CNBC If anybody on Wall Street is due a victory lap, it’s Daniel Pinto. The head of JPMorgan Chase’s massive corporate and investment bank is fresh off a year for the record books: Pinto’s business produced $49.3 billion in revenue and $17.1 billion in profit in 2020, more earnings than JPMorgan’s three other divisions combined. But Pinto, who is one of two
Reuters MADRID – Spanish oil and gas company Repsol has hired JPMorgan as an investment bank to spin off its renewable unit as early as June, Spanish on-line media El Confidencial reported on Wednesday citing financial sources. The Spanish company is considering listing the unit, which could be worth as much as 4 billion euros ($4.81 billion) on the stock
Reuters J.P. Morgan was the latest major U.S. investment bank to turn positive on Exxon Mobil on Wednesday, just months after its removal from the blue-chip Dow Jones Industrial Average capped a catastrophic year for America’s major oil producers. The shift to an “overweight” rating by the bank was the first time in seven years that J.P. Morgan had outright
CNBC JPMorgan economists now see an economic contraction in the first quarter due to the spreading coronavirus and related restrictions being imposed by states and cities. The new forecast is a departure from Wall Street’s widely held view that the first quarter would be positive, with an improving economy throughout 2021. The JPMorgan economists said they expect the economy to
CNBC J.P. Morgan Chase has quietly settled a long-running lawsuit that accused the bank of manipulating precious metals markets with “spoofing” trades. And the bank is set to pay $920 million to resolve government investigations for similar alleged conduct in the precious metals and Treasury futures markets, CNBC has learned. A penalty of that size would be a record for spoofing,
CNBC SINGAPORE — J.P. Morgan Chase’s Chief Executive Jamie Dimon said he’s not against higher taxes on the rich, but a wealth tax is not the way to do it. “A wealth tax is almost impossible to do,” he told CNBC-TV18 at the J.P. Morgan India summit on Tuesday when he was asked whether he’s in favor of such a proposal put forth by
Reuters LONDON/DUBAI – Morgan Stanley (MS.N) has not been given an advisory role on the potential sale of a stake in Saudi Aramco’s pipeline business, a deal worth over $10 billion, two sources told Reuters. The U.S. investment bank, which has previously advised the world’s largest oil company, was originally looking to be part of the advisory group on any
Reuters WASHINGTON – When the U.S. Department of Justice charged a handful of JP Morgan Chase & Co (JPM.N) traders in 2018 and 2019 with alleged commodities futures manipulation, it wasn’t the first time the government had probed the bank’s metals trading activities. The Commodity Futures Trading Commission (CFTC) investigated the same business as part of a similar probe of
CNBC JPMorgan Chase kicks off earnings season on Tuesday. The bad news: Short-term guidance will be very ugly. But there’s some good news: 1) The Securities and Exchange Commission has told corporations that this earnings season is not routine and has encouraged companies to provide forward-looking guidance, and not be concerned that the information may change rapidly. This will make
CNBC JPMorgan Chase chief Jamie Dimon said Monday he expects the coronavirus crisis to include a “bad recession” and elements of financial strain similar to the 2008 downturn. The chairman and CEO of the biggest U.S. bank said that while JPMorgan entered the crisis from a position of strength and that lenders have prepared for this, the pandemic is playing out in
Reuters JP Morgan on Tuesday raised its oil price outlook and forecast supply-demand balance to tighten next year against the backdrop of the OPEC and its allies increasing output cuts and stronger economic growth in emerging markets. The investment bank revised its Brent price forecast to $64.5 per barrel in 2020 from $59 earlier, although it expects prices to slip
Reuters The largest banking lenders to the U.S. oil and gas sector are becoming more cautious, marking down their expectations for oil and gas prices that underpin loans in a move expected to put further financial stress on struggling producers, industry and banking sources said. Major banks including JPMorgan Chase (JPM.N), Wells Fargo (WFC.N), and Royal Bank of Canada (RY.TO)
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