Wall Street banks really needed dealmaking to make a comeback. It may finally be happening.
(Bloomberg) -- JPMorgan Chase & Co.’s Marko Kolanovic, who drew attention for his gloomy stock-market calls through last year’s rally, is raising a risk that’s mostly gone out of vogue on Wall Street: a return of 1970s-style stagflation.Most Read from BloombergNvidia Surges After Company Proclaims AI Has Hit 'Tipping Point'Biden Touts $1.2 Billion in Student Loan Relief With Eye to 2024Tech Up in Late Hours on Nvidia’s Bullish Outlook: Markets WrapYour 401(k) Will Be Gone Within a DecadeChina Ti
JPMorgan Chase was sued by customers who accused the largest U.S. bank of having unfairly charged fees when they deposited checks that, through no fault of their own, bounced. In a proposed class action filed on Tuesday night, five customers said New York-based Chase docked $12 "deposited item returned fees" from their accounts when checks they tried to deposit were returned unpaid. The Chase customers called the bank's "junk fees" for returned checks "unconscionable" and "predatory," citing an October 2022 U.S. Consumer Financial Protection Bureau bulletin that said indiscriminately charging such fees was likely illegal.