JPM - JPMorgan Chase & Co.

NYSE - NYSE Delayed Price. Currency in USD
98.60
+1.29 (+1.33%)
At close: 4:00PM EDT

98.06 -0.54 (-0.55%)
After hours: 7:19PM EDT

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Momentum

Momentum

Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close97.31
Open97.75
Bid98.55 x 1300
Ask98.76 x 800
Day's Range97.38 - 99.51
52 Week Range76.91 - 141.10
Volume14,084,428
Avg. Volume28,002,838
Market Cap300.436B
Beta (5Y Monthly)1.18
PE Ratio (TTM)11.08
EPS (TTM)8.90
Earnings DateJul 14, 2020
Forward Dividend & Yield3.60 (3.70%)
Ex-Dividend DateJul 02, 2020
1y Target Est105.67
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
Undervalued
17% Est. Return
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  • Bloomberg

    JPMorgan’s Traders Race Ahead in the Pandemic

    (Bloomberg Opinion) -- The rising tide of pandemic relief money that’s oiling the wheels of finance has been a boon for those in the business of securities trading. Even as the wild market swings have subsided, activity has been buoyant as central banks and governments pumped trillions into economies. This may turn out to be one of the best environments for investment bankers generally, especially those who are buying and selling shares and bonds, but a standout company is emerging.After a record trading performance in first three months of 2020, JPMorgan Chase & Co. is on course to post a 50% jump in trading revenue in the second quarter, when compared with the same period a year ago, the New York giant’s co-president, Daniel Pinto, said last week. The reserved Argentine banker, who has helped JPMorgan move to the top of Wall Street’s rankings, was “very pleased” by the performance. That tells you how well things are going.Other trading firms are doing well too, although not as handsomely as Pinto’s employer. Bank of America Corp. expects bond- and stock-trading revenue to rise close to 10% in the period; Citigroup Inc. is seeing “very good momentum” in the fixed-income business after a 40% jump in the first quarter. Citi is still playing catch-up with its rivals in equities trading.JPMorgan might also be edging further ahead of its European rivals on their home patch. The bank is the favored dealer in Europe for both interest-rate and credit trading, ahead of Goldman Sachs Group Inc. and Citi, according to a poll of bond investors by Greenwich Associates at the end of April. European banks barely made it into the top three in some of Greenwich’s subcategories on fixed-income trading.“It’s a balance sheet, scale and electronification game now, and the bigger you are, the better you do,” Greenwich Associates said when the report was published. That’s propelling JPMorgan — which spends more than $11 billion a year on technology — ahead of its competitors.America’s biggest bank added 2.5 percentage points to its share of trading revenue among its top peers between 2015 and 2019. It has a 12% share of trading in fixed-income, currencies and commodities, an 11% share of equity trading, and a lead in derivatives. That places it at the center of the world’s financial markets. Its ability to move large volumes of inventory is unrivaled, competitors and clients say.Last year, JPMorgan added 25% to its hedge-fund balances, bringing them to $500 billion, and it has been targeting $1 trillion. This growth in hedge fund clients has allowed it to build its stock-trading business, with equity derivatives powering a surge in revenue. It helps too that borrowers have been tapping the bond markets at a record pace.Crucially, it’s the bank’s market dominance — which lets it take on more risk relative to its size — that appears to have become self-perpetuating. “We don't need to take a huge amount of risk for the franchise to be profitable,” Pinto told a conference last week. “At our scale, the franchise is perfectly profitable. So, the only thing we need to do is to always be in a position where we can monetize the franchise.”For Chief Executive Officer Jamie Dimon, a roaring trading division is just what he needs to make up for the inevitable problems in the lending business caused by the Covid-19 pandemic, with companies and households struggling to repay their loans amid the worst recession in decades. Credit losses will pile up and the decline in U.S. interest rates will erode profit margins in the business over time. JPMorgan’s profitable consumer business won’t be such a cash cow.But when the wave recedes, the Wall Street trading titan could be in a league of its own. The question then becomes: Is that healthy for the banking system? This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Elisa Martinuzzi is a Bloomberg Opinion columnist covering finance. She is a former managing editor for European finance at Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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    (Bloomberg) -- It took a global pandemic to get many baby boomers to bank online. Lenders have taken notice.Over the past two months, Americans flocked to websites and apps to manage their finances as the coronavirus limited access to branches, according industry executives. For JPMorgan Chase & Co., existing online clients are using the offerings more frequently, while Bank of America Corp. found that older customers are seeking out its digital services.“We may have opened some people’s eyes to the future,” Bank of America Chief Executive Officer Brian Moynihan told investors at a conference last week. “We’re just on a relentless push.”The coronavirus has given a boost to digital banking, which entails less paper, greater use of electronic services and fewer in-person meetings. Tech has been viewed by banks as both an offensive and defensive tool. Online services have the potential to bring in customers, help cut costly branches and pare workforces, while also making it harder for new competitors to poach clients with the allure of better technology.In April, 23% of new logins to Bank of America’s online and mobile products were by seniors and boomers, Moynihan said. They also accounted for about 20% of customers who deposited checks using mobile phones for the first time. In its business catering to wealthy people, the use of technology has risen over the last six weeks to levels that the bank projected would take six years, according to Andy Sieg, president of Merrill Lynch Wealth Management.One in four people surveyed by Boston Consulting Group said they plan to use branches less or stop visiting altogether when the crisis is over, according to a global poll from April 13 to April 27. The pandemic sparked 12% of the people polled to enroll in online or mobile banking.“We’ve seen tremendous increases in the frequency of use,” said Mindy Hauptman, a BCG partner based in Philadelphia. “If you talked to someone a year ago, they would have said digital was critical to their future. I think that’s been reinforced and accelerated.”Customers were steered toward online banking for a multitude of reasons, Hauptman said. Many stayed home to comply with government orders, while others weren’t able to visit branches because of closures or limited services. As clients flooded call centers to request payment deferrals and inquire about government relief programs, others opted to go online.“This crisis is accelerating the trend toward digital banking,” Goldman Sachs Group Inc. President John Waldron told the conference last week. That’s translated to a 25% jump in active users on the bank’s institutional platform, while its retail arm, Marcus, has seen a 300% surge in visits for financial articles and videos.But the bank’s move to boost online services hasn’t always been smooth -- it delayed until next year the digital offering for its wealth-management unit.The pace of digital adoption remains uneven. In the April survey, only 16% of respondents in the U.S. said they would use branches less often after the crisis, the lowest of any nation in the survey.“We’re a little surprised of seeing in the consumer business that the folks who are already digital are doing more of it,” said JPMorgan CEO Jamie Dimon. “The folks who aren’t digital aren’t exactly picking it up. And I wish we could find a way to incent them to do that better.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Bloomberg

    Pinto Endured Lonely Weeks Co-Running JPMorgan as World Lurched

    (Bloomberg) -- Daniel Pinto checked into a hotel in midtown Manhattan around 2 a.m. on a Friday in early March, hoping to get a little rest after an epically hard day. Things were about to get much worse.His slog that day had begun in London with a routine call with his boss, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon. But just a few hours later Dimon was rushed into emergency heart surgery, and the board named Pinto -- who oversees the firm’s Wall Street operations -- to temporarily run the bank alongside Gordon Smith, the head of its consumer business.Pinto flew to New York for what he thought would be a brief stay. Then markets began panicking over the coronavirus pandemic. He didn’t check out until a month later.“I’ve seen crises my whole life,” Pinto said in an interview. Yet “we haven’t seen a crisis of this magnitude. It’s probably short-lived but very deep, and it’s everywhere around the world.”Pinto and Smith’s stint atop JPMorgan through the worst financial turmoil in decades has answered a question that’s long loomed over the largest U.S. bank: Could anyone other than Dimon ever run it? Created with Dimon’s uncanny knack for melding financial behemoths, JPMorgan has leading franchises in everything from complex trading and corporate lending to bank accounts and credit cards. The anxiety among shareholders has long been that its dominance and record-setting profits might not last under anyone else.And then suddenly, Dimon was sidelined for a month, just as deadly infections exploded across Europe and the U.S., upending economies and sending markets into free fall. The plunge began getting momentum just as Dimon headed to the operating room. Yet by almost any account, Pinto and Smith managed to fill his shoes. Though JPMorgan’s shares are down this year, they’re faring better than all three of its main rivals.Pinto’s account is half that story. Together, he and Smith had to figure out how to run a giant bank with most of its employees home. As Smith focused on JPMorgan’s vast network of branches and call centers, and flew to the White House to meet with President Donald Trump, Pinto focused on markets and propping up corporate clients. Companies, suddenly short of cash and unable to tap markets, were drawing hard on credit lines, putting their bankers in the awkward position of potentially saying no.For Pinto, those weeks were both nerve-wracking and lonely. He ended up stranded at an empty hotel in New York thousands of miles from his wife and his three kids. Even at the office, he was isolated.Most days, Pinto didn’t see anyone but the hotel receptionist, his driver and a security guard at JPMorgan’s tower at 383 Madison Ave., which was virtually empty as employees and executives -- including the entire operating committee -- worked remotely.The industry strained under the selloff. At peak moments, Pinto later wrote in a staff memo, JPMorgan’s foreign-exchange desk executed 730 trades per second while the bank’s payments arm processed a daily deluge of $9 trillion. A senior manager on the corporate bond desk traded $750 million of high-grade debt in a single day in March, according to people familiar with the matter.In some ways, Pinto had been preparing for decades for the role of crisis CEO. A native of Argentina, he embarked on his career almost by accident, taking a job at one of JPMorgan’s predecessors in 1983 to help pay for a degree in public accounting and business administration. He never left. Starting as a currency trader in Buenos Aires, he worked his way up through emerging-market desks, navigating financial blow-ups in places from Brazil to Russia.Tall but softer spoken than his boss, Pinto has spent the past 24 years based in London, climbing the rungs of JPMorgan’s corporate and investment bank, catering to companies and institutional investors. He became sole head of the division in 2014 and has been splitting his time between his office there and the bank’s New York headquarters.“This time it was different because New York was an empty town,” Pinto said. “It was tough. I talked to my family, wife and kids every day -- video-called them -- and I was interacting with the people that worked for me and my partners through video. I still went to the gym and exercised every day to keep up my energy.”It helped that JPMorgan essentially anointed Pinto, 57, and Smith, 61, as Dimon’s emergency stand-ins back in 2018 by elevating them to co-presidents. They honed their rapport and took more active roles in the firm’s control and support functions, while still overseeing businesses that together contribute 80% of revenue. Because of their ages, they aren’t widely seen as the likely longer-term successors if Dimon stays on for several more years. But Pinto said the experience helped them reach big decisions quickly.“Gordon and I really like to work together,” he said. “We know how each of us operates, his strengths and my strengths. It felt extremely natural.”Even while recuperating from surgery, Dimon would check in regularly.“He did challenge us, and gave his opinion on many matters,” Pinto said. “He was 100% supportive.”It also helped that Dimon had been cutting costs and adjusting the bank’s footing for the possibility that the aging bull market could end. Last year he publicly assured investors JPMorgan was “prepared for a recession” even if it wasn’t predicting one. He had also been warning for years that a downturn could be bumpy if stiffer regulations prevented banks from stepping in quickly.“You had a long cycle in the economy where asset managers had been accumulating assets, the banking sector was capitalized but we thought a lack of liquidity could lead to massive volatility,” Pinto said. “And that’s pretty much what happened.”‘Zillions of Requests’Two of the hardest things he and Smith dealt with were figuring out how to move the vast majority of employees home, while still serving desperate clients in ways that wouldn’t endanger the bank’s balance sheet.“When the markets are behaving that way, you have zillions of requests for funding and liquidity,” he said. There were “plenty of requests to draw on existing credit lines and for new funding facilities.” Pinto thinks they got it right.As markets stabilized, Pinto’s division moved from that defensive stance to a more active one, advising companies on tapping markets to ride out the storm. Even takeover talks have resumed.Looking forward, Pinto envisions JPMorgan’s staff working in rotations with about a third logged on remotely at any time, reducing real estate costs, fulfilling sustainability goals and helping prevent overcrowding of public transportation. He worries about not being able to fully measure productivity, so it’s unlikely anyone will always work remotely.The crisis also proved bankers might not need to visit clients as often, though there could be more regular check-ins. He predicts travel and expense budgets will decline.“We still have people working from home but we know the technology works, volumes have normalized,” Pinto said. Yet the strategic agenda “hasn’t changed at all. It’s just been put aside a month or two.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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While oil demand is likely to remain suppressed for some time, nobody expected prices to stay as low as they were.The questions seem to be how high will oil rise and how long will it take to get there? But if you're thinking of using rising oil as a reason to buy Exxon Mobil stock, you may want to reconsider. Don't Count on Oil to Save Exxon Mobil StockIf you look at the historical track of XOM stock with oil prices, a pattern emerges. When oil prices are low, there is a larger delta between the two prices. However, that delta narrows significantly the higher that crude prices go. * 7 Red-Hot Vaccine Stocks Racing to Develop a Coronavirus Cure So let's put it in simple terms. Crude prices have risen nearly 200% in the last month. In that same period of time, Exxon Mobil shares have climbed about 40%. And as of this writing, Exxon trades about 50% higher than the price of a barrel of oil.But if you look back to April 2019, when crude was trading around $65 per barrel, shares of XOM were around $80. It's a premium for sure, but much less than what you're getting today.But that's just one data point. Let's look at another. At the beginning of October 2018, crude oil was trading at around $76 per barrel. Investors could have snagged shares of Exxon Mobil stock for around $85. Do you see the point I'm trying to make?The conventional wisdom says that the rising price of crude is a tide that will lift all boats. And while that may be true on some levels, it has not been the case in terms of the price of Exxon Mobil stock. The Juice Isn't Worth the SqueezeBut wait you say, crude prices wouldn't have to rise that much higher for XOM stock to reach $60. And that would be a nice gain from its current level. Sure, all of that is true, but it's also relying on a lot of things to go right.JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon recently predicted a "fairly rapid" recovery for the U.S. economy. But that is no guarantee that the price of oil is set to return to anything close to the kind of juice Exxon needs for growth. First of all, there is still a glut of oil on the market. Then you have to look at headwinds on the demand side.First, it's hard to estimate how many workers may decide that they want to continue working from home. And that number may increase if kids aren't allowed to go back to school in the fall.Second, business travel is likely to decline in the short term. And even for those companies that want to do business overseas, they may find that international destinations are not available. Will domestic travel be enough to overcome that? What about if airlines are required to enact strict social distancing protocols?And then there is the question of what demand will be for taking a cruise. All of these questions will have a profound effect on the direction of oil prices. And the futures market is saying not so fast. At the time of this writing, the highest price for crude on the futures market is the March 2021 contract which is currently at $35.93. The Bottom Line: It Costs Too Much to Get XOM WrongAt times investing can be very simple. In the case of Exxon Mobil stock, the fundamental question is, what is the cost of being wrong? Exxon recently froze its dividend. That in itself is not the problem. It's a prudent move in uncertain times. However, Exxon is borrowing money to pay for the existing dividend. That rarely works out well. And, even if oil does move higher, the cost of servicing the debt will be an additional anchor on stock prices.But once again ask yourself this question: Would a company freeze its dividend if it expected revenue to increase?Exxon Mobil has one of the lower debt-capital ratios in the oil industry. And unlike other oil stocks, there's little doubt that Exxon Mobil will live to fight another day. But even if you believe that the worst is over for Exxon Mobil stock, less bad is no reason to buy.If you're an investor that's looking for capital growth, you have probably missed your window. And now with a dividend freeze, I expect value investors will start looking for the door. If you're currently investing in the stock, I suggest you do the same.Chris Markoch is a freelance financial copywriter who has been covering the market for over five years. He has been writing for InvestorPlace since 2019. As of this writing, Chris Markoch did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * The Huge Story for 2020 & Beyond That You Aren't Hearing About * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * The 1 Stock All Retirees Must Own The post Keep It Simple and Avoid Exxon Mobil Stock appeared first on InvestorPlace.

  • MarketWatch

    Dow's nearly 200-point drop led by losses in Boeing, Raytheon Technologies Corp. stocks

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  • Reuters

    MOVES-Barclays hires Lynch as chairman of banking in investment bank

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    MarketWatch

    Chase Sapphire reward points can now be redeemed for groceries and takeout. ‘These are strange, strange times’

    Chase Sapphire cardholders (JPM) will be able to use their rewards points to cover purchases like groceries and takeout food thanks to a temporary new feature. Called “Pay Yourself Back” the new system will allow cardholders to use their rewards points to cover a portion or all of existing purchases at grocery stores, home improvement stores and dining, including restaurants, takeout and eligible delivery services. The new points program will go into effect May 31 for the Chase Sapphire Preferred and Reserve cards, and the bank plans to extend the feature to other cards in the future.

  • MarketWatch

    Dow's nearly 100-point fall led by losses for shares of Raytheon Technologies Corp., Boeing

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  • Types of Investment Banks
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    Obtain a detailed description of the primary differences between the various types of investment banks: bulge bracket, middle market, and boutique.

  • South China Morning Post

    Wall Street stands to lose tens of billions of dollars in China from deteriorating relations between world's two largest economies

    Wall Street giants such as Goldman Sachs and JPMorgan Chase have tens of billions of dollars at stake in China as political tension risks derailing the nation's opening of its US$45 trillion financial market.Five big US banks had a combined US$70.8 billion of exposure to China in 2019, with JPMorgan alone ploughing US$19.2 billion into lending, trading and investing. That's a 10 per cent increase from 2018.While their assets in the country are comparatively small, they have big expansion plans there that may come undone if financial services firms are dragged into the tit-for-tat between the two countries. Not only would that cloud their growth plans, it would also threaten the income they have generated over the years from advising Chinese companies such as Alibaba Group Holding.Profits in China's brokerage industry could hit US$47 billion by 2026, Goldman estimates, with foreign firms gunning for a considerable chunk. There are US$8 billion in estimated commercial banking profits as well as a projected US$30 trillion in overall assets to go after, also being pursued by fund giants such as Blackrock and Vanguard Group."If you're an American financial institution and you have an approved plan to expand into China, you're going to continue that plan to the extent that the US government allows you to because you see great future profits," said James Stent, a former banker who's spent more than a decade on the boards of two Chinese lenders. "A US-China Cold War is not good for your plans to build business in China."After years of trade war turmoil, US policymakers are now starting to take aim at the financial industry amid growing scepticism over American firms ploughing money into a country perceived as a big geopolitical foe. Policymakers and lawmakers are looking at restricting US pension fund investments in Chinese companies and limiting the ability of Chinese companies to raise capital in the US.A body advising the US Congress this week questioned Wall Street's push, saying lawmakers need to "evaluate the desirability of greater US participation in a financial market that remains warped by the political priorities of a strategic competitor." Add to that potential sanctions against China and even its banks over the crackdown on Hong Kong, and the situation could further escalate.President Donald Trump said he's "not happy with China" after the country passed a new security law on Hong Kong and will announce new US policies on Friday. His top economic adviser said Beijing would be held accountable by the US.Here's a run down on the biggest US banks' presence in China right now and their plans. * GoldmanGoldman, which has spent years lobbying for control of its onshore business, won approval this year. Chief Executive Officer David Solomon has pledged to infuse its mainland business with hundreds of millions of dollars in new capital as the bank plans to embark on a hiring spree to double its workforce to 600 and ramp up a wide variety of businesses.Goldman put its "cross-border outstandings" to China at US$13.2 billion at the end of last year. But its two onshore operations had capital of just 1.8 billion yuan (US$251 million), making a profit of almost 300 million yuan.A spokesman for Goldman declined to comment.Hosting an annual summit in Beijing with 1,900 investors and 600 companies last year, Morgan Stanley Chief Executive Officer James Gorman said in a Bloomberg Television interview that the bank is in China "for the long run." He highlighted its presence there for 25 years and its handling of hundreds of billions of dollars in equity and merger deals for Chinese businesses.Morgan Stanley won a nod to take majority control of its securities venture this year, and last year had a net exposure of US$4.1 billion to Chinese clients. Its local securities unit, however, has revenue of just 132 million yuan, posting a loss of 109 million yuan last year.The bank has been overhauling senior management of the venture, installing its staff in key roles. It plans to apply for additional licenses to broaden its products and invest in new businesses, build market-making capability and expand its asset management partnership and ultimately take control."It's a natural evolution to bring the global investment banks into this market," Gorman said in May last year.A Morgan Stanley spokesman declined to comment. * JPMorganThe biggest US bank has been doing business in China since 1921. Chief Executive Officer Jamie Dimon has said that his firm is committed to bringing its "full force" to the country. This year it applied for full control of an asset management firm as well as a securities venture, and is expanding its office space in China's tallest skyscraper in downtown Shanghai.JPMorgan's China total exposure in 2019 was US$19.2 billion, including US$11.3 billion in lending and deposits and US$6.5 billion in trading and investing.JPMorgan China's banking unit had 47 billion yuan in assets last year and made a profit of 276 million yuan, while its newly started securities firm had capital of 800 million yuan.A JPMorgan spokeswoman declined to comment.Citigroup, which has been doing business in China since 1902, had total exposure to the country of US$18.7 billion at the end of last year. Its local banking arm had total assets of 178 billion yuan, making a profit of 2.1 billion yuan.Citigroup, which is setting up a new securities venture in China, is the only US lender that has a consumer banking business in the country with footprint in 12 cities including Beijing, Changsha and Chengdu.New York-based Citigroup said last month that it has doubled its overall revenue from China to more than US$1 billion over the past decade.China represents 1.1 per cent of Citi's total global exposure and includes local top tier corporate loans and loans to US and other global companies with operations in China, a bank spokesman said.Bank of America, the only major bank to decide against pursuing a securities joint venture, is continuing to expand into the world's second-largest economy. The Charlotte, North Carolina-based lender is looking to provide a fuller range of fixed income services in the country.Its largest emerging market country exposure in 2019 was China, with net of US$15.6 billion, concentrated in loans to large state-owned companies, subsidiaries of multinational corporations and commercial banks. It followed only the US, UK, Germany, Canada and France in terms of exposure for the bank.A spokeswoman for the bank declined to comment.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.

  • Moody's

    JPMorgan Chase & Co. -- Moody's withdraws ratings on three senior notes issued by JPMorgan for business reasons

    Moody's Investors Service, ("Moody's") today withdrew the A2 ratings on three senior notes issued by JPMorgan Chase & Co. The notes' identifiers are ISIN XS1450982894, XS1450931636, and XS1450928764. Moody's has decided to withdraw the ratings for its own business reasons. Please refer to the Moody's Investors Service Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

  • Wall Street Has Billions to Lose in China From Rising Strain
    Bloomberg

    Wall Street Has Billions to Lose in China From Rising Strain

    (Bloomberg) -- Wall Street giants such as Goldman Sachs Group Inc. and JPMorgan Chase & Co. have tens of billions of dollars at stake in China as political tension risks derailing the nation’s opening of its $45 trillion financial market.Five big U.S. banks had a combined $70.8 billion of exposure to China in 2019, with JPMorgan alone plowing $19.2 billion into lending, trading and investing. That’s a 10% increase from 2018.While their assets in the country are comparatively small, they have big expansion plans there that may come undone if financial services firms are dragged into the tit-for-tat between the two countries. Not only would that cloud their growth plans, it would also threaten the income they have generated over the years from advising Chinese companies such as Alibaba Group Holding Ltd.Profits in China’s brokerage industry could hit $47 billion by 2026, Goldman estimates, with foreign firms gunning for a considerable chunk. There are $8 billion in estimated commercial banking profits as well as a projected $30 trillion in overall assets to go after, also being pursued by fund giants such as Blackrock Inc. and Vanguard Group Inc.“If you’re an American financial institution and you have an approved plan to expand into China, you’re going to continue that plan to the extent that the U.S. government allows you to because you see great future profits,” said James Stent, a former banker who’s spent more than a decade on the boards of two Chinese lenders. “A U.S.-China cold war is not good for your plans to build business in China.”After years of trade war turmoil, U.S. policy makers are now starting to take aim at the financial industry amid growing skepticism over American firms plowing money into a country perceived as a big geopolitical foe. Policy makers and lawmakers are looking at restricting U.S. pension fund investments in Chinese companies and limiting the ability of Chinese companies to raise capital in the U.S.A body advising the U.S. Congress this week questioned Wall Street’s push, saying lawmakers need to “evaluate the desirability of greater U.S. participation in a financial market that remains warped by the political priorities of a strategic competitor.” Add to that potential sanctions against China and even its banks over the crackdown on Hong Kong, and the situation could further escalate.President Donald Trump said he’s “not happy with China” after the country passed a new security law on Hong Kong and will announce new U.S. policies on Friday. His top economic adviser said Beijing would be held accountable by the U.S.Here’s a run down on the biggest U.S. banks’ presence in China right now and their plans.GoldmanGoldman, which has spent years lobbying for control of its onshore business, won approval this year. Chief Executive Officer David Solomon has pledged to infuse its mainland business with hundreds of millions of dollars in new capital as the bank plans to embark on a hiring spree to double its workforce to 600 and ramp up a wide variety of businesses.Goldman put its “cross-border outstandings” to China at $13.2 billion at the end of last year. But its two onshore operations had capital of just 1.8 billion yuan ($251 million), making a profit of almost 300 million yuan.A spokesman for Goldman declined to comment.Morgan StanleyHosting an annual summit in Beijing with 1,900 investors and 600 companies last year, Morgan Stanley Chief Executive Officer James Gorman said in a Bloomberg Television interview that the bank is in China “for the long run.” He highlighted its presence there for 25 years and its handling of hundreds of billions of dollars in equity and merger deals for Chinese businesses.Morgan Stanley won a nod to take majority control of its securities venture this year, and last year had a net exposure of $4.1 billion to Chinese clients. Its local securities unit, however, has revenue of just 132 million yuan, posting a loss of 109 million yuan last year.The bank has been overhauling senior management of the venture, installing its staff in key roles. It plans to apply for additional licenses to broaden its products and invest in new businesses, build market-making capability and expand its asset management partnership and ultimately take control.“It’s a natural evolution to bring the global investment banks into this market,” Gorman said in May last year.A Morgan Stanley spokesman declined to comment.JPMorganThe biggest U.S. bank has been doing business in China since 1921. Chief Executive Officer Jamie Dimon has said that his firm is committed to bringing its “full force” to the country. This year it applied for full control of an asset management firm as well as a securities venture, and is expanding its office space in China’s tallest skyscraper in downtown Shanghai.JPMorgan’s China total exposure in 2019 was $19.2 billion, including $11.3 billion in lending and deposits and $6.5 billion in trading and investing.JPMorgan China’s banking unit had 47 billion yuan in assets last year and made a profit of 276 million yuan, while its newly started securities firm had capital of 800 million yuan.A JPMorgan spokeswoman declined to comment.CitigroupCitigroup Inc., which has been doing business in China since 1902, had total exposure to the country of $18.7 billion at the end of last year. Its local banking arm had total assets of 178 billion yuan, making a profit of 2.1 billion yuan.Citigroup, which is setting up a new securities venture in China, is the only U.S. lender that has a consumer banking business in the country with footprint in 12 cities including Beijing, Changsha and Chengdu.New York-based Citigroup said last month that it has doubled its overall revenue from China to more than $1 billion over the past decade.China represents 1.1% of Citi’s total global exposure and includes local top tier corporate loans and loans to US and other global companies with operations in China, a bank spokesman said.Bank of AmericaBank of America Corp., the only major bank to decide against pursuing a securities joint venture, is continuing to expand into the world’s second-largest economy. The Charlotte, North Carolina-based lender is looking to provide a fuller range of fixed income services in the country.Its largest emerging market country exposure in 2019 was China, with net of $15.6 billion, concentrated in loans to large state-owned companies, subsidiaries of multinational corporations and commercial banks. It followed only the U.S., U.K., Germany, Canada and France in terms of exposure for the bank.A spokeswoman for the bank declined to comment.(Adds Trump comments in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • U.S. judge orders 15 banks to face big investors' currency rigging lawsuit
    Reuters

    U.S. judge orders 15 banks to face big investors' currency rigging lawsuit

    A U.S. judge on Thursday said institutional investors, including BlackRock Inc <BLK.N> and Allianz SE's <ALVG.DE> Pacific Investment Management Co, can pursue much of their lawsuit accusing 15 major banks of rigging prices in the $6.6 trillion-a-day foreign exchange market. U.S. District Judge Lorna Schofield in Manhattan said the nearly 1,300 plaintiffs, including many mutual funds and exchange-traded funds, plausibly alleged that the banks conspired to rig currency benchmarks from 2003 to 2013 and profit at their expense. "This is an injury of the type the antitrust laws were intended to prevent," Schofield wrote in a 40-page decision.