Jpmorgan Chase Stock News

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On March 16, 2008, Bear Stearns merged with JPMorgan Chase & Co. (NYSE: JPM ). Where The Market Was : The Dow finished the next day at 11,972.25. What Else Was Going On In The World? In 2008, U.S. property prices plummeted, triggering the largest financial crisis since the Great Depression . Scientists completed the construction of the world’s … Full story available on Benzinga.com

LME Re-Opens Nickel Trading; Quickly Halts Again On Limit-Down Band "System Error" Update (0650ET) : “What a debacle,” said Ole Hansen, head of commodities strategy at Saxo Bank A/s. “The LME is not doing itself any favors.” After reopening the LME for nickel trading this morning, following the bailout of Chinese commodity tycoon Xiang Guangda , the Chinese-owned (HKEX) exchange for forced to suspend trading soon after the open due to a "system error" which had led to some trades to be executed below the new price limits laid out by the exchange . As Bloomberg reports, only 206 lots, or 1,236 tons of nickel, changed hands before the market stopped trading within seconds on Wednesday morning. Most of those trades took place at the limit price of $45,590 a ton. Several trades appeared to be at prices below the 5% limit. “In some sense it went as expected, in that we all expected it to fall, but it was just a question of how quickly,” Colin Hamilton, managing director for commodities research at BMO Capital Markets, said by phone from London.

Citi Sets Up Shop In Malaga, Spain To Recruit New Junior Banking Talent And Cauterize European Attrition Retaining and locating talent has been one of the key concerns for many investment banks over the last few years. Banks have been doing nothing short of kissing the asses of their junior bankers, cranking their pay higher, showering them with gifts and promising better work-life balance. Now, Citi is even offering junior bankers a "permanent vacation" to Malaga, Spain as part of the deal. The investment bank is reportedly starting a new "hub" in Malaga in an effort to hire a team of 30 analysts, attract talent and "stem attrition" from the bank''s European arm, according to a Monday Bloomberg writeup. Citing internal documents, Bloomberg wrote that the new team will be focused on real estate and will help support the bank''s banking and capital markets unit, which is already in-place in the EMEA region. Among the benefits it''ll undoubtedly offer the new bankers, the bank "hopes the Andalusian city will provide an attractive setting for young bankers and offer employees a better work-life balance," Bloomberg wrote.

JPMorgan Chase has confirmed a deal to buy Clonakilty-based Global Shares in a deal understood to value the Irish business at €665m.

JP Morgan Lifts Ban On Hiring Unvaccinated Workers Just days after saying it would hire ex-cons , JP Morgan has decided that it will also hire unvaccinated individuals as it scrambles to fill jobs amid a stubbornly persistent labor shortage in the US. According to Bloomberg , which cited a memo to the bank''s staff, JPM has decided to abandon the ban starting next month, the latest sign that the bank is "putting the pandemic behind it". For existing employees, JPM will end mandatory testing for the unvaccinated starting April 4. On top of that, it will also stop requiring staff to report COVID infections. And for both unvaccinated and vaccinated staff, masking while inside JPM''s corporate offices will become voluntary, effective immediately. Local rules will continue to apply, and JPM''s workers in NYC must continue to abide by vaccination requirements imposed by the city, employees must continue to meet vaccination requirements, unless the city lifts its order. The city presently requires all public-facing workers to be vaccinated.

A Historic Day On Deck: Powell Hikes, Putin Defaults Tomorrow we get the highlight of what has already been an event-packed week, when at 2pm the Fed will hike rates for the first time since December 2018, raising the Fed Funds rate from 0% where it has been since the covid crisis to 0.25%. The widely telegraphed rate hike will be the first of many as the Fed scrambles to contain inflation which has led to a record high, double digit PPI and the highest CPI since the early 1980s, when the Volcker Fed hiked rates as high as 20% to contain galloping inflation. And, in doing so, the Fed will also set the US economy on course for a crash landing, with forward OIS market already pricing in almost 2 rate cuts over the next three years, a number that will only grow as the US slides into a crippling recession over the next few quarters (we will have a full FOMC preview later today). Also tomorrow, another even more momentous event may take place when Russia is due to make two interest payments on its dollar bonds on Wednesday, but it is unclear whether western investors will actually receive their cash in dollars, in devalued rubles, or at all, potentially lining up a uniquely messy government debt default, the first since 1998 which eventually led to the collapse of LTCM and the start of the too big to fail bailout culture which defines the US financial system to this day.

Pozsar''s "Margin Call Doom Loop" Prediction Comes True As Trafigura Faces Billions In Margin Calls While there have been occasional stories of hedge fund blow ups (especially those trading Chinese stocks) amid the recent market volatility, so far we have yet to hear of a bank or any other "systematically important" market participant running into a solvency or liquidity crisis or needing a bailout, and yet a look at one of the most tangible funding market indicators - the FRA/OIS - has traded at very elevated levels in recent weeks, suggesting that there is indeed some funding trouble below the surface. But if it is not the banks scrambling for liquidity, then who? Recall what Zoltan Pozsar warned two weeks ago, when he said that " we could be looking at the early stages Of A Classic Liquidity Crisis " - according to the former NY Fed liquidity guru, none other than the commodity traders themselves, and their associated exchanges and clearinghouses, will be the drain of liquidity during this period of unprecedented commodity volatility, adding that "if you want to express all this in the credit space, look at what CDS spreads on some bigger commodity traders have done in the past few weeks." Sure enough, last week''s unprececented LME margin squeeze, where a 250% surge overnight in nickel prices nearly bankrupted Chinese tycoon Xiang Guangda whose Tsingshan Holding Group, the largest stainless steel maker, held a massive 150,000 tons nickel short and which resulted in $8 billion margin call which however even the collecting counterparties (one of which was JPMorgan) did not want to collect on knowing they would default Tsingshan, collect nothing and potentially push the LME itself into insolvency.

Motive Partners is selling its stake in Global Shares. The New York private- equity firm is expected to make 10 times its money.

JPMorgan Chase (JPM) credit card delinquency and net charge-off rates crept up in FebruaryThe delinquency rate of 0.72% edged up from 0.70% in January and 0.66% in December

Full story available on Benzinga.com

A growing list of financial firms are looking to exit Russia, with Deutsche Bank, Goldman Sachs and JPMorgan Chase winding down business there. Others are under pressure from investors to detail their financial exposure to Russia.

Traditional finance firms are boosting their metaverse offerings following JPMorgan’s recent foray into Decentraland.

JPMorgan Chase (JPM) has agreed to acquire Global Shares, a cloud-based provider of share plan management software, and will eventually integrate the business into J.P

Acquisition will bolster the range of services offered to corporate … Full story available on Benzinga.com

New York-based Citigroup has indicated that it would exit from all its operations in Russia, thus being the latest Wall Street firm to pull out of the country following Moscow’s invasion of Ukraine. The New York-based group in April 2021 had already announced plans to get rid of its retail banking business in Russia and on Monday said it is now expanding those efforts to include its corporate bank. “We have now decided to expand the scope of that exit process to include other lines of business and continue to reduce our remaining operations and exposure,” Edward Skyler, Citi’s executive vice-president for global public affairs, said in a blog post. Read also: UK prime minister seeks replacement for banned Russian oil “Due to the nature of banking and financial services operations, this decision will take time to execute,” the bank added. The bank said it had also decided “to stop soliciting any new business or clients to Russia. At the end of 2020, Citi in Russia had about 3,000 corporate clients, 500,000 consumer clients and roughly 3,000 employees.