Tag: JPMorgan Chase

Biden Admin Overcounted Job Growth Estimates by Nearly a Million

Daily Caller News Foundation
People working in an office

The federal government overestimated the number of jobs in the U.S. economy by 818,000 between April 2023 and March 2024, according to data from the Bureau of Labor Statistics released Wednesday, stoking fears of a slowdown in the U.S. economy.

Economists at Goldman Sachs (GS) and Wells Fargo anticipated the government had overestimated job growth by at least 600,000 in that span, while economists at JPMorgan Chase had predicted a lesser decline of 360,000, according to Bloomberg. The downward revision follows a trend of the BLS overestimating the number of nonfarm payroll jobs added, with the cumulative number of new jobs reported in 2023 roughly 1.3 million less than previously thought as of February 2024.

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America’s Biggest Bank Posts Another Massive Profit After Government-Assisted Acquisition

Michigan Star Staff

The U.S.’ largest bank had another huge quarter as profits soared after reaching a deal with federal regulators to buy the failed First Republic Bank in May.

JPMorgan Chase reported that, for its third quarter of 2023, net income was up by $13.2 billion, or 35%, but excluding assets acquired from First Republic, it was only up 24%, according to the banking giant’s third quarter earnings report. First Republic was one of a few banks that failed earlier this year after a bank run that shook depositors, which resulted in JPMorgan acquiring the bank after federal regulators seized its assets and auctioned them in order to maintain funds for depositors.

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Goldman Sachs Quietly Scrubs Race-Based Eligibility Criteria From Diversity Program After Legal Experts Raise Concerns

Michigan Star Staff

Goldman Sachs quietly scrubbed references to race from its eligibility criteria for a two-day “diversity symposium” after legal experts told the Daily Caller News Foundation the program could run into problems with federal civil rights laws.

The eligibility criteria for Goldman Sachs’ 2023 MBA Diversity Symposium previously restricted the program to students “that identify as Black, Hispanic/Latinx, Native American, or women,” according to a web archive from Sept. 13. The eligibility requirements no longer include race or gender, the current webpage shows, a change that follows a Saturday DCNF report on race and gender-restricted opportunities for college students offered by top Wall Street investment banking firms.

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Largest U.S. Bank Notches Massive Profits Following Government-Assisted Acquisition

Michigan Star Staff

The biggest bank in America announced huge profits Friday after previously striking a deal with federal regulators to buy the failed First Republic Bank.

JPMorgan Chase reported $14.5 billion in net income for the second quarter of 2023, which is up 67% compared to the previous quarter and 40% excluding First Republic, according to JPMorgan’s earnings release. First Republic failed in May after a bank run, requiring federal regulators to seize the bank and have other large banks bid on its sale, leading JPMorgan to acquire the bank and maintain funds for depositors.

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The Biden Admin Just Made America’s Biggest Bank Even Bigger

Michigan Star Staff

Federal regulators sold recently failed regional lender First Republic Bank to JPMorgan Chase on Monday, enabling America’s largest bank to expand even more and spurring concerns about consolidation in the industry, economists told the Daily Caller News Foundation.

JPMorgan Chase agreed to take on all of First Republic’s $92 billion in deposits and is additionally purchasing the vast majority of the failed bank’s assets, including roughly $173 billion in loans and $30 billion in securities, according to a JPMorgan Chase press release. The giant had $3.7 trillion in assets and $2.4 trillion in deposits as of March 31.

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JPMorgan Strategists Predict Stock Plunge, Recession as Early as First Half of 2023

Michigan Star Staff

Strategists at JPMorgan Chase predicted a recession as soon as the first half of 2023, coupled with a major stock market slide, in a research note Thursday, according to Bloomberg.

The strategists expected the S&P 500 stock index to decline roughly 12% in the first half of next year, before rebounding to end 2023 up 3% as inflation cools and the Federal Reserve slows or reverses its aggressive campaign of interest rate hikes, Bloomberg reported. Despite the expectation that the stock market will rebound by the end of next year, the analysts anticipated that U.S. corporate earnings would fall roughly 9% as demand slumps and economic conditions limit companies’ ability to set higher prices.

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Recession Worries Rising Among Economists

Michigan Star Staff

Recession worries are rising among economists as inflation continues at high levels.

A top Moody’s economist has predicted a recession could hit within the next two years, but others are saying it could happen sooner.

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JPMorgan Stashing Away Hundreds of Millions in Fear of ‘Powerful Forces’ Shaking US Economy

Michigan Star Staff

JPMorgan Chase stashed away hundreds of millions of dollars in cash amid growing fears that the U.S. economy will enter a recession, The Wall Street Journal reported.

JPMorgan Chase put aside $900 million in cash in preparation for an economic downturn, The Wall Street Journal reported. JPMorgan chief executive officer Jamie Dimon has increasingly warned that the Federal Reserve has been behind the curve fighting inflation and their efforts will bring the U.S. economy into a recession around the fourth quarter of 2022.

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Report: JPMorgan Chase CEO Told Biden He Needs a Plan to Increase Domestic Energy Production

Michigan Star Staff

JPMorgan Chase chief executive Jamie Dimon told President Joe Biden he needs to produce a “Marshall Plan” to increase domestic energy production, Axios reported.

Dimon met with Biden on Monday, urging him to make plans for the government to increase domestic gas and other energy sources to offset soaring prices resulting from Russia’s invasion of Ukraine, Axios reported. Dimon reportedly informed the president and his top economic advisors that additional domestic energy production is necessary for securing both American and European energy security.

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Chase Bank Fined $200 Million for ‘Widespread’ Record-Keeping Failures, Unapproved Communications

Michigan Star Staff

Federal regulators hit the largest bank in the U.S. with a $200 million fine Friday for failing to keep track of employees’ use of messaging apps, including WhatsApp, to evade federal record-keeping laws.

The Securities and Exchange Commission (SEC) announced Friday that a subsidiary of JPMorgan Chase & Co. would pay $125 million after admitting to “widespread” record-keeping failures. The bank will pay an additional $75 million fine to the Commodity Futures Trading Commission for allowing unapproved communications since 2015.

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JPMorgan Chase Bank Forces Unvaccinated Employees to Work Remotely

Admin

America’s largest bank, JPMorgan Chase & Co., told unvaccinated employees at the Manhattan offices that they must remain at home and work remotely, multiple sources reported.

Tuesday’s new rule allows only vaccinated employees and visitors to enter the bank’s Manhattan offices, a JPMorgan spokesperson told the Daily Caller News Foundation. Maks will be required when walking through lobbies, using elevators and in the company restaurants when not eating.

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JP Morgan Exec Bows to China After Joking His Bank Will Outlast the CCP

Michigan Star Staff

JPMorgan Chase chief executive Jamie Dimon apologized Wednesday for saying that the bank will last longer than the Chinese Communist Party, multiple sources reported.

Dimon said that he regrets the joke he made Tuesday morning while speaking at an event at Boston College, according to The Wall Street Journal.

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