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JPMorgan Chase commits $30 billion to tackle racial wealth gap

October 9, 2020

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“Systemic racism is a tragic part of America’s history,” CEO Jamie Dimon said.

October 9, 2020, 5:20 PM

5 min read

JPMorgan Chase pledged $30 billion to help ameliorate the racial wealth gap in the U.S. and “reduce systemic racism against Black and Latinx people,” the firm announced in a statement Thursday.

The investment bank said the $30 billion commitment over the next five years will come in the form of loans, equity and direct funding to promote affordable housing, grow Black and Latinx-owned businesses, improve access to banking in communities of color, and build a more diverse workforce.

“Systemic racism is a tragic part of America’s history,” Jamie Dimon, chairman and CEO of JPMorgan Chase, said in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people.”

“It’s long past time

JPMorgan puts $30b toward aiding Black, Latino homeownership

October 9, 2020

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JPMorgan Chase said Thursday it will extend billions in loans to Black and Latino homebuyers and small business owners in an expanded effort toward fixing what the bank calls “systemic racism” in the country’s economic system.

The New York bank said it is committing $30 billion over the next five years toward programs that include earmarking more money for getting Black and Latino families into homeownership and providing additional financing to build affordable rental housing units.

“Systemic racism is a tragic part of America’s history,” said JPMorgan Chase CEO Jamie Dimon in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality.”

The bank, which has $3.2 trillion in assets, said it expects the $30 billion to help finance 40,000 additional mortgages for Black and Latino households, another 20,000 loans that will refinance mortgages and help construct 100,000 affordable

Top ad accounts in review from T-Mobile to JPMorgan Chase

October 8, 2020

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Much of the ad industry came to a halt in March as the pandemic led marketers to slash spending and delay reviews of their accounts.
But activity has since picked up, with a focus on media-buying, which is where the most money changes hands.
The key reviews ad agencies are watching include names like T-Mobile, Sanofi, and Visa that spend billions on advertising and want to consolidate their business with a single agency or holding company.
Visit Business Insider’s homepage for more stories.

When the pandemic hit the US in March, advertising all but came to a halt as brands slashed spending and halted new campaign production.

The last thing any CMO wanted to do was go embark on an agency review, an expensive, monthslong process to determine the advertising agencies they want to handle their business.

But with some exceptions like Samsung, which just cancelled a massive pitch for

JPMorgan Chase commits $30B to close racial wealth gap

October 8, 2020

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The Surrogate’s Court building exterior remains vandalized while Occupy City Hall protests continue outside City Hall in New York City on June 30. Photo by John Angelillo/UPI | License Photo

JPMorgan Announces $30 Billion Commitment To Advance Racial Equity

October 8, 2020

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JPMorgan Chase CEO Jamie Dimon And Detroit Mayor Duggan Discuss The Bank's Investment In Detroit — Jamie Dimon, chairman and CEO of JPMorgan Chase.

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Civil unrest has gripped the U.S. since the May killing of George Floyd, prompting companies across industries to commit to racial justice and support initiatives that promote equity and inclusivity.

On Thursday, JPMorgan Chase made a $30 billion pledge to address racial inequality over the next five years, standing out as one of the largest race-related corporate financial commitments since public upheaval began in early June. The announcement comes shortly after Citi and Bank of America pledged $1 billion respectively to tackle racial inequality and economic mobility among communities of color.

“Systemic racism is a tragic part of America’s history,” Jamie Dimon, CEO of JPMorgan, said in a statement. “We can do more and do better to break down systems that have propagated racism and widespread economic inequality, especially for Black and Latinx people. It’s long past time that society

Regeneron, JPMorgan, Domino’s Pizza: 5 Things You Must Know

October 8, 2020

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Here are five things you must know for Thursday, Oct. 8:

1. — Stock Futures Rise on Stimulus Optimism

Stock futures traded higher Thursday as Wall Street grew more optimistic lawmakers could secure further fiscal stimulus for the U.S. economy even if it comes in the form of smaller relief bills.

Contracts linked to the Dow Jones Industrial Average were up 105 points, S&P 500 futures gained 14 points and Nasdaq futures rose 85 points.

Stocks finished sharply higher Wednesday after President Donald Trump said he would consider alternative aid measures such as a new round of stimulus checks, the Paycheck Protection Program and support for airlines. House Speaker Nancy Pelosi also signaled support for a standalone airline stimulus bill.

Airlines have begun furloughing or laying off workers following the expiration of a federal prohibition on job cuts tied to the $25 billion in federal aid they received earlier this

JPMorgan To Pay $920 Mln Fine For Manipulating Precious Metals, Treasury Market

September 30, 2020

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(RTTNews) – JPMorgan Chase & Co (JPM) agreed to pay a total of $920 million in penalty to settle U.S. investigations into the company’s alleged manipulation of metal and treasuries markets.

The settlement resolves investigations from the U.S. Justice Department, the Commodity Futures Trading Commission and the Securities and Exchange Commission.

The U.S. regulatory authorities investigated the firm for unfairly manipulating or “spoofing” the precious metals market.

The charges against JPMorgan and its subsidiaries were for “manipulative and deceptive conduct and spoofing that spanned at least eight years and involved hundreds of thousands of spoof orders in precious metals and U.S. Treasury futures contracts.”

“The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” said Daniel Pinto, co-President of JPMorgan Chase and CEO of the Corporate & Investment Bank.

J.P. Morgan Securities admitted the findings in the SEC’s order, and agreed

JPMorgan to pay $920 million for manipulating precious metals, treasury market

September 30, 2020

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Oden Capital Group chief financial strategist Dick Bove on his outlook for banks amid allegations of suspicious transactions.

JPMorgan Chase & Co JPM.N has agreed to pay more than $920 million and admitted to wrongdoing to settle federal U.S. market manipulation probes into its trading of metals futures and Treasury securities, the U.S. authorities said on Tuesday.

The landmark multi-agency settlement lifts a regulatory shadow that has hung over the bank for several years and marks a signature victory for the government’s efforts to clamp down on illegal trading in the futures and precious metals market.

JPMorgan will pay $436.4 million in fines, $311.7 million in restitution and more than $172 million in disgorgement, the Commodity Futures Trading Commission (CFTC) said on Tuesday, the biggest-ever settlement imposed by the derivatives regulator.

JPMORGAN WILL MOVE $230 BILLION IN ASSETS TO GERMANY AHEAD OF BREXIT

Between 2008 and 2016, JPMorgan engaged in

JPMorgan Chase to Pay Record Fine For “Spoofing” Charges

September 29, 2020

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JPMorgan Chase (NYSE: JPM) has set many records in its day, but its latest is not one it will be proud of.

America’s largest bank will pay more than $920 million to the Commodity Futures Trading Commission (CFTC) after the agency found the bank guilty of “spoofing” in which JPMorgan Chase engaged in “manipulative” trading practices related to precious metals and U.S. Treasury future contracts.

The fine is the largest the CFTC has ever imposed for any spoofing case and was expected after media outlets earlier this week reportedÂ that JPMorgan could be facing such a punishment.

Image source: JPMorgan Chase.

“Spoofing is illegalâpure and simple,” CFTC Chairman Heath P. Tarbert said in a statement. “This record-setting enforcement action demonstrates the CFTC’s commitment to being tough on those who intentionally break our rules, no matter who they are.”

Spoofing is when traders place options orders with no plans to ever

JPMorgan Chase to pay nearly $1 billion in illegal trading settlement

September 29, 2020

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For years, JPMorgan traders initiated orders to buy or sell precious metals, Treasury notes and Treasury futures only to quickly cancel the trades before they were executed. The illegal practice sends a false signal to other market players, prompting price changes that the spoofers can then exploit.

According to the CFTC, traders at JPMorgan, in many instances, were successful in causing artificial price changes that were favorable to them.

“The conduct of the individuals referenced in today’s resolutions is unacceptable and they are no longer with the firm,” said Daniel Pinto, co-president of JPMorgan Chase and chief executive of its Corporate & Investment Bank. “We appreciate that the considerable resources we’ve dedicated to internal controls was recognized by the DOJ, including enhancements to compliance policies, surveillance systems and training programs.”

The efforts to distort the market lasted more than eight years, from at least 2008 to 2016, the government agencies