Latest news with #JPMorgan Chase
Yahoo
3 days ago
- Business
- Yahoo
Mamdani Talks ‘Intifada', Taxes in Grilling by Business Leaders
(Bloomberg) -- New York City mayoral candidate Zohran Mamdani told business leaders that he would begin to discourage the use of the phrase 'globalize the intifada' after being pressed on his views by Pfizer Inc. Chief Executive Officer Albert Bourla, according to people with knowledge of the matter. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say Mamdani, the 33-year-old democratic socialist who shocked New York City's business and political establishment by beating Andrew Cuomo in last month's Democratic mayoral primary, met Tuesday with about 100 business leaders from the Partnership for New York City. The group is a 350-member coalition of the city's largest banks and media companies as well as investment, real estate and law firms. The meeting, which came at Mamdani's request, is one of several scheduled this week between the Democratic nominee and the business community, which is grappling with the potential impact of Mamdani's leadership on the city. Mamdani campaigned on promises to freeze the rent on affordable housing, and fund free buses and government-run grocery stores with new taxes on corporations and high-earners. JPMorgan Chase & Co. CEO Jamie Dimon last week criticized Mamdani and the Democratic reaction to his election, describing him as 'more of a Marxist than a socialist.' Bourla, whose grandparents perished at Auschwitz, moderated the event. Mamdani, an activist for Palestinian causes, has been criticized for refusing to denounce calls by anti-Israel protesters to 'globalize the intifada,' a reference to the armed Palestinian uprisings against Israel. Bourla in 2020 struck an agreement with Israeli Prime Minister Benjamin Netanyahu to use Israel as a test case for Pfizer's Covid-19 vaccine. In Tuesday's meeting, Mamdani appeared to relent on the matter, the people said, saying he would discourage such language going forward. But on other subjects the Queens assemblyman held firm, reiterating his goals and brushing off concerns about higher taxes by saying wealthy New Yorkers would stay put regardless, the people said. Mamdani also said he'd consider, but wouldn't commit, to keeping Police Commissioner Jessica Tisch, the people said. Her father, Loews Corp. Chairman James Tisch, was at the meeting. Other attendees included Uber Technologies Inc. CEO Dara Khosrowshahi, Hearst Corp. CEO Steve Swartz, Related Cos CEO Jeff Blau, and Centerview Partners' co-founder Blair Effron, the people said. 'Zohran appreciated the meeting today, and felt it was a constructive, honest discussion,' Jeffrey Lerner, a spokesman for Mamdani's campaign, said in a statement. 'We look forward to the opportunity to build on this conversation, even in navigating disagreement on fiscal policy. Zohran continues to believe that working in partnership is the best way to deliver an affordable city for all New Yorkers.' Business leaders who attended the Tuesday event thought Mamdani was 'the most impressive candidate they have seen in generations,' Kathy Wylde, CEO of the coalition, said in an interview on CNBC Wednesday. But Wylde said Mamdani is 'clearly, totally inexperienced' and that she doesn't think the candidate changed the minds of city business leaders. Mamdani also told attendees he would examine the New York City Department of Education for waste and duplication, and that he would look to use the World Cup as an opportunity to build up city infrastructure. Mamdani has been making efforts to consolidate traditional institutions behind his candidacy ahead of November's mayoral race, which could prove unusually competitive in a heavily blue city where the Democratic nominee has been all but assured of victory in recent elections. He will face off against four other candidates: incumbent Mayor Eric Adams, former governor Cuomo, and attorney Jim Walden — all of whom are running as independents — as well as Republican Curtis Sliwa. President Donald Trump, who has described Mamdani as a 'communist lunatic,' said this week that Cuomo should stay in the race, even after losing by more than 12 percentage points to Mamdani in the primary. --With assistance from Aysha Diallo. (Updates with comments by Partnership for New York City CEO in 10th paragraph) Forget DOGE. Musk Is Suddenly All In on AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
4 days ago
- Business
- Bloomberg
Bond Traders Boost Bearish Bets as US 30-Year Yields Eclipse 5%
A bearish tone is taking hold in the Treasury market amid worries over the risk of tariff-fueled inflation and increased government spending in some of the world's biggest economies. In JPMorgan Chase & Co.'s latest Treasury client survey, investors' net long positioning shrank to the smallest in six weeks. That coincides with selling pressure in US government debt, which picked up on Tuesday after June consumer-price data failed to assuage concerns over the impact of trade levies. In response, investors trimmed bets the Federal Reserve will cut interest rates as soon as September.
Bloomberg
4 days ago
- Business
- Bloomberg
JPMorgan's Jamie Dimon Says the Rush Into Private Credit May Have Peaked
By and Paige Smith Save The biggest US bank isn't itching to buy a company in Wall Street's hottest market. 'You may have seen peak private credit,' JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said on a Tuesday call to discuss second-quarter earnings. 'A little bit,' he added as a caveat, 'I don't know.'
Yahoo
5 days ago
- Business
- Yahoo
JPMorgan Q2 Earnings Preview: Reading the Consumer Pulse
JPMorgan Chase & Co. (NYSE:JPM) will post Q2 results before the bell on 15 Jul 2025. Given its vast branch and card network that touches millions of households, investors often treat the bank and CEO Jamie Dimon's remarks as an early read on consumer sentiment. They are also keen to hear Dimon's views on tariffs and their potential impact on the economy. Street consensus points to EPS of $4.48 and revenue of $43.9 billion. Ahead of the print, the stock has risen 20% year-to-date and now sits about 3% below the early-July record high, so expectations are elevated. Investors will focus on whether net interest income remains resilient and how much wage inflation and technology spending weigh on expenses. Management last quarter guided for FY 2025 NII "around the mid-$90 billion area," so any tweak could steer estimates. Credit costs warrant attention after Dimon recently put recession odds near 50%. On rates, the 2s-10s yield curve has moved from last year's inversion to a modest 53 bp slope. That is steeper than six months ago but still flatter than the long-run average near 150 bp, which means margin tailwinds are tapering even as trading desks may welcome the extra volatility. Commentary on deposit betas, card-spending trends, and capital returns against Basel III Endgame targets will set the tone for the sector. This article first appeared on GuruFocus. Sign in to access your portfolio
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Jamie Dimon Says Private Credit Is Dangerous—and He Wants JPMorgan to Get In on It
Jamie Dimon says Wall Street's hottest trend is a recipe for a financial crisis, but he's investing billions to get in on it anyway. His plan: swoop in strategically and profit if there's a meltdown. In the ballroom of the swanky Loews Hotel in Miami Beach, Dimon got on stage in front of hundreds of clients in February to talk about the boom in unregulated lending to highly indebted companies. This fast-growing market has been sidelining big banks for years, and JPMorgan Chase's JPM -0.46%decrease; red down pointing triangle chief executive said it reminded him of the craze in subprime mortgages that sparked the 2008 financial crisis.
