Tag Archives: JP Morgan Chase

JPMorgan CEO Jamie Dimon: ‘I’m a patriot’ so I’ll help Trump

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JPMorgan Chase Chairman and CEO Jamie Dimon highlighted several critical issues confronting the United States during the bank’s annual shareholder meeting Tuesday and urged the business community and the Trump administration to come together to find meaningful solutions to these problems.

During Q&A with shareholders, Dimon was asked multiple questions related to his willingness to support President Trump. The CEO is on Trump’s Strategic and Policy Forum.

In the answer to a question related to Trump’s tighter immigration policy, Dimon took a moment to address the elephant in the room that kept coming up.

“He is the President of the United States. I believe he is the pilot flying our airplane,” Dimon said, “I would try to help any President of the United States because I’m a patriot.”

Read on.

Chase is offering 100,000 credit-card rewards points for new mortgage customers

Don’t do it, folks! Dimon is out to make another quick buck! Smells like 2008!

 The bank is trying to make money off millennial Sapphire credit card holders.

This has to be one of the most expensive ways to pick up some credit-card points.

Chase JPM, -0.28%   announced Monday it is offering 100,000 Chase Ultimate Rewards points to its customers who have Sapphire, Sapphire Preferred or Sapphire Reserve credit cards — if they open a mortgage with Chase. The offer will be available through August 6 to customers who had any Chase Sapphire card as of May 7.

Chase’s credit cards have been popular in recent months, particularly the Sapphire Reserve card, which debuted in 2016 and initially offered a 100,000-point sign-up bonus, which was later reduced to 50,000 points. Credit card experts estimate some 900,000 people signed up for that card between September 2016 and November 2016. (Chase has declined to confirm that number.)

As a result, J.P. Morgan chief executive Jamie Dimon said in December the Chase Sapphire Reserve credit card reduced the bank’s profit by $200 million in the fourth quarter, to $300 million. Now, Chase is attempting to capitalize on the young consumers it captured with that card.

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Navient will acquire approximately $6.9 billion in education loan assets from JPMorgan Chase

WILMINGTON, Del., April 18, 2017 (GLOBE NEWSWIRE) — Navient (Nasdaq:NAVI), a leading asset management and business processing services firm announced today it has reached an agreement to purchase JPMorgan Chase’s (NYSE:JPM) approximately $6.9 billion education loan portfolio.

“We welcome our new customers, and we commit to delivering best-in-class support to ensure a seamless transition,” said Jack Remondi, president and CEO, Navient. “Leveraging our 43-year track record of helping borrowers succeed, we will provide ongoing assistance to help our new customers continue to successfully manage their education loans. The transaction delivers on our business strategy and is a win-win for our company and our customers.”

The portfolio is comprised of approximately $3.7 billion in federally guaranteed student loans, of which $1.6 are securitized, and approximately $3.2 billion in whole private education loans.

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JPMorgan’s CEO admits his company has a black talent problem—and the finance industry should listen

Everything is “exceptional” and “extraordinary” at JPMorgan Chase, according to CEO Jamie Dimon’s annual letter to shareholders. But the firm has “simply not met the standards set for [itself]” on one initiative: hiring black talent.

That will hardly come as a surprise to an industry that’s resolutely lacking in diversity. According to the US Census Bureau, 79% of financial advisors are white, 8% are African American, 7% are Hispanic/Latino, and just 5.7% are Asian.

By some measures, JPMorgan’s diversity record is better than its peers.According to its website, among its professional US workforce, 20% is Asian and 8.7% is Hispanic/Latino. It’s also making progress on gender diversity. 40.5% of US employees are women. It promotes women to leadership positions too. Within global financial services, 30% of Dimon’s direct reports and 30% of its leadership are women.

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Dimon calls for regulatory changes in shareholder letter

JPMorgan Chase & Co Chief Executive Jamie Dimon devoted one-third of his annual shareholder letter to arguments for changing regulations, particularly those on bank capital and liquidity, as well as home mortgage loan financing.

Current regulations are inconsistent and have left banks with “too much capital,” some of which could be used to “finance the economy without sacrificing safety,” Dimon said in the 17,349-word letter released on Tuesday.

He also warned that anti-trade policies could be disruptive and geopolitical risks are in a “heightened state.”

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Citigroup, JPMorgan Face Euribor Antitrust Class Action

Law360, New York (February 21, 2017, 10:34 PM EST) — A New York federal judge on Tuesday trimmed a putative class action brought by investors who say they lost money in derivatives transactions because big banks conspired to manipulate Euribor, the euro interbank offered rate. But two plaintiffs, including a California retirement fund, still have claims against JPMorgan and Citigroup.
U.S. District Judge Kevin Castel cut four plaintiffs from the suit, saying they lacked standing, as well as six foreign defendants who didn’t fall under his jurisdiction because their allegedly illegal activities weren’t tied to the U.S. He also dismissed all Racketeer Influenced and Corrupt Organizations Act and Commodity Exchange Act claims from the suit and cut three out of four Sherman Act claims in the case.

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JPMorgan moving mortgages online to please paper-weary customers

JPMorgan Chase & Co (JPM.N) is gradually introducing a digital mortgage platform where customers can apply online and track applications by mobile phone.

The tools will allow customers to submit and sign documents online and exchange messages with bank staff and real-estate agents so loans can close more quickly and easily, consumer mortgage chief Mike Weinbach said in an interview.

“This platform will allow us to be where more of our customers are, which is online and on their phones,” Weinbach said. “It is more efficient for customers and for us.”

Read on.