JP Morgan

Ticker JPM

Today's data summary

Market open
% change
+0.28%
Price US dollars
97.44
Change
+0.27
As of 14:30 30 Oct 2020
Market cap. US dollars
300,507.01 million
As of 14:30 30 Oct 2020

Latest updates

  1. Banks valuing historic buildings as farmland in black communities

    Video content

    Video caption: "I'm trying not to cry" - African American developer on struggle to get funding

    "I'm trying not to cry" - African American developer on struggle to get funding

  2. 'Solid start' for US earnings season

    wall street sign

    Goldman Sachs and JP Morgan are effectively kicking off the third quarter reporting season in the US, along with United Health and Johnson & Johnson which have also reported.

    Neil Wilson, chief markets at Markets.com, said: "Once again the consumer is proving more resilient than anyone dare credit.

    "JPMorgan delivered on both the top and bottom line in the third quarter, with its earnings update boding well for US large cap banks, although Goldman Sachs missed its expected [earnings per share] number.

    "It also indicates decent consumer strength that suggests retailers, consumer staples are set up well for this season.

    "Broadly we can say Q3 earnings season is off to a solid start with three Dow components reporting better-than-expected numbers and just Goldman Sachs undershooting just."

    He said the Dow Jones index was expected to open 100 points or so higher.

  3. JPMorgan traders charged with market manipulation

    JP Morgan logo

    The US Department of Justice (DoJ) has charged metals traders at JP Morgan with market manipulation and fraud.

    The DoJ alleges that JP Morgan's global head of precious metals trading Michael Nowak, together with two other employees Gregg Smith and Christopher Jordan, ran an eight-year-long scheme to manipulate the global market for precious metals futures contracts.

    According to FBI assistant director in charge William F Sweeney Jr, the three traders "allegedly engaged in a complex scheme to trade precious metals in a way that negatively affected the natural balance of supply-and-demand".

    “Not only did their alleged behaviour affect the markets for precious metals, but also correlated markets and the clients of the bank they represented," he added.

  4. Big business will face more scrutiny

    BBC Radio 5 Live

    Amazon chief executive Jeff Bezos

    Investors are more proactive about holding companies to account, says Trevor Greetham, head of multi asset at Royal London Asset Management, following the release of the Business Roundtable new mission statement, signed by the likes of JP Morgan's Jamie Dimon and Amazon's Jeff Bezos (pictured).

    "If you do something stupid in terms of the environment, shareholders will be very upset about it and institutional shareholders may tell fund managers like Royal London Asset Management not to buy that stock," he says.

    But how much will really change?

    Mr Greetham tells Wake Up to Money: "There will be a lot of scrutiny...to hold them to the standards they've signed up to. So, for Amazon, the ethical treatment of suppliers will be a major deal. Where are the supply chains? What are the conditions of the workers in those supply chains?

    "There is no way these companies are all perfect on these measures at the moment but the fact that they realise it is important, I think we will start to see some changes."

  5. Banks sued for currency rigging

    skyline

    Five banks are being sued in the UK over allegations they rigged the foreign exchange markets.

    The case has been brought after the five were fined by the European Commission for breaching EU competition law, including the involvement of some of them the "Banana Split" cartel.

    The claim, estimated to be worth more than £1bn against Barclays, JP Morgan , Royal Bank of Scotland, UBS and Citigroup, was filed in the Competition Appeal Tribunal (CAT) on Monday.

    That's according to US law firm Scott + Scott which is working with Michael O’Higgins, the former chairman of the Pensions Regulator, who is bringing the claim.

    "Just as compensation has been won in the US, our legal action in the UK will seek to return hundreds of millions of pounds to pension funds and other corporates who were targeted by the cartel,” said Mr O’Higgins.

    It is using the Consumer Rights Act 2015 which was intended to make it far easier for groups of consumers to seek compensation from firms that have fixed prices and formed cartels.

    The banks involved did not comment (when asked by Reuters).

  6. Tough time for banks

    Today Programme

    BBC Radio 4

    Man walks past JP Morgan Chase sign

    The US earnings season has well and truly begun, with the likes of Citigroup, JP Morgan and Goldman Sachs this week publishing their second quarter results.

    And Janus Henderson Investors's Laura Foll says we should take note: "Why this is important is that it is a difficult time for banks globally at the moment."

    She says: "Interest rates are very low and are possibly about to go even lower in the US and that makes it very difficult for banks to make money because effectively when interest rates are this low you can't charge much for loans to put it very simply and that matters for the global economy."

  7. Lyft receives positive recommendations

    Lyft car sticker on a taxi

    US ride hailing app firm Lyft has received positive recommendations from 14 banks on its stock.

    Lyft began selling its shares to the public on the Nasdaq stock exchange on 29 March. However its share price has fallen by 30% since its opening price of $72, which gave it a market value of just over $24bn.

    Analysts from 14 banks including JP Morgan recommended buying Lyft's stock, seven were "neutral" and one bank recommended selling.

    Before Tuesday 23 April, only banks that had not worked on Lyft's initial public offering (IPO) were allowed to make recommendations about its stock, and these banks were decidedly more sceptical about Lyft's future.

    However today the rest of the banks have been allowed to release their recommendations.

    Lyft's shares are now up 0.7% to $61.38.