spend a single day at the office that year. Just one trip to the building for a holiday party would’ve meant he owed taxes, Wilford told The Post.

“If I were to move to Florida, what I would also do is get a reciprocal license in Florida,” Tsoir said of her CPA license. “Because if you’re not licensed in Florida and you claim to live there, it’s kind of strange.”

Many Florida transplants are simply trying to skirt around tax rules, experts told The Post. Syda Productions – stock.adobe.com

Proving residency in a new state could entail buying a cemetery plot, opening a safety deposit box, obtaining a fishing license, finding a new local place of worship or moving artwork, jewelry and sentimental items like wedding photos to your new residence, whether that’s in Florida or any other state.

“An easy case is if somebody runs a construction company in New York but then also has a home in Florida,” said Randall Fox, partner at Kirby McInerney, a New York law firm. “A construction company is very site-specific, right? So you got to actually be there to do the work.”

For people with school-aged children, auditors will also often check where their kids are enrolled in school.

The state Department of Taxation and Finance did not immediately answer a request for comment.

While New York auditors are especially dogged, it’s also true that many so-called Florida residents aren’t truly moving to the Sunshine State — they’re just trying to skirt tax rules.

New York loses a resident on net every 2 minutes and 23 seconds, according to research for the National Taxpayers Union Foundation. J.C. Rice for NY Post

“If they’re New Yorkers, they have to pay the taxes like the rest of us and pay for the same services we all have to pay for, and I’m not trying to subsidize the people who decide to spend half the year in Florida,” Fox told The Post.

When combined with statewide rates as high as 10.9%, Mamdani’s 2% tax hike could see New York’s wealthiest residents facing state and local income taxes as high as 16.8% even before federal taxes, according to Wilford.

Higher taxes could speed up the rate at which New Yorkers have been fleeing the state. New York already loses a resident on net every 2 minutes and 23 seconds, according to Wilford’s research.

That poses a serious threat to the New York state budget, which will have $3.8 billion less 2025 tax revenue to work with because of outmigration, the National Taxpayers Union Foundation estimated.

More high-income New Yorkers started moving to Florida during the pandemic and brought their wealth with them, experts said. Getty Images

“Everything we’ve seen so far from Mayor Mamdani suggests that he is not concerned with the trends that we’re seeing with New York state broadly and New York City as well, where people are headed out because they’re sick and tired of being overtaxed,” Wilford told The Post.

The mayor’s office did not respond to The Post’s request for comment.

Despite high taxes, New York’s millionaire population has continued to grow. But the state’s share of income millionaires has plummeted from a high of 12.7% of the national total in 2010 to 8.7% in 2022, according to Empire Center, a fiscally conservative think tank.

“Whatever you think about what tax rates people should pay, high earners are disproportionately sensitive to tax increases,” Wilford said. “They pay more tax, so they notice an increase of 1% in their tax bill is a lot more money if you’re making a lot more money.”

Wealthy residents are more sensitive to tax increases when it comes to moving out of state, according to Wilford. Bloomberg via Getty Images

Wealthier individuals also have more resources, so it’s easier for them to sell their house, buy another one and move across state lines, he added.

Nearly 900,000 people total left New York state between 2021 and 2024, according to an Empire Center analysis of US Census Bureau data.

From 2018 to 2022, more than 125,000 New Yorkers abandoned the Big Apple for Florida from 2018 to 2022 – taking nearly $14 billion worth of income out of the state, according to a report last May from the Citizens Budget Commission, a fiscally conservative watchdog.

About a third of those New Yorkers moved to Miami-Dade, Palm Beach and Broward Counties, accounting for a $10 billion reduction in New York City’s adjusted gross income, the report found.

“There’s so much money down there now, it’s insane,” luxury publicist Melanie Holland told The Post. “People that grew up on the island of Palm Beach can’t afford to live over there anymore, it’s so expensive.”

Experts urged high-income New Yorkers to hire a lawyer to help with the move, even though it might be costly – or risk getting hit with eye-popping costs in unexpected New York state taxes.

Florida “has been a place where wealthy New Yorkers have always gone,” Holland said. “[Auditors have] always had their eyes on it. I think what’s happened is that the people who are moving down there aren’t doing it correctly.”

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Trump threatens to sue JPMorgan Chase for ‘debanking’ him after Jan. 6

admin — Sat, 17 Jan 2026 21:25:09 +0000

President Trump escalated his feud with JPMorgan Chase on Saturday, threatening to sue the banking behemoth in the next two weeks for abruptly closing his accounts after the Jan. 6 Capitol riots, under pressure from the Biden administration.

JPMorgan is wrong for “incorrectly and inappropriately DEBANKING me after the January protest, a protest that turned out to be correct for those doing the protesting,” Trump wrote on his Truth Social.

The split came after decades-long ties — and the bank gave him just 20 days to move hundreds of millions of dollars, Trump has said.

President Trump escalated his feud with JPMorgan Chase, threatening Saturday to sue the banking behemoth in the next two weeks for “debanking” him after the Jan. 6 Capitol riots. REUTERS

The threat comes as JPMorgan has emerged as one of the most vocal critics of the Trump Justice Department’s criminal probeinto Federal Reserve Chair Jerome Powell, with JPMorgan CEO Jamie Dimon warning that undermining the Fed’s independence could backfire by raising inflation expectations and interest rates.

At the same time, the White House has taken aim at banks’ profits, pushing a proposal to cap credit card interest rates at 10% for a year — a move JPMorgan executives have warned could restrict access to credit and hurt consumers.

Trump’s lawsuit threat revives a years-old grievance tied to his abrupt removal from JPMorgan after he left office in 2021, a move he has long described as politically motivated.

As The Post exclusively reported at the time, JPMorgan and Bank of America cut ties with Trump following the Jan. 6 Capitol riot after pressure from Biden’s banking regulators, who warned financial institutions that continuing to do business with controversial figures could expose them to heightened scrutiny under so-called “reputational risk” rules.

Sources familiar with the decision told The Post at the time that regulators at the Office of the Comptroller of the Currency, the FDIC and the Federal Reserve signaled that banking Trump could create compliance problems tied to appearances, even absent any criminal wrongdoing.

JPMorgan has said it does not close accounts for political reasons, but did not deny that reputational risk considerations played a role in decisions made during that period, as banks faced the threat of increased oversight, fines and regulatory action.

Trump has argued the move amounted to financial punishment. The Post has reached out to JPMorgan.

Trump also dismissed a Wall Street Journal report that he had offered JPMorgan CEO Jamie Dimon the job of Federal Reserve chair as “totally untrue.”

The Journal is owned by Dow Jones — a subsidiary of The Post’s corporate parent News Corp. A Journal spokesperson said “we stand by our reporting.”

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JPMorgan Chase (JPM) earnings Q4 2025

admin — Tue, 13 Jan 2026 12:07:20 +0000

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during the America Business Forum in Miami, Florida, US, on Thursday, Nov. 6, 2025.

Eva Marie Uzcategui | Bloomberg | Getty Images

JPMorgan Chase on Tuesday posted fourth-quarter results that topped expectations on better-than-expected revenue from the bank’s trading operations.

Here’s what the company reported:

Adjusted earnings: $5.23 a share vs. $5 consensus estimate from LSEG
Revenue: $46.77 billion vs. $46.201 billion expected

The company said profit fell 7% to $13.03 billion, or $4.63 per share, because of a pre-announced $2.2 billion reserve tied to its takeover of the Apple Card loan portfolio from Goldman Sachs. Excluding the 60 cent per share hit from that transaction, adjusted earnings of $5.23 topped analysts’ expectations.

Companywide revenue rose 7% to $46.77 billion as net interest income also rose by 7% to $25.1 billion, roughly matching analyst expectations for NII.

Equities trading revenue surged 40% to $2.9 billion, about $350 million more than analysts had expected, as the company cited strength across its operations, especially in its business catering to hedge funds. Fixed income trading revenue rose 7% to $5.4 billion, about $110 million more than expected.

Banks have enjoyed a Goldilocks-type environment for the last few quarters, with a rebound in Wall Street trading and investment banking, falling interest rates, stable consumer credit and deregulation providing a lift for the sector. High stock levels have also buoyed banks’ wealth management divisions.

The KBW Bank Index climbed 29% last year, the second year in a row that the big bank benchmark exceeded the gains of the S&P 500.

So analysts will be keen to hear how much momentum from 2025 is expected to carry over into this year. Of particular concern is whether there are any cracks in spending amid signs that the labor market may be weakening, as well as guidance around the strength of Wall Street dealmaking.

JPMorgan Chase CEO Jamie Dimon will likely be asked about President Donald Trump’s demand for the industry to cap credit card rates at 10%, as well as questions over the independence of the Federal Reserve.

Bank of America, Citigroup and Wells Fargo are scheduled to report results Wednesday, with Goldman Sachs and Morgan Stanley reporting Thursday.

This story is developing. Please check back for updates.

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JPMorgan Chase (JPM) earnings Q2 2025

admin — Tue, 15 Jul 2025 07:07:54 +0000

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during a Bloomberg Television interview at the JPMorgan Chase & Co. Capital Markets conference in Paris, France, on Thursday, May 15, 2025.

Cyril Marcilhacy | Bloomberg | Getty Images

JPMorgan Chase is scheduled to report second-quarter earnings before the opening bell Tuesday.

Here’s what Wall Street expects:

Earnings: $4.48 a share, according to LSEG
Revenue: $44.16 billion, according to LSEG
Net interest income: $23.6 billion, according to StreetAccount
Trading revenue: Fixed income of $5.2 billion, equities of $3.2 billion, according to StreetAccount

JPMorgan Chase will give investors a view into how U.S. consumers and corporations fared in the second quarter.

If the first quarter was any indication, the nation’s largest banks are likely to have benefited from robust trading revenue in the period, thanks to volatility caused by President Donald Trump’s trade policies.

While markets tanked in April after Trump unveiled a sweeping set of tariffs, the sharp recovery that followed means that investment banking revenue may also show signs of recovery later in the quarter, according to Matt Stucky, chief portfolio manager of equities at Northwestern Mutual’s wealth management arm.

High asset levels also bode well for the wealth management divisions of banks including JPMorgan, Goldman Sachs and Morgan Stanley.

While the Wall Street side of these firms has been providing outsized returns lately, the Main Street lending arms haven’t yet hit severe concerns around credit losses, buoyed by better-than-expected U.S. employment levels.

All those factors, along with expectations around industry deregulation, have boosted bank shares last quarter. The S&P 500 Banks Index jumped 14.4% in the period, outperforming other financials and the broader large-company index.

Citigroup and Wells Fargo are also scheduled to report quarterly results Tuesday, with Goldman Sachs, Bank of America and Morgan Stanley releasing results Wednesday.

This story is developing. Please check back for updates.

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Amex Platinum, Chase Sapphire get 2025 refresh

admin — Tue, 17 Jun 2025 00:57:24 +0000

Anna Barclay | Getty Images

The long-running rivalry between the country’s top premium credit cards is about to heat up again.

JPMorgan Chase announced last week that a refresh of its Sapphire Reserve — the travel and dining rewards card that went viral when it arrived in 2016 — was imminent.

In response, American Express on Monday said that “major” changes were coming to its consumer and business Platinum cards later this year. While short on details, the New York-based card company said that its update would be its largest ever investment in a card refresh.

“We are going to double down on the things we know based on the data that our card members love,” said Amex President of U.S. Consumer Services Howard Grosfield in an interview. “But more importantly, we’ll bring a whole bunch of new and exciting benefits and value that will far, far, far exceed the annual fee.”

American Express pioneered the premium credit card space decades ago with cards that bundled perks at airlines and hotels with access to its own network of high-end airport lounges. But JPMorgan shook up the industry in 2016, igniting stiff competition among card issuers with a lavish sign-on bonus and other incentives for its Sapphire card.

The expectation among industry experts is that both companies will offer ever-longer lists of perks in travel, dining and experiences, while potentially raising their annual fees, as has been the pattern with recent updates.

The Platinum card has a $695 annual fee, while the Sapphire has a $550 fee.

On Reddit and other forums, card users circulated rumors that JPMorgan was hiking the annual fee on its Sapphire product to $795. A JPMorgan spokesperson declined to comment.

The new Platinum card will launch in the fall, Grosfield said.

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JPMorgan Chase is heading upmarket to woo America’s millionaires

admin — Wed, 28 May 2025 09:57:18 +0000

A living space in the new J.P. Morgan financial center branch format in Palm Beach.

Courtesy: JP Morgan

JPMorgan Chase thinks it has cracked the code on managing more money for America’s millionaires.

It’s not a new financial product, a novel software program or an enticing sign-up bonus. Instead, it’s a refurbished take on an old concept — the brick-and-mortar bank branch — along with new standards for service that are at the heart of its aspirations.

The bank is unveiling 14 of these new format branches — each acquired when JPMorgan took over First Republic in 2023 — in tony ZIP codes in New York, California, Florida and Massachusetts, including Napa, Palm Beach and Wellesley Hills.

It’s part of JPMorgan’s push to convince affluent Americans, many who already use Chase checking accounts or credit cards, that the bank is ready to manage their millions.

JPMorgan is the country’s biggest bank by deposits and assets and has a top share in areas as disparate as Wall Street trading and retail credit cards. But one of the only major categories where it isn’t a clear leader is in wealth management; peers like Morgan Stanley and Bank of America exceed it there.

While half of the 19 million affluent households in the U.S. bank with JPMorgan, it has just a 10% share of their investing dollars, according to Jennifer Roberts, CEO of Chase Consumer Banking.

“We have this giant opportunity to convince customers to have their wealth management business with us in addition to their deposit relationship,” Roberts said in a recent interview.

Helped by its acquisition of First Republic, which was known for catering to rich families living on either coast, JPMorgan decided to launch a new tier of service. Called J.P. Morgan Private Client, it is anchored by the new physical locations, of which there will be 31 by the end of next year.

The service comes with its own mobile banking app, but its main appeal is the in-person experience: Instead of being handed off to multiple employees like at a Chase branch, J.P. Morgan Private Client members are assigned to a single banker.

“What First Republic did really well was deliver a concierge-level of service where if you have an issue, a person owned it for you and you didn’t have to worry about it,” Roberts said. “So with this experience we are going to deliver a more elevated concierge type of service, like you would expect at a high-end hotel.”

The price of entry: at least $750,000 in deposits and investments, though Roberts said the bank is aiming for those with around $2 million to $3 million in balances.

Quiet opulence

The new locations, dubbed J.P. Morgan Financial Centers, have a warm feel and an earth-tone color palette that intentionally sets them apart from the nearly 5,000 Chase branches operated by the bank.

During a recent visit to a Manhattan location, the vibe is family office-meets hotel, with soaring ceilings, living room-style seating areas and art-filled meeting rooms scattered over two floors.

Gone is the traditional row of bank tellers; there is instead a concierge desk and a solitary ATM machine. Instead of lollipops, visitors are offered squares of Dylan’s chocolate. The space is quiet, except for the crack of a Perrier being opened or the whir of an espresso machine.

JP Morgan’s Palm Beach Reception.

Courtesy: JP Morgan

The design elements and hushed environment are “really meant to illustrate that we’re there to have a more serious, less-transactional conversation about your wealth planning over the course of time,” said Stevie Baron, JPMorgan’s head of affluent banking.

Those conversations involve planning for long-term goals and examining clients’ portfolios to see whether they are on track to reach them, he said.

Elements of the new high-end branch format could find their way to regular Chase branches, especially the 1,000 or so that are in high-income areas, Baron said.

JPMorgan executives have said the bank’s branch network has already succeeded as a feeder into the firm’s wealth management offerings.

The new service tier — which sits above the bank’s Chase Private Client offering, which is for those with at least $150,000 in balances and is delivered in the regular branches — is expected to help JPMorgan’s retail bank double client assets from the $1.08 trillion it reached in March.

“Obviously it’s a big challenge, because clients already have their established wealth managers, but it’s something that we’ve been making really strong progress in,” Roberts said.

Come one, come all

But attempting to create a new, more luxurious brand from a mainstream one — think the difference between Toyota and its luxury brand Lexus — is not without its risks. Or at least, momentary confusion.

So far, the two flagship financial centers in New York and San Francisco opened late last year haven’t seen heavy foot traffic, Roberts admitted.

“Our biggest challenge is that we don’t have people walking in because they don’t really understand what they are,” Roberts said. “So we just need to get the awareness out there.”

While JPMorgan is leaning on the first part of its name, rather than Chase, to signal exclusivity for the new branches, that may deter people from walking through the doors and starting conversations.

“I just want this to be acknowledged: We’re never going to turn someone away. Any customer can come and leverage any of our branches at any time,” Roberts said.

“We want people walking in, having the experience, meeting with our experts and understanding how we can help support their financial goals over time,” she said.

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Chase CEO Jamie Dimon says markets are too complacent

admin — Tue, 20 May 2025 04:45:16 +0000

Jamie Dimon, CEO of JPMorgan Chase, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of de-banking on Feb. 13, 2025.

Tom Williams | Cq-roll Call, Inc. | Getty Images

JPMorgan Chase CEO Jamie Dimon said Monday that markets and central bankers underappreciate the risks created by record U.S. deficits, tariffs and international tensions.

Dimon, the veteran CEO and chairman of the biggest U.S. bank by assets, explained his worldview during his bank’s annual investor day meeting in New York. He said he believes the risks of higher inflation and even stagflation aren’t properly represented by stock market values, which have staged a comeback from lows in April.

“We have huge deficits; we have what I consider almost complacent central banks,” Dimon said. “You all think they can manage all this. I don’t think they can,” he said.

“My own view is people feel pretty good because you haven’t seen effective tariffs,” Dimon said. “The market came down 10%, [it’s] back up 10%. That’s an extraordinary amount of complacency.”

Dimon’s comments follow Moody’s rating agency downgrading the U.S. credit rating on Friday over concerns about the government’s growing debt burden. Markets have been whipsawed over the past few months over worries that President Donald Trump’s trade policies will raise inflation and slow the world’s largest economy.

Dimon said Monday that he believed Wall Street earnings estimates for S&P 500 companies, which have already declined in the first weeks of Trump’s trade policies, will fall further as companies pull or lower guidance amid the uncertainty.

In six months, those projections will fall to 0% earnings growth after starting the year at around 12%, Dimon said. If that were to happen, stocks prices will likely fall.

“I think earnings estimates will come down, which means PE will come down,” Dimon said, referring to the price to earnings ratio tracked closely by stock market analysts.

The odds of stagflation, “which is basically a recession with inflation,” are roughly double what the market thinks, Dimon added.

Separately, one of Dimon’s top deputies said corporate clients are still in “wait-and-see” mode when it comes to acquisitions and other deals.

Investment banking revenue is headed for a “mid-teens” percentage decline in the second quarter compared with the year-earlier period, while trading revenue was trending higher by a “mid-to-high” single-digit percentage, said Troy Rohrbaugh, a co-head of the firm’s commercial and investment bank.

On the ever-present question of Dimon’s timeline to hand over the CEO reins to one of his deputies, Dimon said nothing has changed from his guidance last year, when he said he would likely remain for less than five more years.

“If I’m here for four more years, and maybe two more” as executive chairman, Dimon said, “that’s a long time.”

Of all the executive presentations given Monday, consumer banking chief Marianne Lake had the longest speaking time at a full hour. She is considered a top successor candidate, especially after Chief Operating Officer Jennifer Piepszak said she would not be seeking the top job.

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JPMorgan Chase (JPM) earnings Q1 2025

admin — Sat, 12 Apr 2025 01:01:35 +0000

Jamie Dimon, CEO of JPMorgan Chase, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of debanking on Thursday, February 13, 2025.

Tom Williams | Cq-roll Call, Inc. | Getty Images

JPMorgan Chase on Friday reported results that topped estimates on higher-than-expected revenue, helped by booming equity trading activity.

Here’s what the company reported:

Earnings: $5.07 a share
Revenue: $46.01 billion vs. expected $44.11 billion, according to LSEG

The bank said that first-quarter profit rose 9% to $14.64 billion, or $5.07 a share. Excluding a one-time gain of 16 cents per share tied to its First Republic acquisition, JPMorgan earned $4.91 per share, compared with the LSEG estimate of $4.61.

Revenue rose 8% to $46.01 billion, helped by higher asset management and investment banking fees and strong trading results. As with rival Morgan Stanley, equities trading was the quarter’s standout, with revenue surging 48% to $3.8 billion, topping the StreetAccount forecast by about $560 million.

Shares of the firm rose 4%.

While JPMorgan CEO Jamie Dimon touted his company’s solid results in the quarter, he also struck a note of caution on the broader economy. Markets have whipsawed violently since President Donald Trump escalated global trade tensions last week.

“The economy is facing considerable turbulence (including geopolitics), with the potential positives of tax reform and deregulation and the potential negatives of tariffs and ‘trade wars,’ ongoing sticky inflation, high fiscal deficits and still rather high asset prices and volatility,” Dimon said.

“As always, we hope for the best but prepare the Firm for a wide range of scenarios,” he added.

The lack of certainty in the business environment for many companies was expected to cast a pall over some investment banking activities, including IPO listings and merger advice.

But it was also expected to provide a good environment for Wall Street trading desks to print money.

Wells Fargo and Morgan Stanley are also out with quarterly reports report Friday. Morgan Stanley similarly reported surging trading activity.

Goldman Sachs, Bank of America and Citigroup report next week.

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CFPB sues JPMorgan Chase, Bank of America, Wells Fargo over Zelle fraud

admin — Mon, 23 Dec 2024 02:39:14 +0000

Rohit Chopra, director of the CFPB, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress,” in the Dirksen Building on Nov. 30, 2023.

Tom Williams | Cq-roll Call, Inc. | Getty Images

The Consumer Financial Protection Bureau on Friday sued the operator of the Zelle payments network and the three U.S. banks that dominate transactions on it, alleging that the firms failed to properly investigate fraud complaints or give victims reimbursement.

The CFPB said customers of the three banks — JPMorgan Chase, Bank of America and Wells Fargo — have lost more than $870 million since the launch of Zelle in 2017.

Zelle, a peer-to-peer payments network run by bank-owned fintech firm Early Warning Services, allows for instant payments to other consumers and businesses and has quickly surged to become the biggest such service in the country. At the same time, Democrat lawmakers have stepped up criticism of banks in recent years over the financial crimes happening on Zelle.

“The nation’s largest banks felt threatened by competing payment apps, so they rushed to put out Zelle,” CFPB Director Rohit Chopra said in a statement. “By their failing to put in place proper safeguards, Zelle became a gold mine for fraudsters, while often leaving victims to fend for themselves.”

The suit is the latest move by the CFPB in the waning days of the Biden administration. Many of the actions it has taken, including steps to limit credit card late fees and overdraft charges, have been met with stiff opposition from banks and their trade groups. Corporations have had success pushing back against regulators by choosing legal venues known as friendly to suits challenging federal oversight.

In fact, JPMorgan said in August that it was considering litigation against the CFPB if the regulator sought to punish the bank for its role in the Zelle network.

The CFPB wants to force banks to stop their allegedly unlawful practices around Zelle and to pay an unspecified amount in penalties, it said.

‘Glaring flaws’

The vast majority of Zelle activity is uneventful. Of the $806 billion that flowed across the network last year, only $166 million in transactions was disputed as fraud by customers of JPMorgan, Bank of America and Wells Fargo, the three biggest players on the platform.

But the three banks collectively reimbursed just 38% of those claims, according to a July Senate report that looked at disputed unauthorized transactions.

Banks say they investigate each fraud claim, but they often find that what customers say was fraud was technically a scam where customers authorized payments. In those cases, banks aren’t usually required to make customers whole.

The CFPB claimed that Zelle’s “limited identity verification methods” have allowed criminals to infiltrate the network, enabling them to divert payments and move between member banks that didn’t share information among institutions.

The Zelle online banking logo is displayed on a smartphone with the Zelle web page visible in the background in this photo in Brussels, Belgium, on Dec. 10, 2023.

Jonathan Raa | Nurphoto | Getty Images

The agency also said banks failed to properly investigate complaints about Zelle activity and didn’t consistently report fraud activity.

“The banks failed to fix glaring flaws in their systems even as hundreds of thousands of customers filed complaints about fraud,” Chopra told reporters during a call on Friday. “The banks knew their customers were having their money stolen, but since they weren’t bearing the cost of these losses themselves, they dragged their feet on fixing the problems.”

Zelle is the preferred way for cyber criminals to extract funds because it is faster than other remittance options, according to Tom Peacock, director of global fraud intelligence for cybersecurity firm BioCatch.

‘Meritless’ and misleading

Early Warning Services said in a statement Friday that it was prepared to defend itself against this “meritless lawsuit.”

“Zelle leads the fight against scams and fraud and has industry-leading reimbursement policies that go above and beyond the law,” said Jane Khodos, an Early Warning Services spokeswoman. “The CFPB’s misguided attacks will embolden criminals, cost consumers more in fees, stifle small businesses and make it harder for thousands of community banks and credit unions to compete.”

Furthermore, the $870 million figure cited by the CFPB for fraud losses is misleading because it includes incidents where the bank found that cases didn’t involve fraud, but errors or false claims, according to Early Warning Services.

Early Warning Services has said that while transaction volumes rose in 2023, reports of scams and fraud fell almost 50%, and that only a tiny fraction of payment volumes are disputed as fraud.

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