SocGen's Payouts Approach Is ‘Break From Past,' JPMorgan Says
The promise, given earlier this month, is a 'significant break from the past,' analysts including Delphine Lee wrote in a note Tuesday. They upgraded the recommendation on the French bank to overweight and boosted its price target by 59%.
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New York Times
38 minutes ago
- New York Times
Trump Airs Personal Financial Grievances Ahead of ‘Debanking' Crackdown
President Trump said on Tuesday that he was a victim of discrimination by two of the nation's largest banks, and suggested that his personal experience was fueling his animas with Wall Street. Mr. Trump, in an interview on CNBC, said that both JPMorgan Chase — the nation's largest bank — and Bank of America refused to accept more than $1 billion in deposits from the Trump Organization following his first term. He said that he made personal appeals to the chief executives of both banks but was rejected. 'The banks discriminated against me very badly,' Mr. Trump said., Mr. Trump's remarks couldn't immediately be confirmed. A JPMorgan spokesman did not address Mr. Trump's charge, instead sending a statement saying that the bank would not comment on clients. Bank of America declined to comment. The Trump Organization earlier sued Capital One for closing its accounts in the wake of the Jan 6. attack on the Capitol. The president's commentary on Tuesday carries significant weight on Wall Street because his administration has been preparing a crackdown, in the form of an executive order and other proposed regulatory changes, on so-called debanking practices. Many right-leaning organizations have claimed that the financial system has locked them out because of their political positions. Bank executives and lobbying groups have broadly pushed back against that assertion, although they have said that beginning with the Obama administration — and during Mr. Trump's first term — they were required by regulators to scrutinize closely categories of deposits, including payday lenders and gun-related businesses. Mr. Trump, asked during the CNBC interview if he would sign an executive order on debanking, did not explicitly comment on his plans. Rather, he responded by describing his company's experience with Chase and Bank of America. He said that after his first term, the Trump Organization was given 20 days to withdraw more than $1 billion from Chase. He said he appealed directly to JPMorgan's chief executive, Jamie Dimon. 'You could ask him,' Mr. Trump said. 'Maybe he's not going to admit it.' Asked about Mr. Trump's statement, the JPMorgan spokesman said that as a rule the bank didn't close accounts for political reasons. After his Chase accounts were closed, Mr. Trump said he tried Bank of America. That bank's chief executive, Brian Moynihan, 'was kissing my ass when I was president,' but wouldn't accept the deposits after his first term ended, Mr. Trump said. Eventually, the Trump Organization spread its money across a number of smaller banks, Mr. Trump said. 'Ten million here, ten million there,' he said. 'It's lucky I even had them. They were doing me a favor.'
Epoch Times
38 minutes ago
- Epoch Times
Trump to Sign Order Penalizing Banks That Discriminate Against Conservatives
Trump says JPMorgan Chase and Bank of America cut ties with him after the 2020 election. President Donald Trump speaks to the media before boarding Marine One on the South Lawn of the White House in Washington on Aug. 1, 2025. President Donald Trump speaks to the media before boarding Marine One on the South Lawn of the White House in Washington on Aug. 1, 2025. MEHMET ESER/Middle East Images/AFP via Getty Images WASHINGTON—President Donald Trump confirmed on Tuesday that he will sign an executive order this week aimed at penalizing banks he claims have discriminated against conservatives, including himself. In an interview with CNBC's 'Squawk Box,' Trump confirmed he would be signing the order and accused major banks—such as JPMorgan Chase and Bank of America—of 'very badly' discriminating against him after the 2020 election.
Yahoo
2 hours ago
- Yahoo
Chase Just Made Your Rewards Points Worth More Than Cash—Here's How To Turn Them Into Crypto Gold
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The financial world shifted gears on July 30 when JPMorgan Chase (NYSE:JPM) and Coinbase (NASDAQ:COIN) announced a groundbreaking partnership that could fundamentally change how Americans access cryptocurrency. For the first time, the largest U.S. bank is offering its 80 million customers three distinct pathways into crypto: Chase credit card funding, Ultimate Rewards points conversion to USDC, and direct bank account integration with Coinbase. This isn't just another fintech collaboration—it's Wall Street's most significant endorsement of crypto as a legitimate asset class for mainstream consumers. Don't Miss: The same firms that backed Uber, Venmo and eBay are investing in this pre-IPO company disrupting a $1.8T market — — no wallets, just price speculation and free paper trading to practice different strategies. The Three-Pronged Crypto Gateway The partnership rollout happens in phases, with credit card support launching this fall, while rewards redemption and bank account linking are scheduled for 2026. Here's what Chase customers can expect: Fall 2025: Chase credit cardholders will be able to fund their Coinbase accounts directly, eliminating the traditional bank transfer delays that often frustrate new crypto investors. This feature alone could remove one of the biggest friction points for crypto adoption. 2026: The real game-changer arrives when Chase Ultimate Rewards points become convertible to USDC, a dollar-pegged stablecoin. This marks the first time a major credit card rewards program has offered crypto as a redemption option, potentially introducing millions of Americans to digital assets without requiring an initial cash investment. 2026: Direct bank account linking will create a seamless bridge between traditional banking and crypto trading, similar to how PayPal or Venmo connections work today. Trending: Grow your IRA or 401(k) with Crypto – . Why This Partnership Matters Beyond Convenience JPMorgan's crypto evolution tells a fascinating story of institutional adoption. Just six years ago, CEO Jamie Dimon famously called Bitcoin a 'fraud.' Today, his bank is actively facilitating crypto access for retail customers while simultaneously launching its own deposit token called JPMD on Coinbase's blockchain infrastructure. The timing is particularly significant given the broader crypto market context. Coinbase earned approximately $300 million in distribution payments from Circle in the first quarter alone, highlighting the exchange's growing revenue streams beyond traditional trading fees. This partnership could substantially expand those earnings through increased transaction volume. The Risks Investors Should Consider While this partnership signals mainstream crypto acceptance, several considerations warrant attention. Credit card crypto purchases typically carry higher fees than bank transfers, potentially making this convenience costly for frequent buyers. Additionally, using credit cards for crypto investments introduces debt-financed speculation risks that financial advisors consistently warn against. The staggered rollout timeline also suggests both institutions are proceeding cautiously, likely stress-testing systems and regulatory compliance measures before full implementation. This measured approach, while prudent, means the full benefits won't materialize Implications and Investor Takeaways For Coinbase shareholders, this partnership represents a potential catalyst for user growth and transaction volume. JPMorgan's customer base dwarfs Coinbase's current user count, creating substantial expansion opportunities. The integration also strengthens Coinbase's positioning as the primary bridge between traditional finance and crypto. JPMorgan benefits by offering customers expanded investment options while generating additional fee revenue through credit card transactions and rewards program engagement. The bank also gains valuable data insights into customer crypto behavior patterns. The Bigger Picture The partnership reflects crypto's maturation from speculative investment to mainstream financial tool. When America's largest bank actively facilitates crypto access rather than restricting it, the legitimacy debate effectively ends for many consumers. However, success will depend on execution quality and customer adoption rates. If the integration proves seamless and cost-effective, other major banks will likely follow suit, potentially accelerating institutional crypto adoption beyond current projections. For investors, this development reinforces crypto's permanent place in the financial ecosystem while highlighting the importance of established players in driving mainstream adoption. The question isn't whether crypto will integrate with traditional finance—it's how quickly that integration will reshape both industries. Read Next: A must-have for all crypto enthusiasts: .This article Chase Just Made Your Rewards Points Worth More Than Cash—Here's How To Turn Them Into Crypto Gold originally appeared on
