39 Burst results for "JP Morgan"
Fresh update on "jp morgan" discussed on Bloomberg Surveillance
"Is firmly on track. They want to control the leverage ratio. They want to control the risk of overheating. So therefore, as they really ringing ringing in the credit, uh Role you're seeing is some softening of the mainland markets. Sandy saying that so far over the last month that was you in your work there, JP Morgan Chase, managing director and vice chairman of Asia Pacific from New York City this morning. Good morning alongside some King Lisa Kravitz. I'm Jonathan Farrow is the price action Right now. Equities, pulling back from all time highs were off by 0.16%. It's a mild move lower this morning ahead of a really interesting training week. CPR tomorrow. Retail sales Thursday JP Morgan earnings kicking off bank earnings on Wall Street this coming Wednesday. At side of that euro dollar. 1 1911 yields up a single basis 19110.1 66 57 on tens, You get some supply a little bit later and some let's finish on this one. We opened up this particular conversation by mentioning China Alley Bar Bar with a record fine. From the regulator on the hope. Well, here's the relief in the market in the pre market right now, Alabama ahead of the U. S Open up by a little more than 6% points, the hope that these issues behind the company now Yeah, I'll give the relief their job, but I thought there was a wide set of headlines there that really show a new China as well, joining us to drive forward the conversation and occur and More than our chief Asia economics correspondent hugely perceptive on the political economics in the economic politics of the Pacific Rim, and I really want to talk about something out of George Magnus is required read red flags where he talks about re balancing and reform. Do you perceive that Beijing and Mr Shi Are re balancing and reforming business over towards more of a state owned enterprise. Look, there's no doubt Tom. They certainly are trying to get the tech sector in particular back into line with seeing that over the weekend, like John mentioned there with the two point 8,000,000,005 towards Ali Baba. Auntie Barbara's thing that you know they're playing the most of its crackdown that's regularly crackdown behind them now, But China did also say true, they say, press today, Tom, but they're not all about stifling competition or innovation in the technology sector. This is kind of a reminder in a check on attack vector, you know, to get back in line that you are supervised by the central government. They don't want him getting too big for her boots but also trying to send a message because they know, of course, that they need to take factor to grow. Their economy on growing technology is a big part of China's ambitions over the over the coming years, then you five year plan, so it's a slap on the rest of the reminders to who's in charge. And I think I got the message looking at the open letter from the company and for our audience who haven't seen that yet. Let me read some of it to you this from Alibaba Following that record fine. Alibaba would not have achieved outgrowth of that sound. Government regulation and service on the critical oversight. Tournaments and support from all of our constituencies have been crucial to our development. We set a little bit earlier under his aligned, you would not get from the U. S company. I don't think facing regulatory issues here in America. For this quote, we are full of gratitude and respect and They just at the mercy of whatever the regulator wants in. These companies do anything. Yeah, well, there's no doubt it's an old, powerful, essentially controlled administration in China, Jon and when the regulators crackdown on the sector, that's what goes. We know that Beijing has been intent on reining in the Internet on the syntax giants. They've been pushing his campaign for a while now taken off, in fact, more than Children 50 billion worth of Ali Baba valuation since Last October on indicates the Ali Baba. They came around with a speedy speculation, and I think others they will do likewise, because the turns of of course, it's a risking even tougher truck down or even harder oversight and other other mention of the Vienna that the worst of this group he might be behind Ali Baba. We saw similar changes move play a nun financially, by the way, That's kind that's got to be treated now more occasion Financial holding company we regulate the mortgage bank tech company. That's another example off. China's trying to pull things in July and so two mics off Regularly oversight driven by genuine genuine concern over keeping tabs on the track there and, of course, then political control and making sure that all of the company company there one message on the marching towards the same national gold. And the justice. We think through this in real time, I would ask if there's a message here for foreign companies operating within China, But for the tech companies for many of the big players, they're just not there. They can't get in. Do you think it's a message here for how they operate internationally as well? Sure, I think there is a zoo You mentioned Johnson Look, the market in China remains very much close to say foreign companies in the tech sector. China has been opening up in terms of other sectors that Especially the financial services sector. Wall Street is making you know there, but of course you do those who speak to how these companies operate overseas. They are closely regulated by the Chinese government. Even if they are private, private companies that do we have to respond back to the oversight committee out of Beijing and that definitely interesting how the operations around the world so to speak to Certainly the virgins in the pits in the China operate versus system that operated more globally on. I don't think it's on the prospect anytime soon of China, easing up on the two regularly overall in terms of Blocking foreign competition in the tech sector, especially in its is domestic markets. We know that the U. S. China technology attention to get worse or deleted from Stryker That happened and there's a question about messaging versus reality, and I think about that when it comes to leverage in China, the equities have underperformed in the region due to a supposed withdrawing. Of leverage by the PBOC. And yet there was data out today showing that China's banks lent a record amount of money in the first three months that leverage actually, our loans increased. Is this a dissonance? Or is this sort of a slowdown? That is justification for the weakness that we've seen in Chinese assets? That is. I mean, this is the great question. You know, there is a lot of discussion going on around China moment that they do want to start tapering their support that we know what he called me back on its feet.
Fresh update on "jp morgan" discussed on Bloomberg Surveillance
"Surveillance Lookout in London for value for the training down the training week is the pub streak open in the city. You think I'm joking? I'm not look out for volume here stateside. That's been low, too. Beaches. Right now it's a P 500 futures down around about 1/10 of 1%. NASDAQ futures off by 2/10 of 1% talked a lot about the out performance on the NASDAQ. You saw that last week by almost 4% points on the week, the Russell was actually lower on the week. That's a big AL performance right now, the Russell out performance relatively speaking. Looks like this negative 0.4%. Which at the border get to the banks. Let's talk about the bank's on what we've been hoping to see this year high yield to God it better round Look, You've got it now. It's about the data. What is the source of surprise this time around upside? Surprise to the banks. Get that the banks on Wednesday. Look at this year today of 23%, JP Morgan Bank of America up 32 Wells Fargo of 34. Brilliant numbers performance so far and participating in that bank rally. Also Europe to Ana vaccinations in Europe really starting to improve. So where is the relative? Are for performance here. Where'd you get that upside? Surprise comments on I go to Tony dryer and tiny second. You get negative. If you see a recession out there. Do we see a recession out there? I don't know. I sighed and said, we see recession either not talking about getting negative. I'm talking about relative performance. It's home. You're a versus the United States say we're gonna comment on London and the pumps re opening? No. You doing stuff by the Carlyle to see when Bemelmans always always waiting for that. Here's like there's like, you know, it's like the same thing in London. It's a pubs in here. It's the Carla a pound his phrase it it's snowing. See, that's the difference between human eyes and it you go to the Carlyle and I would go to the pump. Hunt in New York for a very different life. Even more importantly, John remain will go to both remained. What got the fire gets? Remind me just a second. Let's finish on this in the bond market. Lisa running through the supply time to supply through today and through the weakest Well, 10 year, three year a little bit later today, your yield right now 1 66 40 on tens on thirties unchanged at 1 30 to 94. I like to think remain would be in the pub with me, Tom. Not in the catalog. So you think it's that kind of guy? My kind of guy, not your kind of girl. I think it comes to the pub with may remain what you think. All right. Well, don't make me choose between you two. You're both. Wait, wait..
Fresh update on "jp morgan" discussed on This Week
"As 37 in February is higher than 20 is now 17 into the end of the first week of April. So really coming down there, the interest rate environment How does that stack up? That's going to be much better for the banks. I mean, they loan money out at one rate and get toe get money back at another rate That's gonna be to their advantage right now, right? Yeah, absolutely. I mean, that's the thing that the banks right now do you have a lot in their advantage? Right? Last year was a big fear about how the pandemic would really play out for them right And they had reserved so much and loan losses and, you know they're also facing tighter accounting standards. Interestingly, he did, And you know what? When Jamie Diamond put out its annual letter he named Pacific set of issues for the bank, and one of the issues was those new accounting standards. What he's trying to explain investors is, regardless of what those accounting standards are that the bank is going to be conservative and really plan for the worst case scenarios And you know, the more they give you a rosy outlook. You know, you can expect that to be still conservative, especially given that with this economy right now, we're not out of the woods yet, and there are areas of borrowers that are still facing significant stresses. You read through the entire letter from JP Morgan's CEO Jamie Diamond, and my Hat's off to you because it's pretty long do other CEOs from banks. Issue annual letters that gets so much attention as the one that Jamie Diamond issued. You know, I must love all my Children equally, so I've read them all. I read them all. And also funnily enough. It's not even just taking Morgan CEO that put that a letter. All of his deputies do as well. So you know, you have much more than 66 pages at the end of the day. You know? Yeah. Jamie Diamond letter gets really outsized attention because he is, You know, just so many people more than a bank CEO, right? He's kind of a stage on the market, but also people looked in to be, and he has taken on this role himself to be a guide in corporate America on what best practices are when it comes to social issues, everything from climate inequality because you know, at the end of the day, this bank operates in so many communities across The country. And you know, the example he gave is, if you're running a small business, you know you make sure when there's ice outside teammate Sure your doorstep is still not to be put salt on the doorsteps of people don't flip. You know, you take care of your community and J. P. Morgan was trying to take that same tact. Okay, Um, you know, specific to banks who's going to do well as anybody expected to do poorly. Just give us a preview of the earnings. You know, the one thing I would watch for it. Forest doing poorly goes, you know, Citigroup in Wells Fargo's still are facing You know, um, their issues with regulators, right? You know what happens for Wells Fargo's asset cap. If investors learned that that could, you know, not be a problem for them. Student read some of the later it would be amazing for Wells Fargo. Um if they have other issues that they're still contending with, And then that would be a problem for Citigroup as well. They they're actually trading more cheaply relative to their book value, then all of the other big banks Right. So, um, that shows you those regulatory issues are weighing on them. So some clarity on how fast they can clean that up and how fast they can, um, you know, move to the other side and earnest CEO who will be making her first appearance as CEO on a.
Fresh update on "jp morgan" discussed on This Week
"Hmm. This is Bluebird Daybreak weekend. Our global look at the top stories in the coming week from our daybreak anchors all around the world and just ahead on the program, the state of the U. S banking industry. I'm John Tucker in New York. I've brought your hearing in London where we're looking at the reopening off the economy here in England, according to Boris Johnson's black Brian courtesy in Hong Kong. The trade numbers coming in China and how it relates to cotton in Xinjiang. I'm Amy Morris in Washington, where officials are looking for ways to resolve the global semiconductor chip shortage. That's all straight ahead on Bloomberg. Daybreak on Bloomberg he live in three. Oh New York Bloomberg, 99. 1, Washington, D. C. Bloomberg, 1061. Boston, Bloomberg, 9, 60, San Francisco, Sirius, XM, 1, 19 and around the world on Bloomberg radio dot com and by the Bloomberg business out Hi, everybody. I'm John Tucker. Let's begin today's program with a look at bank earnings coming up what it all tells us about the future of the U. S economy and for more Let's bring in Bloomberg's Shonali Pasic, Shali. We have. JP Morgan Chase, Wells Fargo Bank.
Federal Reserve Bank of Philadelphia president on effect of pandemic on employees
"Indicates many workers are ready to give up their paycheck and say I'm out of here I quit. A Microsoft survey of global workers finds the majority feel they're struggling or just surviving and pandemic work conditions and a large percentage you're considering leaving their employer this year. Same survey shows. Most business leaders feel the employees of thriving Federal Reserve Bank of Philadelphia President Patrick Harker says the problem is obvious. Workers want a feel like they're valued and that they're rewarded for their work. 46% of respondents say they're planning to move to a new location this year, a reflection of the greater flexibility to work from home. 41% say they're mulling leaving their jobs. JP Morgan boss Jamie Diamond says a lot of the problem is remote work, so it's hard to think okay, culture and character and all those things When you have the zoom world, 18 to 25 year olds are faring the worst. Researchers theorize their feelings of isolation or higher because they're more likely to be early in their careers in single, Quite Jared
Bank Stock Rally Shows Few Signs of Faltering
"Other moving higher, Nathan and considering bond yields arising as well. That's not exactly a surprise. You know, it's all about the Federal Reserve's decision to uphold their near zero interest rate policy and to keep buying bonds at their latest meeting, which concluded yesterday. You know you got Bank of America Shares up about 2% in early trading city Group up 1.5% JP Morgan Chase up 2% and Wells Fargo higher by more than 1% alphabet. Though Dan one half percent, its main unit, Google will have to face a lawsuit that accuses the company of illegally collecting data from users of its chrome browser after they opted out. US judge denied Google's initial request to throw out the case. We just got that news just this
Tech Stocks Sink in Early Trading as Bond Yields Climb Again
"Let's get over to Dave Wilson. Right now. He is in the studio with a look at stocks. Dave We're not seeing a lot of movement on the index is, but what do you see under the hood? Well, I mean, you've kind of got big tack on one side and big banks on the other. That's how things are kind of lining up in early trading. So you look at what's lower in the S and P 500. You see technology Chris Apple Microsoft fitting in their communications services, Google's owner, alphabet as well as Facebook, and then that consumer discretionary category where you find Amazon dot com and Tesla's so you know, that's one side of the coin. The other side's what's going on with the banks. You know, we're seeing Bond yields move up and bank stocks kind of going along for the ride, and we should point out yesterday. KBW Bank Index, which tracks 24, the largest U. S. Lenders, broke a record that had stood since February. 2007. So it's like the banks are finally getting out from under the shadow of the financial crisis. If you look at their share prices, and by the way that KBW index is up 2% today, and we're seeing gains of on that magnitude from JP Morgan Bank of America, Citigroup, Wells Fargo and Maura's, So you know, it looks like You know, we kind of got, you know, the kind of classic on the one hand on the other going on in early trading. And what you get out of that, in terms of the broader market is not a whole lot of direction mean some weakness, But you know, the S and P 500 actually coming off its early lows at the moment. Have to have a guess. What we've seen today is another example of that trade We've seen recently. You know what bond prices trade off interest rates push higher, and that brings the NASDAQ down with it. We're seeing that again today. Oh, yeah. I mean, that's you know, sort of how things are lining up at the moment on them beyond that, though, I mean, you look at utilities in real estate, you talk about the areas most sensitive to higher rates. They're actually up a bit. In early trading. You look at their S and P index is higher by three tents for percent. So you know that's kind of uninterested contrast and you know, they kind of puts them in the metal, arguably between big tank and big banks and big tech
Zuckerberg part of $100M ‘California Black Freedom Fund’
"Organizations and corporations have launched the California Black Freedom Fund. It is a five year $100 Million initiative that the group says will provide resource is too black lead organizations in the state aiming to eradicate systemic racism. 25 thunders include philanthropic groups of Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan. Philanthropist Lorien Powell Jobs as well as JP Morgan Chase. The group says the fund aims to address what they call the history of under investment in black lead organizations. Report
Hi Lo Silver
"Taiwan is a director and global markets. At the bank of montreal. He wanted us to stress. his comments. reflect his personal opinions and are not the official position of the bank of montreal. So i asked him to give me his thoughts about the very essence of silver. Sometimes we call in our circles the devils metal because when it moves it can sit for a long time and not wrote but when it moves it can move rapidly and with a certain amount of viciousness fed devils metal sunday commodities trading seems way more exciting than it usually does like the devils metal sounds very treacherous so there are several theories that have been bouncing around the market now a bites spike in silver. And why it happened and who is behind it and let's not forget silvers. Thirteen percent swing oviously pales in comparison to the nearly five hundred percent jump in price that game stop stocks or last week. But that doesn't mean that there weren't any casualties in the silver market. Yes there were winners and losers ryan. I asked tie with a maybe that was the whole point. That like with game stop stock. Some traders might have tried to talk up the price of silver with the aim of hurting some big wall street players who are in the silver market. So that's the first theory and it was one that tired hurt as well. The stories made. It's made its way on reddit. Which one was that j. P. morgan was desperately short Silver and would have to cover. This was a way to get a j. p. morgan which is The biggest bank in the united states that conspiracy theory has been around for a long time. It is also a canard jiffy morgan's one of the biggest bullion banks in the world. They lend lot of metal out but they typically do not lend it out uncollateralized they lend metal but you have to give them dollar so while they may be short metal in a location for a short period of time. It's never anything that could come anywhere near to bringing a major bank to its knees much less. Jp morgan so this was already going after j. P. morgan no j. p. morgan not in in the crosshairs got it so theory to then so those. This bows going around. Maybe some of the short seller's who got squeezed on game stop last week have been trying to distract what ty likes to call the red legions to shift their attention and their money and their trading activity to silver. That seems a little farfetched. I think if you were short. Jimmy and amc Entirely consumed with trying to make sure your position workout. You had enough funding the hold as long as you could. I'm not sure if those would be the folks who would open up another another front in the in the war. So to speak against the raiders. You can't dismiss it completely out of hand but that seems fairly unlikely so this wasn't like the short seller's strike back no okay well we'll maybe not or maybe it was just a bad strike maybe just about strike strike so theory three then that some traders who long silver which means that they own it an expected to rise in price. Maybe they kind of infiltrated the the red at message boards in order to jack up the price of silver so that they could then make some money. Yeah they they were like double agents kind of double agents in the market. Exactly that you know. That is an appealing narrative. If you're if you're long and you are and you're trying to push the market with with news like this even though you could certainly great reddit account and use a vpn and try to keep your anonymity. This would clearly be considered. I think mark manipulation. Now i'm not an attorney but this type of thing that might lend a a clever entrepreneur. A long stay in federal penitentiary in. That's pretty that's a pretty steep price to pay if you're a silver traitor and you join read it and say like hey everybody jump into silver. You literally go to jail. You could literally go to jail so that seems like the stakes are a little bit too high for me. That is a high price to pay for the devils medal and indeed. So it's maybe not that either but the fact is that something did happen to silver this week tie. It was like a combination of rumors and the willingness of silver traders to grasp this opportunity that was presented to them by this price surge the mindset of market makers and many traders are. Oh you want to push it. You push as much as you like and once you're done we'll see where we end up in It will go on it. We'll go on trading and doing what
Tech Giants Join Corporate Reckoning Over Political Spending
"Is looking at money in politics in a new light. Ah growing list of companies is pausing some political spending after last week's violent attack on the U. S. Capitol. Among them are tech giants Facebook, Microsoft and Google and big banks, Goldman Sachs and JP Morgan. Full disclosure. Those five companies are among NPR's recent sponsors. NPR's Alina Cellucci reports. One after another. Corporations piled on one trade group called for the removal of President Trump and not just hanging group, the National Association of Manufacturers, a longtime supporter of Trump. Many of the tech and banking giants halted all their political giving, at least for a few months. Marriott, Comcast, Airbnb and others stopped donations to specific Republican lawmakers. Those who fought the certification of the election at this moment right that this crisis moment they sensitive, really important signal. MEREDITH McGee. He's the executive director of issue one and nonprofit that works to reduce the influence of money in politics. You just can't really over emphasize the role that donor Play in the current political calculation, and it's unusual to see so many companies on their own without a campaign to pressure them publicly address how they contribute to the current political state. But there are caveats. This is often the moment when many companies reevaluate their political spending right after an election. Plus, there are many ways companies make political donations. All the corporate statements now are about their official political action committees, but there are also super PACs. And tax exempt groups that don't have to disclose donors and a lot of corporate spending flows from individuals like executives. The biggest question is money in politics groups ask. Will this flurry of corporate reckoning be an epiphany or a fat Alina Cell yuk NPR news?
Bitcoin Will One Day Hit $1 Million
"Bitcoin blowing through new records today. The crypto currency gaining thirty three percent. This week alone in case you missed it. Wargin creeks anthony. Poblano join us last night here on fast. Listen to what he said about. Bitcoin is headed. If you really think about the technology world we talk about ten x improvement props. Bitcoin is at least ten x better than gold in every way. And so i think that if you just think of a bitcoin product that has to expedite and mortgage cap kind of follows that that would put bitcoin at a million dollars. Coin right just two golds market cap in case you thought you heard wrong. That's a million dollars. A coin became. We're specifically talking about j. p. morgan's known on on Bitcoin from earlier in the week and they were making the point that there have been outflows from gold inflows. Bitcoin as bitcoin has ramped and so the notion is that bitcoin would be a replacement. Are you on board that because that seems to be the main driver these days For the bullish thesis on bitcoin. Yeah i think listen. It's digital goal that narrative has taken off this year among the institutional community and just to put a couple of numbers around that so we have gold. Roughly it's market. It's total value is about ten trillion bitcoins out about seven hundred billion eight hundred billion right now. That jp morgan not talked about if all of the money came out of gold into bitcoin. That would be somewhere around two point seven trillion dollars. So that's probably almost. What a quadruple from the price. From where we all right now maybe a little bit more a quadruple puts you at j. p. morgan's price at one hundred and forty six thousand. So it's not necessarily a reasonable. My only concern is when you you know. And i think pop made a great point. My concern is when you have these these these big upside targets then. People say hey. I'm gonna just going load into it here and i just. I've been doing it for years. But i remind people. Bitcoin has months where it's down thirty forty percent so you could buy a forty thousand today and watch it go to twenty thousand and that would not be unusual and we should make the point to that. Anthony made clear that you could see wild swings on the way to a million dollars a point up twenty percent or down twenty percent or thirty percent for that matter. Cape fat kate. I imagine that your clients are inquiring. I mean this has got to be on everybody's mind so how. How do you approach that honestly. Melissa bitcoin is not my joint jealous of the people who are in. It made a lot of money. I don't get. It doesn't make a lot of sense to me and why bitcoin if you say cryptocurrency generally cage supply-and-demand. If bitcoin is doing that well it will attract other crypto currencies. So i'm gonna sit on the sidelines on this one.
Haven will shut down, ending joint healthcare bid by Amazon, Berkshire, JP Morgan
"Started by Amazon. JP Morgan Chase in Berkshire Hathaway is dead. Executives Jeff Bezos, Jamie Diamond and Warren Buffett launched it three years ago, hoping to transform health care. And reduce costs for workers that their three companies, The Wall Street Journal, says havens goals were too ambitious. It also lost leadership because of the pandemic. You may be paying more for
Haven, the Amazon-Berkshire-JPMorgan venture to disrupt health care, is disbanding after 3 years
"Ventures started by Amazon. JP Morgan Chase in Berkshire Hathaway is dead. Executives Jeff Bezos, Jamie Diamond and Warren Buffett launched it three years ago, hoping to transform health care and reduce costs for workers that their three companies The Wall Street Journal says Havens goals were too ambitious. It also lost leadership because of the pandemic. You may be paying more
Haven will shut down, ending joint healthcare bid by Amazon, Berkshire, JP Morgan
"Amazon. Berkshire hathaway and j. p. morgan say they're ending their joint. Healthcare venture haven just a few years after its founding. He even was launched with the goal of reducing healthcare costs for employees of those companies. But it showed few signs of impact. A spokeswoman said the companies will continue to collaborate informally in the future haven will cease operations next month.
Haven, the Amazon-Berkshire-JPMorgan venture to disrupt health care, is disbanding after 3 years
"New England business. The healthcare venture created by three corporate giants to attack storing care costs will will be be shuttering shuttering only only a a couple couple years years after after launching launching A A statement statement from from Haven Haven says says it it will will end end operations operations at at the the end end of of February. February. The The venture venture was was formed formed a a 2018 2018 by by Amazon, Amazon, JP JP Morgan Morgan Chase Chase in Berkshire Hathaway. The independent company was created to focus on improving care delivered to employees of those businesses while doing a better job managing The
Jack Leahy - Enterprise Ethereum Alliance
"Jackie young the membership director for the enterprise. Enduring alliance really happy to be here today. Thanks for having me on again gently at the ea. The is really focused around enabling organizations to adopt and use during technology and their daily business operations really focused on empowering the ecosystem more generally within the overall you dear ecosystem manda Personally from background. Perspective and come from the world of the world of enterprise technology consulting and sales. I've done a number of large implementations and deployments with a number fortune five hundred organizations are spending across from a devops strategy to cloud operationalisation to supply gene inventory optimization via learning models and artificial intelligence and so i have a pretty widespread enterprise consulting background as i had mentioned most notably around the microsoft stack but have done work across long. Vm ware Across most of that relatively traditional it architectural stacks and twenty seventeen. I started to get more and more interested in crypto decentralized computing space and starting to get more interesting more interested overall for me he perspective and starting to pay really close attention chew how many enterprises and the people that i was interfacing with were really developing on ethereal and the overall platform and again The most recent that i had had was focused on consulting around service now and the mic stack and i saw how much microsoft was investing in jail their azure. You're deaf jet predicated on the theory ecosystem largely and i started just pay more close attention to began. How many organizations were really building with any theorem and had the opportunity late in two thousand nineteen to go head first into the game ecosystem and within the blockchain world and Got the opportunity over as a membership director at the ea starting in january and so twenty twenty has been quite an interesting year and been really needs deep by ever since really glad you were able to make it to the podcast. Today excited to hear about What you've experienced the sarum ecosystem and what things are going on at the ea. I don't. I don't know a ton about the serum enterprise alliance. Maybe a little background My perspective there wasn't much Thoughts about win crypto first came out you know of of making this Really tailored to enterprise Until a theory. I'm came out with a smart contracts and and things of that nature and then bencher price base really took to a theory in ways that i didn't imagine Initially it could you tell me a little bit more about the and what it is and who are the members and how how does one become a member. and they ultimate goal of the organization. Absolutely see that's about saddening and you're you're spat on as far as enterprises building any theorem. And i think that's largely predicated on many of the technological foundations the backbone of ethiopian and it being more of a developer focus application tom development focus blockchain competing system and as a result of that. That's why there's been such widespread adoption From enterprises and more emerging technology organizations like And from an ea perspective Really rigid with some founding members Back in two thousand seventeen Some of those included consensus. Gp morgun intel a number of others. Who are still very involved within the. Ea is well as a number of other organizations and what they're really focused on is having an ecosystem of best practices to build within the theory. Him from both aig Private permission boxing. Perspective to public may net perspective as well and The as was largely built dine. The enterprise theorem specification which we are now nearing version. Six of it and the specification is finalized. Which we're really proud of and that's really kind of morphed into the whole genesis of like corum that's been bill dead consensus and jp morgan. I'm now Formerly done under consensus. And that's where a liar lot. A lot of the work had been predicated on in the past and organizations. Join a again just to be with really like an expert network of people to kind of collaborate on the things that they're challenged with within their organization and how to take Some of the the internal capital and resources that we have our disposal and how to leverage that more effectively within one's own business and so we've seen a number of different creations within the ea from quorum with large built within the token taxonomy initiative free cell framework token taxonomy and building out smart contracts were actively from the business protocol which is hugely important right now and his gaining just a ton of momentum and excitement within the industry and now more again bringing in die each us which were incredibly excited about in. That was just announced on this past month on largely focused on creating registry around safe smart contracts so that users and customers that interface with can be more confident and reliable within the smart contracts that they're leveraging utilize utilizing a Let's go back to core. Would you say that is kind of the biggest win for the enterprise space and What what exactly is core. My i have a a little bit of understanding that it's was developed. I think initially by j. P. morgan chase and then Be behind consensus to do it and Now j. p. morgan chase Purchased that aspect of consensus. Are they working together. and corum is kind of a. It's a side chain to a theory where or is it. Is it a a completely separate based off of theorem blockchain. I wanna make sure. I do justice of this and i know that the consensus team and some others within the ea could even speak more intelligently and effectively to this but quorum is really built on like a is a private permission chain built on the enterprise etiam specification and so a number of organizations developed best practices around in enterprise etiam standard that could be trusted and relied upon within organizations and A number of these organizations where the kind of the genesis and the create creators of this and jp morgan was largely behind the creation. Corum early with In collaboration within members of the and notably consensus of course. And as of just over the last quarter i would say consensus acquired that in full and now is perjury even more closely with. Did you be more again arching team if you will Largely led by christine. Moy and the honesty in there and there's been a ton of exciting announcements relative to what their team is doing right now but Consensus has now brought in corum And what we're seeing within the industries who such a big movement Around utilizing obviously the public made net and many believe that that's the future will continue to collect you but what we're seeing is actual in live production. Instances we've seen the most modern work around enterprise right now and consensus has been a large driver behind that as well as a number of other organizations consensus driven that in a large way up to this point in time.
Airline Cards Lose Luster as Coronavirus Persists
"Do either of you have any airline credit cards? Yes, I've gotten American Airlines one doctor. I don't know. Have a Delta one and a blue one, actually, um Question for for both of you, I guess for Mike, So you've got an American Airlines one. Is that a card that prior to this year you used heavily on a regular basis. Know when I had kids, I switched almost all of my spending over to a 5 29 Rewards credit card instead of in airline credit card. I paid the annual fee at this point, mainly because it gets me free checked luggage on any of my American Airlines flights for myself, and I think up to three other passengers, so for me You know, family of five. If we fly one time a year, the credit card he pays for itself in chucked in checked bags, But you've made the selfish decision to prioritize your kid's education over your own travel. Correct, Very selfish. I'm sorry to hear that. You know Honestly, what the reason I ask this is that these these airline credit cards are big money makers in a number of different areas. The first is a lot of people don't realize this, But let's say that you get apart. Let's say you apply for one of these new airline credit cards, and there is a 60,000 mile bonus that goes for the jet blue water for the Delta one. Those miles don't just materialize out of thin air. What we actually end up seeing is that the bank that issues that card whether it's JP Morgan, whether it is Barclays whether it is Bank of America. Whoever is issuing that card pays the airline for those miles in order to generate the bonus. And so these bonuses can be very lucrative for the airlines. Because you know if you will get the cost the average cause if you're looking at the price on these miles Generally, the ballpark is anywhere between one and two cents per miles. That means on a 50,000 mile bonus, the airline that is offering that bonus is picking up anywhere from 500 to $1000 in revenue just by virtue of someone signing up for one of those cards. It's a lot of revenue and they don't have to fly anyone in order to generate it. So they get all this revenue and they don't do anything. It's just okay. Here we go. We've got a potential liability in the future. What they earn. This revenue was Sorry. You don't have as many people signing up for these airline rewards cards and the reason why is look, you just don't have that many people traveling. So why would you sign up for a brand new airline Rewards card? If you're not gonna use it any time soon, and with the potential of devaluations coming for these rewards programs as well. So a couple things there. I would think right now that the airlines are enticing people and maybe offering I actually know that they're offering. You know extra mileage rewards If they devalue those miles on the tail end of this, That's a different story, And I think they might, but I think that some of them are offering additional miles Chuck in your case. Are you paying annual fees on both JetBlue and Delta? The credit card. Yes, I am. Okay. Have you thought about cancer? I mean, you haven't flown at all this year or at least not since pre pandemic. I'm guessing you probably won't fly until May or June of this year. I flown once this year. Actually, no, that's not true. I flown once pre pandemic and once post pandemic s, so it's actually paid for itself even this year, but generally speaking, all fly You know 3 to 5 times a year. Are you able to justify those fees? So I've actually spoken to the issuers and gotten the majority of those fees refunded? Um, just because they get like you just say Look, I'm thinking about canceling this card. I'm not using it, They'll say OK, like either they'll offer you additional points not so much right now because they don't want to be spending the money order to say OK, we'll reduce your waive the fee for the year. But I wanna be able to keep him for the long term because they have things that are attractive based on you know, our travel plans and things like that. So, um the other piece on this is It's not just the airlines that lose out on a little bit of business. You also have the payment network so place you know, cos like a visa or in American Express. If individuals start using debit cards, which they're using Maura of and less credit cards, fewer credit cards. What you end up with is a situation where the interchange fees that normally would be collected on that credit card usage. Those don't end up getting paid out. And so it creates a little bit of a wrinkle then for you know these these issuers now They obviously are able to make that up with the fact that hey, people, you know, are using cash way less this year. And so maybe they're just not using the travel cards as much. But we saw here was that traveling entertainment purchases were down 69% year over year on Amex cards and 70% on Visa cards compared to a year ago for the last quarter, So obviously they're seeing a big change in volume there, then that means you know fewer interchange fees collected for these companies.
PNC to buy US unit of Spain's BBVA bank for $11.6 billion
"PNC Bank is about to become the nation's largest regional bank after agreeing to buy the U. S operations of a lender based in Spain. The price tag here is $11.6 billion Regional lenders have been looking to bulk up is larger rivals like JP Morgan Chase and Bank of America, expand their digital offerings and move in two more states.
Pandemic's total cost to America: $16 trillion
"19 pandemic will end up costing the U. S $16 trillion.4 times the cost of the great recession economic shutdowns or half the total. The rest is health losses. The curtain rises tomorrow on third quarter earnings is JP Morgan Chase and Citigroup report. Pandemic related loan losses will be front and center. Analysts think the four biggest banks set aside another $10 billion in the third quarter.
Is It Time to Get Bullish on Banks?
"Welcome back to fast money banks catching a bid today in the back of a pair of upgrades, Goldman Sachs and Wells Fargo. But the group is still underperforming the rest of the market this year and it's still about twenty five percent off of twenty twenty highs. Karen actually bought some banks today which ones Karen and why. Well. As you know I am long. Bang. Same Long JP Morgan Citi, Bank Wells Fargo and Bank of America. But I added to GP Morgan today and this is really a trading position. So I had calls and call spreads just expiring October Sixteenth. So I'm really just playing for earnings and I think it's setting up well into earnings because the stocks have traded terribly they've actually been a hedge on my making money on any other parts of the portfolio they kind of hedge that out but I think that expectations are so low now that. The. Bars Low I. think there's a good chance they feed. PHYA fairmount and if they don't, I don't think there's that much more downside here. But I'm just playing really for the short term I. Think this is too low for earnings and it's coming up October thirteenth they think they'll all be that week. You know I know you you saw this Wall Street Journal today Dan but I think that the headline of the essence of the headline really captures the that the bank's Love the markets in twenty twenty but the markets don't love the banks. Yeah I haven't listened. It seemed like an easy trade most of the year to fade every rally in the banks and they're having. been too many dramatic ones. The massively outperformed the broader market here to me. They were showing some relative strength, the beginning of September. But then there are no shortage of headlines I think the banking it goes back to some of the things that we were just talking about the rates where they are go the exposure to. loan-loss defaults and bankruptcies that sort of thing I mean they have a lot of exposure there and I think they're more reflective of main street, then Wall Street, and if you look at the performance from the investment banks who've been benefiting from all from the lower rates and all the stimulus monetary and everything, there's a huge spread there too. So to me, I think you could see Bankamerica back at Twenty I. think you see JP Morgan back in eighty I think you could see Morgan Stanley. Back Forty Bucks I think that they have one more leg lower, but to Karen point that mid October week when all of those banks that make up maybe half the weight of the XL laugh report is there a trade there I just don't know if you start that trade today on September twenty third for October sixteen
Bank stocks knocked as Suspicious Activity Reports come to light
"Bank stocks getting crushed today a new report about the big firms dealing suspicious finds Wilford. Frost Scott the details wealth harmless. So Bank stocks were down sharply today following large declines for their European counterparts, Deutsche Bank for example, closed down nine percent on European trade. Standard Chartered down about five percent both hitting twenty five year lows in London trade earlier US banks ended up down about four percent. This is in part due to investigation by the International Consortium of investigative journalist that highlighted suspicious activity from various banks in the past specifically money laundering following a review of more than two thousand, one hundred reports filed by the US Treasury financial crimes. Enforcement Network a slew. Mentioned including I said HSBC Bank Standard Chartered JP Morgan and Bank of New York Mellon amongst others clearly, this activity is embarrassing for the banks however important to note in the past and that government and regulators were already aware of these details since suspicious activity reports by their very nature all reports between the banks and the government in the first place for example, for example, Deutsche Bank told me this is not new information to us or regulators Today off therefore much more down to the broad cyclical selloff linked to covid economic headlines, and also that Supreme Court news further making a stimulus bill less likely something that banks are disproportionately reliant on compared to some other
Apple China iPhone sales jump
"New iphones on the way, current iphones appear to be trending up in China. That's the word from the China Academy of Information, and communications technology by way of apple and CIDER. Well by way of JP Morgan analysts Samir Chatterjee by way of Apple. Insider. According to the peace while domestic Chinese manufacturers saw their shipments rise about eighteen percent month over month shipments of smartphones produced by foreign firms and primarily apple. Rose. Fifty six percent over the same period. The Way Chatman season improving shipments of smartphones could calm investor worries over a possible slowdown for apple in China.
"jp morgan" Discussed on CRYPTO 101
"In a wet decisions recommendations being made by bankers daily basis. It's probably the rights prudent in cautionary approach for Jamie. So actually can have reflect about how bitcoin is certainly an asset cloth has some some real developmental problems because it was immaturity. And then at the time, it was purely speculative for many policies in actually was born out to be true in so far is you know, one could argue that were in the reasons that there was a run up on. This was speculation ahead of the launch of the futures on the CBO a so I mean, I think that's the more the reality. I there's a lot of narrative about how you know one. Jamie Dimon has ramped up or suddenly he's been he's he's set barrack speculations on bitcoin. But the same time to be Morgan has been seen to have another bitcoin as well. So the accusation is effectively he's been speaking out of his two sides of his mouth for some kind of prophets related game. To subscribe to that theory. You have to subscribe to the belief that Jamie would be really putting the whole reputation of P Morgan at risk in order to make a quick buck from from profiting in bitcoin, and I think that's November's ever done that. It just it being strange asset costs for him to pick given this as a rounding error on on J P, Morgan PNL mole likely what you have to think about is actually because of a little bit banking rose organizations onto loud to do proprietary trading. The Muth allowed to effectively make trades casino. So it's more likely that a large organization like P Morgan is managing on Hof bits clients, some allocation of bitcoin, probably under a private banking relationship. And it just so happens that there was a cell that was performed on the instruction over climb within the marketplace. I think that's probably a little bit more believable than JP Morgan is out to somehow hijack bitcoin because it's worried about how that's gonna make inroad into its business..
"jp morgan" Discussed on Recode Decode
"When you get to a certain scale, is that we had a working capital issue where we had all these millions of units on order from our channel partners. We had a manufacturing base that needed to build up the supply chain while the components, tooling, all that sort of stuff build out that production capacity supply. But you need cash to do that and it is extremely costly. And you've got a front load a lot of that cash and and giving your startup no manufacturer really wants to give you big credit or anything like that. So we scrambled in early two thousand thirteen to figure out how do we get this working capital cycle figured out. And we did a big debt deal with fortresses Silverlake, JP Morgan and Wells Fargo, and that was part debt, as well as you know, asset base lending. Facility, and it's something that you know, lot of technology companies don't traditionally do that much because you know there aren't that many hardware startups needed the cash. You need the cash, and that's one of the things that happens with a hardware company is you've got to like if you have a successful product, you hit another wall, which is how do you fund all that growth efficiently and equity is not the way to do it. So the thought then was into those thirteen was, let's do this big debt round will pull the whole thing together. It'll get momentum back in. Yes, we had great momentum and we're back ordered, but we actually needed to fulfil it get the revenue machine going, and then we would go pay that debt off. So rest tesla, but go ahead, risk version. I feel for a lot of the scaling issues they have. I mean, obviously it's on a much smaller scale, small product, but it's not that dissimilar in terms of like the fundamental issues that you face. Right. And you're doing new things. So there's new manufacturing processes you wanted? Sure quality, it's it's complicated. So anyway, so we're doing all that. That's thirteen. And the idea was we'd get the momentum back through. The the sort of working capital injection. And then at the end of that, we would do equity raise, which would you know, kind of pay off some of the debt, and then you know, create the the next wave and we, you know, sail off an indoor things. So at the end of two thousand thirteen being in two thousand fourteen winded up doing deal and we had to deals on the table..
"jp morgan" Discussed on Bloomberg Radio New York
"Well i mean jp morgan definitely they they are they're getting more deposits they're making more loans they're trading their helping their clients trade more equities more fixed income dominating the flow trade air dominate their dominating a lot of these areas not just on both sides you know the loans and stuff is is actual real banking commercial banking that we care about and and then the trading side is is the banking that's that's also critical and they're dominating both and this has been very consistent j p morgan quarter after quarter they do better than everyone else it when markets are down and the revenues are down days there's declined smaller than others so they remain managed to remain on top so j p morgan story is is very positive again they're making their net interest income is up ten percent there are always is fifteen they're tangible increase their target yes and they're they're hitting those target i mean they're doing great the return on tangible equity is almost twenty percent those are very impressed commu used to wells fargo in in thirty seconds wells is not doing that great i mean well for one thing they're they have this horrible punishment that that they cannot grow their assets which means they have to shrink some things when they tried to grow anything so their loans are down there net interest interesting come down their net interest margin hasn't changed but that's because they're doing great you know like as interest rates rise they make more money but but they cannot grow which is the most important business for them wiles story had been more loans more deposits just like jp morgan we said but now whilst can't do it because regular is told that they cannot so they're stuck and they cannot make much more money when they grow.
"jp morgan" Discussed on Slate Money
"A massive financial institution city and jp morgan can't make as many can't fund is much of their business with debt they have to be a little safer so your trip essentially what you're doing is you i think i what you're aware i can i can i just cecil this yard eight quite easily because i really feel let you a talking at crosspurposes me out of it that analysts saying to the extend the city and jp morgan are acting as custodians those assets an only those assets should be covered by these new rules and jordan your saying we con apply these these new leverage requirements to the entire affects the city and jp morgan and then you you bowler again byte so effect but what you're doing is your effectively lowering their whole average requirement by taking by taking that cash out of their weights calculated you're you're giving you are allowing them to play with more debt than they can't now that sort of how it work that's how can work out in the end and even if it's act even if like that seems fair because that cash to shouldn't be part of the calculation it still it just if you've act is entered if you've accidentally put stricter limits on j p morgan than you thought you originally needed that's fine by me because the original limits they thought they need to put on these banks during doddfrank frankly didn't seem strict enough i would just say that i do agree with you i think either don't lift these requirements for any any bank whether it's a custody bank or not or lift them for all of them i do think lifting them make the system safer because right now the way the system is set up your.
"jp morgan" Discussed on The Majority Report with Sam Seder
"Now if you think or actually increase their leverage reduce their leverage requirement if you think that city group and jp morgan chase are wildly over capitalised and need to to be unshackle to take on more risk than that's what you're voting for in this bill that that that that citigroup and jp morgan chase should have the opportunity to make their case that they should be able to load up on more wrist uh uh in in the financial system the other piece that uh citigroup there's been lobbying for which they did get is a little more technical but it allows them to use uh municipal bonds to cal as as highly liquid assets in case they do get into trouble uh they could they they can count them under what is called the liquidity coverage ratio and uh that's supposed to be a test of how many liquid asked that you have if you do run into a crisis and these are liquid assets you can write that lost very quickly and easily uh any bonds are very thinly traded difficult to trade them uh and the idea that are liquid assets is very dubious and this also shrimp particularly in particularly in the instance if there is a cynic crime exciting crisis the idea you're going to sell those merely bonds and so the people i understand basically th this is due to the two things that are going on here it's basically like saying um uh you know.
"jp morgan" Discussed on Bloomberg Radio New York
"Of trying luxury automakers are finally figuring out how to appeal to women by not trying too hard that's in our pursuit section but fast we tend to be meg business week editor in chief joe weber to hear about some of his favorite stories in the magazine and you'll let's start in the business section a story that really fascinated came at a couple of weeks ago but it's about a try sector of individuals wellknown individuals warren buffett jeff bezos and also jamie diamond talking about fixing the health steve trevor era biggest guys around and this the details are out this still remain kinda hazy how you know what's going to actually be the solution in healthcare how are they going to try and fix us and they're trying to find a ceos still who can spearhead this initiative between the three companies amazoncom berkshire hathaway and jp morgan so dan interesting and where we try to pick up the narrative is the reaction within that industry because the health care industry is like amazon's out the door this is a big deal now and that's where we picked up no what we were expecting from thouray into the house can we should meet the pontiff at the moment digest tackling this situation with individual companies scale but as you point out what does this mean ultimately fool the individual players hit is the pharmacy benefit manages the middlemen particularly carla and that is all of this is just like this massive cocktail of guess what is happening in healthcare why are you prices keep getting so much higher and consumers feel like they're getting the shortest strove all right and speculation is like there's an middlemen pharmacy benefit managers and that is where there seems to be a focus the this 'triumvirate could bring to bear yes 'cause the big tom i say it's not our problem we not miss pie thing the drawn by a lot of the money he gets creamed by the guys in the middle the insurance that benefit manages he point i feel like when it comes to check pricing it's all like oh my god.
"jp morgan" Discussed on Reveal
"There branch here is part of their private client ran that caters to rich people this is the part of chased that helps clients preserve their wealth that's what their website says you can also get a mortgage or line of credit here air and tries to go up to the fortyseven floor but he can't get past security guards our just suggest you go online to see if you can make it air aaron asked the guards if they'd call the branch manager they said no no glorious now the bank jp morgan chase is not a bank this is not a banker but this location shows up in a federal database of bank branch chase told the ft i see that yes it was a branch but when chase me in a list of branches for the regulators who enforce the community reinvestment act the same building in philly had disappears air stepped outside jp morgan chase on a forty seven four of the skyscraper in its documents to the federal regulators who were supposed to make sure that it serving people in the communities where it's located it's pretending that it's not here the community reinvestment act says banks only have to lend in low income communities if they have a branch in a city that takes deposits and since chases only outpost in philadelphia will take deposits that means the bank doesn't have to lend in low income communities here chase is exploiting a loophole in the law that allows them to avoid scrutiny of regulators so what's the result of that lack of scrutiny we looked at the data and it showed us that jp morgan chase helped seven hundred forty five people by homes in philadelphia over five years but just fifteen of those borrowers were african americans so in philadelphia the biggest bank in america mostly lands to wealthy white people you reach out to jape.
"jp morgan" Discussed on Bloomberg Radio New York
"Is chief investment officer for fixed income at jp morgan asset management hit good morning a treasury yields are down this morning what would a sustained increase in inflation bring and how likely do you think that is it would mean very much higher tricolour yield so an interim target the investor should be focusing on the 3 of five level it's likely we reached out over the next few weeks and then when you look at inflation three hundred t probably now and jewelry at a higher rate because of course the big hit that happened is wage inflation is back and that was the message of course from the latest payroll report what was that good news bad news it's good news i mean they see the inflation because you take a step by permit infestations comeback because uh there's a lot of economic growth economies a healing companies are doing really well they can afford to pay workers so that should be perpetuating uh at least in the store and two said he's watching this uh does that means that they are going to be more aggressive than in central bank tightening oh we need to be more aggressive so the minimum number rate hike should be bowl and it made me want the people to watch them if the acp not swindon really big thing is and when you look at europe the first great hiking price for the middle of next year and of course that with a starting point to minus forty the reality he is the ecp should be raising rates yeah so you're saying these b is way beyond the curve here wade behind the co when you look at the monetary policy acting in newark pat quinn emergency in europe in an emergency category keynote i mean the european growth likely to be two and a half percent so there's a strong case for lifting the policy right from minus forty two still zero i mean not fill low and um i'm not can happen if you are in europe why is it so much confusion no or reticence uh to to do that sort of thing right now is it because this is uncharted territory eight.
"jp morgan" Discussed on LA Talk Radio Channel 1
"The world is yours sweet that's the name of his book world is yours secret to secret very very very interesting information so in this book big brother curtis lee thomas rope he talks about how jp morgan jp morgan chase just that that little banking company you know it is worth your home like hundreds of billions of dollars yeah that just that little that small that small company chase jp morgan chase you may have heard of them you may have an account with them you've definitely done business with them at some point whether you are aware of it or not jp morgan says in an interview he goes i guess the interviewers says there's been some rumors vet you use astrology to help navigate your business decisions in his response was yes i do use astrology and she said well how has that worked for you and we'll know she said something along the lines of like how how do you use the astrology to benefit your business he could have avoided that question earlier avoided the voyage avoided answering the question but his response was like ten times better instead of actually answering her question directly he had an indirect answer any set he said this he says millionaires don't use astrology billionaires do but it's bad right think about the jp morgan chase is talking about over a hundred years ago using astrology using astrology to navigate your business right he says millionaires don't use astrology billionaires do interesting stuff so that means that.
"jp morgan" Discussed on KBNP AM 1410
"Not a good investment than they passed mop as good investment will jp morgan day uh uh jamie dime in a try two up convince everybody that jp morgan chase with them have different from all of that and didn't do any of that somehow a purely lynn lot's wife and a decided uh that that was going to be his mantra uh and this complete which the justice department drafted but never filed uh would you to prove that that was the lie to jp morgan jay that worth of eventually got jp each day to settle in november of two thousand thirteen a you know 13 billion dollar fine uh when when they started off their nick earlier a year i think jp morgan jamie diamond offered billion dollars that'll within the justice department ordered loyd 25 a billion and does that the document that got them to the thirteen to settled to show that that actually this meant that jamie diamond would was inning with just that that this idea that the uh jp morgan chase wasn't engaged in this activity it added that the justice department loot blaming jp morgan jay upward affect rescuing uh a stern and washington mutual an with coming after it at despite having sort of aid the financial system by buying those who firmed an pretending that jp morgan self hadn't engaged in idiot activity will this document with the lie to all of that and it was hidden the last four years uh and finally uh circuit and in fact we'll talk about that some of the loans who package were from chase that felt the of the met the holy deficient category and the thirteen billion dollars right and 7 billion of did end up being tax deductible so we picked it up the tab kind of anyways at ruled a portion of a yes a turned out to be the attack a deductible yet though we've you know and then of course not only do detect a picked up a portion of it i mean i think nine billion of it with cash will billion of it within a jury mortgage leak uh of benefit or of people who take it out a mortgage uh and for all of it was came out of their shareholders money none of it drove out of jamie diamond.
"jp morgan" Discussed on Bloomberg Radio New York
"Kicking off thirdquarter bank earnings the results well they show the effects of muted trading and concerns about consumer credit both firms beat analyst expectations for their bottom lines but they used a different ways to get their jp morgan rely unimproved lending margins while citigroup continue to cut costs let's get the panchiao of bloomberg's banking analyst allison williams the key positive a city groupwise the lower expenses that's gonna initiative at the focus for all of the bank's said jp morgan as sick trading down almost in line with tensions i think that was wellflagged but the key negative rarely was an and the card business and i think that that was right i got people concern in the third quarter the too big banks returned do combined thirteen billion dollars to shareholders and that was more than the earnings that the two banks generated in the quarter jet well bitcoin has breached five thousand dollars for the first time pushing its gain if he is in more than five followed last december the cryptic hearts he traded at less than a thousand dollars since then bitcoin has judged a number of bullets from tightening of regulations in china to a feud that splits underlined block chain it's also been warnings from the likes of jp morgan chase iai jamie and a month ago diamond cold bitcoin a fraud and said he would fire any employee trading at the bank's jeep it but now jp morgan chase seems to be changing its key see marianne look at lake i should say said the bank is very open minded to the potential yeast cases in the future the digital currencies that a properly controlled and regulated brand well bank of japan governor haruhiko kuroda was speaking out in washington today stressing that the central bank's resolve to maintain its ultraloose monetary policy is there earlier we spoke with malcolm scott managing editor for asian economics at bloomberg and he said it came as no surprise of got this global backdrop here where uh the the fate is inching towards normalization were expecting.
"jp morgan" Discussed on CNBC's Fast Money
"Jp morgan i know is is certainly they have a bitcoin block chain unit there there they had a conference the day he said that in san francisco where they were discussing black chain and so you know let's it he's a break guy and his private the best bankers generations so i'll leave it at that but i think he's going to be wrong with the point all right mike thanks so much for joining ask how come back to fast money sand thanks a lot might never garrelts all right let me thank so here's a takeaway that i get from that obviously great interview but when somebody like mike no regrets comes out of retirement he's a coming out just to do some this job he's he's clearly see something and i think he was pretty clear in his explanation as to what he sees so bitcoin is here to stay or some form of it and branco is obviously done extraordinarily thoughtful work on this i can't speak to the price of bitcoin it's not going away might concern would be what does this decentralised system due to developed market currencies i don't know the answer to that but i gotta believe it has some impact i thought the most interesting thing at this place both in our market we've public markets and where we are with the price of bitcoin that he said rich reward papers crypto which is extraordinary it speaks to maybe where we think we are right now with pricing in the the world's public markets etcetera but that the genie is out of the bottle and that there's no going back to me the way you play this is how you play a lot of these things you don't actually bet on literally the miners in in the big points base but as you might have back in the gold rush days that other people selling the picks in the shovels i think the infrastructure i think the pipes i think the the ecosystem more are on some level more interesting than the coins himself jeannie is definitely out of the bottle look he's an incredible investor the institutional base investor base isn't in the store yet when they get in the story it's another leg higher i'd absolutely bind victory.
"jp morgan" Discussed on WTMA
"The line hillary fine big as he what's on your mind a word about what you guys thought about jamie diamond and what he was saying recently uh jamie damning being the sea of jp morgan bank that's ryan white has been saying about bitcoin and i was wondering if you gaspart maybe he was a little bit scared maybe of the impact that bitcoin has been having on the uh the uh the currency trading fields and if you go i think that i don't know if he's scared i mean i think this is a precursor to fear really that he's just sorta jealous you know i mean here he is the keeper four of the world's reserve currency the us dollar he these guys jp morgan and those folks they have they have a large amount of control over the dollar the federal reserve note is not created by the us government view the united states president does a point the head of the new york federal reserve but the rest of it is just private banks that issue currency win ordered to by the us treasury the meant makes coins coins are us currency whereas you know united states government issued currency i should say rather than us dollars which has issued by the federal reserve so i think is jealous he's the the old matrin at the ball who every and all the the guys want to dance with the ah the young lass who has shown up is he scared you should be but i bet he's not actually at the level of fear and besides jaime diamond and his ilk people like that bank presidents have already milk the united states taxpayer for so much the world's frankly milk the world of so much value they they don't really care when these people have hundreds of millions of dollars you just going to ask yourself what would you do with that kind of money how many private jets do you need how many yachts does one need how many houses do you need just one more i i guess i mean radio it's crazy i can't imagine it i i think that these the you know it's it's time for these dinosaurs to move on and for a better currency to take over one that empowers individuals it starts with empowerment from the ground up rather than the top down yeah i think.
"jp morgan" Discussed on Invest Like the Best
"But when i first came out of school i was i was trained quite broadly in everything problems to cast a calculus to law and i ended up at jp morgan working for the bank itself on there more exotic assets that's where they want to put me and sometimes you know jp morgan's a sprawling enterprise and in the far reaches of that bank sometimes they will end up one way or another with assets that are regulator will look at and say hey look i don't want you owning that whatever that is for example there could be attacks asset an int piece of intellectual property that needs to be crystallized means meaning it needs to be sold to take a loss be jp morgan somehow quieted at a higher basis but needed to get rid of it at a lower basis to crystallise attacks lost that would help out jp morgan on their taxes there's nothing else this assets going to do for them problem is they can't sell it they can't sell it because it contains attacks technology or because it has some kind of intellectual property or provides a signal to strategy in other areas so they can only sell it to one buyer in a confidential transaction that sale which will be an arms length transaction and this has nothing to do jp morgan largest dissolve the world faced similar sorts of problems the price at this buyer will pay will not reflect any kind of activity in the market nor will reflect anything resembling the intrinsic value the acid or the value to jp morgan that buyer will pay some incredibly low price jp morgan will take that price in a oneoff transaction and crystallized loss and it will rebate some of the tax value about us to the buyer.
"jp morgan" Discussed on Bloomberg Radio New York
"Tie up with first eta so the thinking is to really grow i mean jp morgan's huge in power a number one and number two in the united states it's the grows look outside the united states which is why the thinking was that they were which is why obviously they're interested in world pay which is bigger in the uk and you're so should we also put into that category companies like western union i mean they're able to move money around the world how deeply did the banks one in you know get their pipes are around the whole system i mean so the jp morgan once they're pipes around system scibelli that the invented something called chase net which is actually their way to this intermediate visa and mastercard in a sense by having their own pipes now the nittygritty the deals actually the rent the pipes visa but look set that aside were second jp morgan's pretty the ambitiousness space they just had they signed a deal with with walmart actually use chase net for all their their brand new deal so in a sense they're they're looking at ema jp morgan they have huge businesses in deposits obviously all commercial and consumer banking investment banking rate those are not growing areas for the most part they grow a gdp payments on the on the other hand because of the migration from from from from cash to 'electronic payments is growing and their growing double digits in that space and that's why they're putting money behind it safir reserve cosmic couple hundred billion dollars worth of of incentives for the pound money into payments yup without was the the very successful credit card and marketing programme wanna thank you very much hassan.
"jp morgan" Discussed on 1410 WDOV
"Part by jp morgan uh i've been showing thing and trading on since 1980 six and my customers are twofold i cover and so on trade for institutions which means money managers and hedge fund and then also i run a trading dash for private wealth managers who qatar retail investors saw unable to give a little bit of an institutional bent to our private wealth managers have it may not be able to got from a other arms all right it on your side get us a this relationship with ken teleorman applied for platform you wanna talk to that the iggy get the sheriff sure of course hours attracted to can't tell a because they're an independent brokerdealer and what's taken place in the past ten years is that the information curve flattened dramatically in investment business and a lot of that of course the advent of the internet the advent of blogs and more specifically electronic trading network and kanto has to specify fixedincome traders i'm more involved in the institutional business and we have a guy by the name of billy mcevoy who covers the retail wrapped in what we're able to provide is a daily commentary uh we're able to access a bond inventories all over wall street and that's done through different electronic trading network.
"jp morgan" Discussed on FinTech Insider
"So if you look at the those markets you've got centralized trading venues like exchanges and swap execution facilities multilateral trading facilities where you have a a centralised trust the third party who extracts rent from the liquidity that they're venue provides when that liquidities actually provided by all the participants so people like the jp morgan the goldman sachs and so on there adding value to these venues by trading on them and then they're being charged to trade on the now you look at block chain he look at the total decentralisation the removal of these trust the third parties i think that that's why they are so interested in this technology they're looking at on they're on the other thing is themselves this might allow us to remove a set of middlemen a layer of economic rent from our market from our operations and that i think is where you're going to really see the the most aggressive adoption of of of of this technology like i said there are hurdles one of the key hurdles is that in order for it to work you need to effectively token eyes are digitize the assets that your trading and the dollars or euros or the pounds that using the pay for them but i hear here in the eu we have the electron of money regulations am i suspect that and the us the you know the the federal reserve are looking closely at the stuff that people at consensus the other week and so i i think we're we're we're gonna move it it's not necessarily gonna be overnight but they're certainly a a movements towards that end goal.