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Four major banks settle stock-lending suit
Pension funds led by the Iowa Public Employees' Retirement System brought an antitrust action related to the banks' control of the market for stock loans used for hedging and short selling.
Rising markets, rates tee up second-half margins for B-Ds
Broker-dealers are gaining the double whammy of billing higher fees based on more client assets as well as generating more revenue from higher interest rates.
AI arrives on Wall Street
Morgan Stanley and JPMorgan seize the initiative, while smaller firms grapple with a lack of standardized data.
SEC fines JPMorgan $4 million for deleting electronic communications
A vendor improperly destroyed 47 million electronic communications, including emails and instant messages, from 8,700 inboxes.
Wells Fargo hires another JPMorgan executive for wealth management
Barry Simmons is at least the third senior wealth management executive Wells Fargo has hired in the last few years from JPMorgan.
JPMorgan builds unit catering to world’s richest families
The unit, called 23 Wall, is led by JPMorgan veteran Andy Cohen and focuses on about 700 families worth more than $4.5 trillion.
One-in-four chance US will hit debt ceiling X-date
The odds of passing the X-date without an increase in the debt is around 25% and rising, according to JPMorgan.
JPMorgan raises year net interest income view to $84 billion due to First Republic deal
The biggest US bank said the integration costs tied to the acquisition would total about $3.5 billion, about half of which will be borne this year.
Advisor movement continues to slow, but there’s a bright spot
Despite the broader slowdown in recruiting over the first three months of the year, the RIA and independent broker-dealer channels have continued to bring on experienced advisors at a steady pace.
JPMorgan’s deal for First Republic fuels Dimon’s wealth management ambitions
The failed bank, which had about $290 billion in wealth management assets, will increase JPMorgan’s reach to high-net-worth clients in what it deems attractive locations.
FDIC asks banks for final bids on First Republic by Sunday
The bidding process could pave the way for a tidier sale of First Republic than the drawn-out auctions that followed the failures of Silicon Valley Bank and Signature Bank last month.
Six biggest banks on Wall Street failing key ESG test, study says
JPMorgan, Bank of America, Citigroup are listed as falling short in an analysis by Ceres and the Transition Pathways Initiative.
Program brings financial planning to Chicago working families
The program aims to infuse social service programs with information about long-term financial and career goals.
First Republic gets $30 billion in fresh deposits in bank rescue
The plan, which the banks devised with US regulators, is meant to stave off a widening panic in the wake of regulators' seizure of Silicon Valley Bank and Signature Bank over the past week.
Major banks in talks to deposit up to $30 billion with First Republic
JPMorgan, Citigroup and Bank of America are among the big banks that are part of the discussion. Details of the rescue may be announced as soon as Thursday.
JPMorgan, Morgan Stanley in talks for First Republic, WSJ says
Several large banks are discussing a potential deal that could include a sizable capital infusion to shore up troubled First Republic.
JPMorgan says to book profits on bonds before next possible rate hike
The bank says Fed isn’t done with hiking and sees another rate increase next week.
JPMorgan reins in workers’ use of ChatGPT
The artificial intelligence software, which became an internet phenomenon in recent months, generates text, images and other media in response to a short prompt.
JPMorgan asks judge to throw out lawsuit over Jeffrey Epstein
U.S. Virgin Islands claims the bank turned a blind eye to Epstein sex-trafficking, calling the allegation a 'masterclass in deflection.'
BNY Mellon, Wall Street firms find the lure of crypto too strong to resist
Despite all that’s gone wrong in the industry, the world’s largest custodian bank and other financial giants are hoping to expand in crypto.
