jpmorgan
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New York (AFP) - Large American banks reported solid earnings Friday behind still-high interest rates while offering varying views on the likelihood the United States can avoid a near-term recession. JPMorgan Chase reported higher profits, citing increased asset management and investment banking fees as well as the lift from lofty interest rates, while Citigroup and Wells Fargo reported dipping profits on higher costs. Compared with a year ago, the banks have seen some uptick in write-offs for bad loans, reflecting the weaker profile of low-income consumers. However, bankers still point to a h...
AFP
Banking major JPMorgan Chase & Co.'s annual compensation to CEO James Dimon for fiscal 2023 has been increased from last year, according to a filing with the US Securities And Exchange Commission. The Board of Directors of the bank approved the annual compensation for Dimon of $36 million, compared to last year's $34.50 million. As per the filing, the annual compensation for 2023 reflects "Dimon's stewardship of the Firm, with growth across all of its market leading lines of business, record financial results and a fortress balance sheet." It also noted that under his leadership, the company s...
DPA International
Banking major JPMorgan Chase & Co.'s annual compensation to CEO James Dimon for fiscal 2023 has been increased from last year, according to a filing with the US Securities And Exchange Commission. The Board of Directors of the bank approved the annual compensation for Dimon of $36 million, compared to last year's $34.50 million. As per the filing, the annual compensation for 2023 reflects "Dimon's stewardship of the Firm, with growth across all of its market leading lines of business, record financial results and a fortress balance sheet." It also noted that under his leadership, the company s...
DPA
Banking major JPMorgan Chase & Co.'s annual compensation to CEO James Dimon for fiscal 2023 has been increased from last year, according to a filing with the US Securities And Exchange Commission. The Board of Directors of the bank approved the annual compensation for Dimon of $36 million, compared to last year's $34.50 million. As per the filing, the annual compensation for 2023 reflects "Dimon's stewardship of the Firm, with growth across all of its market leading lines of business, record financial results and a fortress balance sheet." It also noted that under his leadership, the company s...
DPA Breaking News
New York (AFP) - Large US banks reported mixed results Friday, dented by exceptional costs connected to job cuts and to replenishing a federal fund tapped during last year's crisis involving midsized lenders. But while consumer credit quality has diminished somewhat, executives continued to describe a relatively solid US economy, with talk of a recession replaced by a "soft landing" of slower growth. "We think the soft landing is a core thesis," Bank of America Chief Executive Brian Moynihan said on a conference call with analysts, adding that consumers are "still in the game" even as consumpt...
AFP
New York (AFP) - JPMorgan Chase announced Tuesday that it will pay $75 million to settle a US Virgin Islands' (USVI) lawsuit that accused the bank of facilitating Jeffrey Epstein's sex trafficking ring. The big US bank, which previously reached a $290 million settlement with Epstein's victims, also announced an agreement with former JPMorgan executive Jes Staley for an undisclosed sum. These cases together resolve the bank's remaining litigation over its embarrassing long-running association with the late Epstein. The agreement with the USVI came a few weeks ahead of a scheduled trial in New Y...
AFP
New York (AFP) - JPMorgan Chase announced Tuesday that it will pay $75 million to settle a US Virgin Islands' (USVI) lawsuit that accused the bank of facilitating Jeffrey Epstein's sex trafficking ring. The big US bank, which previously reached a $290 million settlement with Epstein's victims, also announced an agreement with former JPMorgan executive Jes Staley for an undisclosed sum. These cases together resolve the bank's remaining litigation over its embarrassing long-running association with the late Epstein. The agreement with the Virgin Islands came a few weeks ahead of a scheduled tria...
AFP
New York (AFP) - Results of large US banks released Friday underscored the boon from higher interest rates, as executives described the world's biggest economy as "resilient" but facing risks. JPMorgan Chase, Citi and Wells Fargo all enjoyed the benefits of being able to charge higher rates on credit cards and other loans, while not yet suffering as much of a hit from elevated interest payments to depositors. JPMorgan and Wells Fargo both reported huge increases in second-quarter profits while Citi experienced a drop, citing an anemic investment banking market as a drag on revenues. Executives...
AFP
New York (AFP) - JPMorgan Chase has agreed to pay $290 million to settle a class action lawsuit brought by victims of Jeffrey Epstein's sex trafficking scheme, the accusers' lawyer said Monday. The original complaint against JPMorgan accused the big US bank of providing financial services that enabled Epstein's abuse, while ignoring red flags in order to profit off of a wealthy client. JPMorgan has said Epstein himself is to blame for the atrocities, while arguing that it cut him off when the bank became aware of wrongdoing. The two sides disclosed the settlement early Monday, saying the agree...
AFP
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