JPM - JPMorgan Chase & Co.

NYSE - NYSE Delayed price. Currency in USD
137.49
0.00 (0.00%)
At close: 4:00PM EST

137.49 0.00 (0.00%)
After hours: 5:26PM EST

Stock chart is not supported by your current browser
Previous close137.49
Open137.17
Bid137.36 x 800
Ask137.10 x 900
Day's range136.53 - 138.36
52-week range98.09 - 141.10
Volume7,317,032
Avg. volume10,111,181
Market cap424.019B
Beta (5Y monthly)1.14
PE ratio (TTM)12.83
EPS (TTM)10.72
Earnings date13 Apr 2020
Forward dividend & yield3.60 (2.62%)
Ex-dividend date02 Jan 2020
1y target est139.79
  • Morgan Stanley, E-Trade merger underscores race for scale in financial services
    Yahoo Finance

    Morgan Stanley, E-Trade merger underscores race for scale in financial services

    Analysts say the Morgan Stanley and E-Trade tie-up is a matter of survival in a brokerage industry crushed by technology-driven trends in retail investing.

  • Morgan Stanley CEO has been tracking E-Trade for close to 20 years
    Yahoo Finance

    Morgan Stanley CEO has been tracking E-Trade for close to 20 years

    Morgan Stanley CEO James Gorman has been eyeing E-Trade for years.

  • Bank of America Eroded U.S. Spoof Case, Laying Path for JPMorgan
    Bloomberg

    Bank of America Eroded U.S. Spoof Case, Laying Path for JPMorgan

    (Bloomberg) -- Bank of America Corp.’s lawyers came through big for their client last year when they whittled down a U.S. case over precious metals spoofing.Justice Department prosecutors wanted to bring criminal charges, but bank lawyers asked for none and prevailed. Prosecutors named Bank of America throughout the draft settlement document but not in the final version.Details of wrangling between bank lawyers and the Justice Department are usually tightly guarded. The previously untold story of the talks are on point now that another big global bank, JPMorgan Chase & Co., is poised to conduct its own negotiations with the Justice Department over alleged manipulation of precious metals futures. For JPMorgan, the Bank of America deal sets a low baseline for penalties in the relatively new area of enforcing market-manipulation cases.Over several months of haggling last spring, lawyers for Charlotte, North Carolina-based Bank of America argued that senior officials hadn’t been involved in any manipulation and the bank’s overall compliance culture was strong, according to several people who requested anonymity to describe the talks. The lawyers also pointed out that the handful of previous spoofing investigations of banks had resulted in civil rather than criminal settlements.Bank representatives ultimately persuaded the U.S. to back off from a resolution that would have required its Merrill Lynch subsidiary to show up in court and admit to criminal conduct. The bank’s lawyers also prevailed on Justice Department prosecutors to excise multiple appearances of the Bank of America’s name from a draft of the settlement, according to two of the people.Spokesmen for the Justice Department and Bank of America declined to comment.JPMorgan arguably faces deeper peril. U.S. authorities have alleged that traders there engaged in an eight-year conspiracy through 2016, spanning desks in New York, London and Singapore, to move gold and silver futures prices to their advantage by placing orders they didn’t intend to execute. Six current and former employees have been charged, including the bank’s global head of base and precious metals trading. Prosecutors are looking to build a criminal case against the bank itself, Bloomberg has reported. JPMorgan declined to comment.JPMorgan’s Role in Metals Spoofing Is Under U.S. Criminal ProbeThough each spoofing case is unique, the Justice Department has identified these inquiries as important to ensure the integrity of financial markets. Several traders have pleaded guilty to spoofing in recent years, and regulators have reached civil settlements with four banks.Bank of America was the first to face potential criminal charges. The case began in 2018 when prosecutors in Chicago charged two former Merrill Lynch commodities traders with spoofing over several years when Merrill was owned by Bank of America.Two-Tier PlanBy early last year, U.S. prosecutors had internally arrived at a two-tiered resolution, according to the people familiar with the matter. The plan was to charge the Merrill Lynch unit but agree not to prosecute, provided the unit adhere to an improved compliance program -- a so-called deferred prosecution agreement. The parent company would enter into a non-prosecution agreement. The action would be accompanied by a fine of $15 million to $30 million.Like most companies dealing with Justice Department investigations, the bank turned to a Washington lawyer with industry expertise and government connections. Reginald Brown heads the banking practice at one of the bank’s outside law firms, WilmerHale. A veteran of the George W. Bush White House, Brown has cultivated ties to officials in Democratic and Republican administrations.Brown and his legal team met with Robert Zink, head of the Justice Department’s fraud section, and one of his deputies to discuss the government’s proposed resolution. Brown argued that Bank of America’s relatively clean history with the Justice Department, combined with evidence that the spoofing misconduct was confined to a few traders long gone, merited a favorable outcome.He and his legal team also considered the prospect of a deferred prosecution, with its criminal charge hanging over the bank, to be an unwarranted punishment for Merrill.Zink listened but didn’t make any deal. Brown then sought a meeting with one of Zink’s superiors, and ended up getting an audience with John Cronan, principal deputy assistant attorney general to Brian Benczkowski, the chief of the Justice Department’s criminal division. Such requests are often part of the back-and-forth between the government and corporate defense attorneys.After the Cronan meeting, the bank’s lawyers asked for and received an audience with Benczkowski. Like Brown, Benczkowski served in the Bush administration, as an official in the Justice Department.Before Brown met with Benczkowski, fraud section prosecutors softened their position, according to one of the people, telling their chief that they would be willing to accept a deferred prosecution with Merrill Lynch only, and not involve the parent company.Settlement MatrixFor the Benczkowski meeting in mid-May, Brown brought along David Leitch, Bank of America’s general counsel, a veteran of both Bush administrations.The legal team showed officials a matrix of U.S. bank prosecutions and settlements over a decade. The spoofing conduct at Merrill, they argued, was limited to a few traders and the potential damages were small -- in contrast with what they said was far more pervasive misconduct at other banks accused of manipulating interest and currency rates.The legal team also pointed out that Bank of America, unlike competitors including JPMorgan, had not been forced to take any guilty pleas in the aftermath of the financial crisis during the Obama administration. A criminal charge, even one that would likely get withdrawn as part of a deferred prosecution agreement, would impact the bank and create a reputational issue, they said.The argument ultimately prevailed. Leadership in the criminal division downshifted to a non-prosecution agreement with Merrill.In June, Merrill Lynch signed the non-prosecution pact and agreed to pay a $25 million fine to the Justice Department. Merrill admitted that the conduct was unlawful and amounted to commodities fraud but no charges were brought against it.Although the deal required Bank of America to continue to cooperate with prosecutors in any cases against individuals, the bank’s name was scrubbed from the settlement that had been drawn up. It appeared a couple times in the attachments accompanying the agreement. The final settlement refers to two entities, Merrill Lynch Commodities Inc. (“MLCI”) and its parent, “MLCI Parent.”Bank of America didn’t keep its name out of the proceedings altogether, however. The Justice Department press release announcing the deal identified the bank by name as Merrill’s parent.The department credited the bank for its cooperation in the matter and for its internal compliance program. At the time of the agreement, the bank cited its cooperation and added that it was “disappointed by the conduct of the former Merrill Lynch Commodities employees.”To contact the reporters on this story: Greg Farrell in New York at gregfarrell@bloomberg.net;Tom Schoenberg in Washington at tschoenberg@bloomberg.netTo contact the editors responsible for this story: Jeffrey D Grocott at jgrocott2@bloomberg.net, ;Winnie O'Kelley at wokelley@bloomberg.net, Steve DicksonFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • After $1.1 Billion Carnage, Japan ETF Heads for Worst-Ever Month
    Bloomberg

    After $1.1 Billion Carnage, Japan ETF Heads for Worst-Ever Month

    (Bloomberg) -- As Japan’s economic picture looks increasingly dire, one popular exchange-traded fund focused on the country is taking a hit.Investors have pulled about $1.1 billion from the JPMorgan BetaBuilders Japan ETF so far in February, according to data compiled by Bloomberg. The $3.2 billion fund, known as BBJP, is now on pace for its worst month of withdrawals since it began trading in June 2018. The outflows are reflective of the malaise that’s driven the yen to its biggest two-day drop since 2017.Yen’s Worst Rout Since 2017 May Be a Prelude After Funds FleeJapan lurched toward a possible economic contraction after taking another battering from a sales-tax hike in the last quarter that left it at a low ebb as the coronavirus outbreak hit activity at the start of 2020. A flood of local cash leaving the country for better returns is seen as a key culprit behind the currency weakness.“With Japan potentially heading into a recession and facing tourism concerns tied to coronavirus, sentiment is stronger toward other developed international markets such as Europe,” said Todd Rosenbluth, CFRA Research’s New York-based director of ETF research.While expectations for European growth have also worsened, investors seeking places in the world to invest beyond the U.S. may be looking at a region that seems a little more attractive than Japan. The $4.5 billion JPMorgan BetaBuilders Europe ETF, or BBEU, is poised for its best month of inflows since April.While it’s hard to draw a direct connection between flows like these, JPMorgan is the biggest holder of both products. Just Wednesday, the Japan ETF lost almost $238 million, following an outflow of about $270 on Tuesday. The only investor with a stake that large is the New York-based bank.Most Economists See Virus Pushing Japan Into Recession: Survey“Given that the vast majority of the assets in these BetaBuilders are JPMorgan’s own money, what I call BYOA, or bring your own assets, this is likely JPMorgan making a call that they want to rotate into Europe out of Japan,” said Bloomberg Intelligence’s Eric Balchunas.JPMorgan’s press office declined to comment on whether it was behind the flows.\--With assistance from Brendan Walsh.To contact the reporter on this story: Claire Ballentine in New York at cballentine@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Rita Nazareth, Rachel EvansFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • UBS names Dutchman Ralph Hamers as new chief executive
    Yahoo Finance UK

    UBS names Dutchman Ralph Hamers as new chief executive

    Hamers, currently ING chief executive, will replace Sergio Ermotti as CEO of UBS in November.

  • Bloomberg

    Chime Gives Users Paychecks Early. It Wants Their Savings, Too

    (Bloomberg) -- In Silicon Valley, entrepreneurs and venture capitalists are making big bets that the future of banking is digital, doesn’t have fees, offers a high savings rate—and might not technically be a bank at all.Chime Inc. is part of a fast-growing class of well-funded financial technology startups offering debit cards, checking accounts and other financial services. And despite not having a banking license, Chime operates enough like a regular bank that Chief Executive Offer Chris Britt, 46, says it’s stealing away customers from companies like Wells Fargo & Co. and JPMorgan Chase & Co. by the millions.Today, Chime has 8 million accounts, the company said, about half of which use the company for direct deposits. That’s still small compared to the biggest banks, but it’s Chime’s growth that’s catching investors’ attention. In 2018, the company had only about 1 million people signed up. “The majority of our members are coming from the big banks,” Britt said.On Wednesday, in a bid to keep up that momentum, Chime plans to announce a new 1.6% interest rate on savings accounts, which compares with most large bank’s rates of well under 1%. Chime had not previously offered interest on savings products, and will partner with existing licensed banks to offer Federal Deposit Insurance Corp. coverage. The offering is the latest in a series of moves Chime is making to broaden its appeal to even more users, including a product that allows overdrafts of up to $100 without penalty, and a multi-year advertising deal with the Dallas Mavericks. Britt says that he is not looking at the new offering as a revenue opportunity, but as a way to bring in new customers. Chime has a reported valuation of $5.8 billion, which makes it one of the 25 largest startups in the U.S., according to research firm CB Insights. But it's one of many companies looking to bring new technology to the banking industry. Globally, digital banks—sometimes also called challenger banks, or neobanks—raised more than $3.7 billion in 96 separate deals in 2019, according to a report from CB Insights released on Wednesday, marking a record-breaking year in terms of both funding and the number of deals.That uptick in funding has followed rapid user growth. Financial technology startups that first launched with checking accounts or credit cards now have more than 54 million accounts all together, the report said.Of course, startups have hit some bumps in the road as many rush to add banking services. Most new digital banks don’t yet turn a profit. That includes Chime, the CEO recently said. Robinhood Markets Inc. ran into regulatory hurdles when it launched a checking-like service in late 2018 without securing deposit insurance (it has since debuted a similar product after partnering with an existing licensed bank). And Chime experienced widespread outages last fall that rendered its website and debit cards inoperable, stranding some customers. “The opportunity is obviously there,” said Conor Witt, a fintech analyst at CB Insights, adding that the savings product could boost customers’ trust. Eventually, “the goal is still to build a standalone challenger bank that becomes a mainstream bank over the course of time,” said Satya Patel, a partner at Homebrew and one of Chime’s first investors.If you’ve seen an ad for Chime on TV, it was likely talking about one of its most popular features: getting your paycheck two days early. In order to use this feature, as well as a few others, users have to set up their paychecks for direct deposit into their Chime accounts, something about about half of its members opt to do. Britt said that’s a key element of the company’s business model, which does not charge monthly fees and generates revenue primarily through interchange fees on debit cards and other transactions. “Once a user signs up for direct deposit,” Britt said, “engagement is off the charts.”While the industry is growing rapidly, there are still risks ahead for rising digital banks. After a certain point, investors worry, growth could become trickier, particularly as competition increases and each additional user gets more expensive to win over. And as some people feel less tied to a single bank, they could become harder to reach with multiple products—for example, a user might choose Chime for a checking account, Robinhood for a brokerage account and Chase for credit cards—undermining financial institutions’ attempts to cross-sell. At Chime, Britt wants to transform the company from an upstart into an “iconic, nationally known brand.” That will mean big sustained growth and even more product announcements in the future. “I think this next chapter for us is going to be a lot about expanding our voice and raising awareness of the brand more broadly in the population,” Britt said, brushing aside competitive fears: “It’s a big market.”(Updates fourth paragraph with Britt’s comment that Chime’s new product is focused on bringing in new customers, not increasing revenue. A previous version corrected Britt’s age. )To contact the author of this story: Julie Verhage in New York at jverhage2@bloomberg.netTo contact the editor responsible for this story: Anne VanderMey at avandermey@bloomberg.net, Mark MilianFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Reuters

    JPMorgan, UniCredit seen frontrunners to handle payments firm SIA's $4 billion Milan listing - sources

    LONDON/MILAN (Reuters) - Italian payments firm SIA is moving ahead with preparations for a share listing on the Milan bourse and is expected to pick JPMorgan and UniCredit in what would be one of southern Europe's largest floats this year, sources said. SIA, which is being advised by Rothschild , has sent out requests for proposals to banks for potential roles in organising the deal and is looking to fill them in the coming weeks, the sources said. JPMorgan and UniCredit are expected to be frontrunners for the global coordinators spots, two of the sources said.

  • JPMorgan shakes up investment bank in leadership makeover - sources
    Reuters

    JPMorgan shakes up investment bank in leadership makeover - sources

    JPMorgan is reshuffling senior management at the top of its investment bank, naming two new global co-heads and shifting some of its most senior dealmakers into new jobs focused purely on bringing in business, two sources told Reuters. The Wall Street bank has named Viswas Raghavan and James Casey to jointly run its global investment banking unit, one source said. Global M&A co-heads Hernan Cristerna and Chris Ventresca are among those who will drop management responsibilities and instead join a new executive committee of 18 global chairs, the two sources said, focused on winning business from clients.

  • Exclusive: JPMorgan shakes up investment bank in leadership makeover - sources
    Reuters

    Exclusive: JPMorgan shakes up investment bank in leadership makeover - sources

    JPMorgan is reshuffling senior management at the top of its investment bank, naming two new global co-heads and shifting some of its most senior dealmakers into new jobs focused purely on bringing in business, two sources told Reuters. The Wall Street bank has named Viswas Raghavan and James Casey to jointly run its global investment banking unit, one source said. Global M&A co-heads Hernan Cristerna and Chris Ventresca are among those who will drop management responsibilities and instead join a new executive committee of 18 global chairs, the two sources said, focused on winning business from clients.

  • You Have To Love JPMorgan Chase & Co.'s (NYSE:JPM) Dividend
    Simply Wall St.

    You Have To Love JPMorgan Chase & Co.'s (NYSE:JPM) Dividend

    Could JPMorgan Chase & Co. (NYSE:JPM) be an attractive dividend share to own for the long haul? Investors are often...

  • HSBC 'running hard to stand still' with restructure
    Yahoo Finance UK

    HSBC 'running hard to stand still' with restructure

    Analysts and investors react cautiously to HSBC's plans to pivot away from the US and Europe, and towards Asia.

  • HSBC to axe 35,000 jobs as profit slumps
    Yahoo Finance UK

    HSBC to axe 35,000 jobs as profit slumps

    The bank announced plans to cut costs by $4.5bn, as annual profits slumped by a third in 2019.

  • Bloomberg

    Musk’s SpaceX Launches Fifth Batch of Starlink Satellites

    (Bloomberg) -- Elon Musk’s SpaceX launched its fifth batch of 60 Starlink satellites Monday morning, another step toward Musk’s vision of creating a space-based network to provide broadband service around the world.A SpaceX Falcon 9 rocket rumbled aloft from Cape Canaveral Air Station in Florida at roughly 10:05 a.m. local time and the satellites successfully deployed. The rocket’s first stage appeared to narrowly miss landing on an uncrewed drone-ship in the Atlantic ocean.Gywnne Shotwell, SpaceX’s president and chief operating officer, said earlier this month that SpaceX will likely spin out Starlink and sell shares to the public.SpaceX is one of a handful of players that wants to build out a space-based internet system that can serve people who struggle to access the web today via fiber optic and cellular connections. Starlink would beam down relatively high-speed data from its network of satellites orbiting the Earth. It’s targeting service in the northern U.S. and Canada this year.Such a service would effectively make SpaceX a telecommunications company that also has a rocket launch business.SpaceX has been launching roughly 60 satellites at a time into orbit, and with a few more should have global coverage. The service will be “less than what you are paying now for about five to 10 times the speed you are getting,” Shotwell said earlier this month at a private investor event hosted by JPMorgan Chase & Co. in Miami.SpaceX has come to dominate the commercial rocket industry, with customers that include NASA, the U.S. military and commercial satellite operators.Starlink and its ability to provide high-speed internet across the globe has helped private investors in SpaceX justify a roughly $33 billion valuation. Musk has long maintained that SpaceX itself is unlikely to go public until it is regularly ferrying people to Mars.(Adds Spacex tweet confirming satellites deployed)To contact the reporter on this story: Dana Hull in San Francisco at dhull12@bloomberg.netTo contact the editors responsible for this story: Craig Trudell at ctrudell1@bloomberg.net, Virginia Van Natta, Kevin MillerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • JPMorgan Targets Full Ownership in China Businesses by 2021
    Zacks

    JPMorgan Targets Full Ownership in China Businesses by 2021

    JPMorgan's (JPM) plan to fully own all its China operations by 2021 is likely to support revenues going forward.

  • Business Wire

    JPMorgan Chase Declares Preferred Stock Dividends

    JPMorgan Chase & Co. (NYSE: JPM) ("JPMorgan Chase" or the "Firm") declared dividends on the outstanding shares of the Firm’s Series V & X preferred stock. Information can be found on the Firm’s Investor Relations website at jpmorganchase.com/press-releases.

  • Bank Stock Roundup: Covid-19 Virus, Restructuring Efforts, JPM, WFC in Focus
    Zacks

    Bank Stock Roundup: Covid-19 Virus, Restructuring Efforts, JPM, WFC in Focus

    Restructuring efforts and use of technology to enhance revenues have been the main themes for banks over the last five trading days amid concerns related to impact of Covid-19 virus globally.

  • Stock Investors Pull Out of Japan ETF After Virus Spreads
    Bloomberg

    Stock Investors Pull Out of Japan ETF After Virus Spreads

    (Bloomberg) -- Investors are fleeing an exchange-traded fund tracking Japanese stocks on concern that the coronavirus will further damp economic growth if it gains a foothold in the country.JPMorgan BetaBuilders Japan ETF lost $315 million Wednesday, the biggest one-day outflow since its inception in June 2018, according to data compiled by Bloomberg. JPMorgan Chase & Co. holds about 90% of the $4 billion fund, known by the ticker BBJP, so it was likely the culprit behind the withdrawal.Japan’s economy is teetering toward a recession now, with economists estimating gross domestic product shrank an annualized 4% in the more recent quarter. In addition, the country reported its first death from the coronavirus Thursday, sparking worries that the illness could spread. One of Prime Minister Shinzo Abe’s advisers said earlier this week that the coronavirus “could be a significant drag for Japan’s economy.”“Japan is certainly dependent -- especially the automobile sectors -- on growth in China, on Chinese demand, and that’s a sector that’s been hit hard,” said Chris Gaffney, president of world markets at TIAA. “That would justify some of those outflows.”JPMorgan’s press office declined to comment on whether it was behind this week’s withdrawal from BBJP.Following are the fund’s biggest holdings as of Feb. 12:(Updates with decline to comment from JPMorgan in 5th paragraph)To contact the reporter on this story: Claire Ballentine in New York at cballentine@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Brendan Walsh, Randall JensenFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • JPMorgan sets July deadline for fintechs to sign new data access deals - sources
    Reuters

    JPMorgan sets July deadline for fintechs to sign new data access deals - sources

    WASHINGTON/NEW YORK (Reuters) - JPMorgan Chase & Co has told financial technology companies they will be barred from accessing its customer information by July 30 unless they sign data access agreements with the bank and back a plan to stop using customer passwords to gather the data. The largest U.S. bank by assets set the new deadline in a letter sent to the companies in late January, in which it said they must agree to a "concrete plan" to transition to a new method of collecting customer data, according to two people familiar with the matter. A JPMorgan spokesman confirmed the contents of the letter and said the company already had agreements covering more than 95% of data access requests.

  • JPMorgan sets July deadline for fintechs to sign new data access deals: sources
    Reuters

    JPMorgan sets July deadline for fintechs to sign new data access deals: sources

    WASHINGTON/NEW YORK (Reuters) - JPMorgan Chase & Co has told financial technology companies they will be barred from accessing its customer information by July 30 unless they sign data access agreements with the bank and back a plan to stop using customer passwords to gather the data. The largest U.S. bank by assets set the new deadline in a letter sent to the companies in late January, in which it said they must agree to a "concrete plan" to transition to a new method of collecting customer data, according to two people familiar with the matter. A JPMorgan spokesman confirmed the contents of the letter and said the company already had agreements covering more than 95% of data access requests.

  • Bloomberg

    For Barclays, Jeffrey Epstein Questions Go Beyond Jes Staley

    (Bloomberg Opinion) -- That Jes Staley’s conduct as chief executive officer of Barclays Plc is being probed by British regulators for a second time is remarkable and troubling. More than most businesses, banks depend on the trust of their customers; the conduct of the boss is critical to that.The latest inquiry, by the Financial Conduct Authority and the Prudential Regulation Authority, is looking at Staley’s account of his relationship with the convicted sex offender Jeffrey Epstein. One mustn’t prejudge these things, but concerns about the bank’s future leadership and strategic direction will fester until the supervisors decide whether the 63-year-old American did anything wrong — even if the board is backing him.Staley’s push into investment banking has been paying off for Barclays, but it matters more that the British lender can show it has a sound culture at the top. Any doubts will unsettle clients, staff and investors, hurting day-to-day business and long-term confidence in the company.After reprimanding and fining Staley in 2018 for attempting repeatedly to unmask a whistleblower — a probe that came close to ending his tenure — the regulators are looking now at whether he was fully upfront with the Barclays board about how close he was to Epstein. The regulators had gone to Barclays last summer, when the controversy around Epstein blew up again, to ask about the ties between the two men.Staley says he’s been open with Barclays on Epstein going back to 2015. The bank’s own review of his disclosures concluded that he’d been “sufficiently transparent”; the board unanimously recommended his reelection later this year.For investors — who pushed the bank’s shares down as much as 4% on Thursday — understanding the scope and terms of the board’s review would have been helpful. Who was the external counsel and how was the review handled? What information did counsel have access to? It’s far from ideal that shareholders weren’t told about regulators probing Staley’s representations since at least December. The board, including chairman Nigel Higgins, has questions to answer too. Just how honest Staley has been on his dealings with Epstein is no small distraction, especially when viewed alongside the whistleblower episode. Epstein died in jail in August facing charges of sex-trafficking of minors. For decades, he cultivated ties to international elites that included billionaires and royalty.There’s little doubt that Staley and Epstein were in contact over many years. The two were introduced in 2000, when Staley was asked to run JPMorgan Chase & Co.’s private bank, where Epstein was already a client. Less clear is how the relationship evolved and whether the ties extended beyond what Barclays has defined as “professional.”According to a New York Times report, Staley visited Epstein in Florida when he was serving a prison sentence following a 2008 guilty plea of soliciting prostitutes, including a minor. Staley’s name also appeared as the referee in a 2013 banking application by Epstein, the Times has also reported. (A spokesman told the Times Staley had not been aware). In April 2015, Staley and his wife visited Epstein at his private Caribbean island. While contacts between the two “tapered off” after Staley left JPMorgan in 2012, the relationship didn’t end until late 2015, Staley said on Thursday. “I thought I knew him well and I didn’t,” Staley told reporters. “I deeply regret having had a relationship” with Epstein, he added.It may turn out to be a big regret. Reporting fourth-quarter earnings on Thursday, Barclays signaled 2020 will be challenging amid low interest rates and an uncertain economic outlook, and that it will be difficult to achieve profitability targets. It could do without another Staley controversy. His struggle will be retaining the confidence of those around him.To contact the author of this story: Elisa Martinuzzi at emartinuzzi@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • 'Proud' Credit Suisse CEO Tidjane Thiam bows out with profit jump
    Yahoo Finance UK

    'Proud' Credit Suisse CEO Tidjane Thiam bows out with profit jump

    Thiam reported a 40% jump in full-year profits and better-than-expected revenue growth, just a day before he is due to leave the bank over a spying scandal.

  • Shareholder activists test JPMorgan's Dimon on climate proposals
    Reuters

    Shareholder activists test JPMorgan's Dimon on climate proposals

    BOSTON/NEW YORK (Reuters) - Shareholder activists focused on climate issues vowed to press proxy battles with JPMorgan Chase & Co after getting a cold reception from the top Wall Street bank, even though Chief Executive Jamie Dimon has vowed to protect the environment. Activists, including the As You Sow Foundation, Trillium Asset Management and Boston Trust Walden, said they had received notices that the bank has asked for regulatory permission to skip votes at its spring annual meeting on proposals such as reporting on greenhouse gas emissions tied to its lending. JPMorgan's position creates reputational risks at a time when clients and investors want banks to help slow the rate of a global rise in temperature, according to a joint statement from the activists on Wednesday.

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