Standard Ethics has downgraded JPMorgan Chase’s Corporate Rating to “E+” from the previous “EE-”. The Bank -component of the SE US Index- is one of the world’s oldest and largest financial institutions. The US Bank financially supports the ‘Super League’ project consisting of some of the biggest European football clubs some of which are controlled by non-European shareholders.
Adam Vettese (eToro) | Investment banking giant JPMorgan Chase has begun to provide banking services to cryptoasset exchanges, according to reports. The Wall Street Journal first reported overnight that both Coinbase, the largest US-based bitcoin exchange with more than 30 million accounts, and Gemini, which was started by Tyler and Cameron Winklevoss, have agreed a deal to use JPMorgan’s banking services.
While the US bank’s chief economist in pointing to systemic risks, financial bubbles and market complacency, his colleagues in Spain believe “this tale about market manipulation is not real.”
JP Morgan’s Asset Management arm will take a position of control (over 50%) via its investment vehicle Sonnedix in a 660 MW photovoltaic project in Spain. The investment will be for some 500 million euros.
US commercial banks are trading at a discount of over 25% with respect to the market as a whole (S&P 500) in terms of PER 2018e. Fundamentals are solid and the Fed’s monetary policy heralds a good performance from their profit and loss accounts in 2018 and 2019.
Both JP Morgan and Bank of America announced that their trading revenues, specifically those from fixed income operations, had declined substantially over the year so far in interannual terms. European banks like HSBC or Deutsche could suffer the same problem.
NEW YORK | By Ana Fuentes | JP Morgan, the U.S. biggest bank, will have to pay a historic penalty of $13 billion over faulty mortgage practices, according to the settlement with the Department of Justice announced on Tuesday. That’s the equivalent of Iceland’s annual GDP, and more than three times the amount BP had to pay for the oil spill in the Gulf of Mexico in 2010. For some, it was about time that the administration started to take action against those who ignited the economic crisis. Others believe JP Morgan is just a scapegoat.
By Ray Kwong | China’s embarrassingly ineffective anti-corruption campaign re-enters the spotlight as a damning New York Times investigative report reveals that JPMorgan secretly employed the daughter of former Chinese Premier Wen Jiabao, the leading figure behind Beijing’s economic policy. Chinese government officials have long been “praised” for their skills to ensure their family’s futures, with some saying their collective efforts equal at least 3 percent of China’s GDP.
JP Morgan analysts used a wrong classification when accounting loans given by Banco Mare Nostrum to corporations and small and medium companies. Three days after its first report, the investment bank has now rectified.
After months focused on the eurodrama, markets are starting to care more about the so-called fiscal cliff, a popular shorthand term used to describe the situation that Washington will face at the end of this year. Bush tax cuts are set to expire unless Republicans and Democrats agree on how to extend them and who would have to pay. This combined with $110 billion in defense and domestic spending cuts…