Latest news with #JPMorganChase&Co.
Bloomberg
16 hours ago
- Business
- Bloomberg
CFPB Tells Judge It Plans to Rework Consumer Data Rights Rule
The US Consumer Financial Protection Bureau is having second thoughts about asking a federal judge to eliminate a Biden-era open-banking rule after proposed data access fees from JPMorgan Chase & Co. drew the ire of several Trump administration allies, including one of the president's sons. The agency requested the judge stay a lawsuit challenging the existing regulation in a filing on Tuesday, a change from its previous position that the entire rule was unlawful and must be vacated. Instead, the CFPB is planning to move ahead with crafting a new rule governing personal financial data rights without the existing rule being vacated, according to the filing in federal court in Lexington, Kentucky.
Business Wire
15-07-2025
- Business
- Business Wire
JPMorganChase Reports Second-Quarter 2025 Financial Results
NEW YORK--(BUSINESS WIRE)--JPMorgan Chase & Co. has released its second-quarter 2025 financial results. Results can be found at the Firm's Investor Relations website at JPMorgan Chase & Co. (NYSE: JPM) is a leading financial services firm based in the United States of America ('U.S.'), with operations worldwide. JPMorganChase had $4.6 trillion in assets and $357 billion in stockholders' equity as of June 30, 2025. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. Under the J.P. Morgan and Chase brands, the Firm serves millions of customers in the U.S., and many of the world's most prominent corporate, institutional and government clients globally. Information about JPMorgan Chase & Co. is available at
Yahoo
14-07-2025
- Business
- Yahoo
Morgan Stanley Says Tax Bill, Earnings to Boost US Mega Caps
(Bloomberg) -- US mega caps are attractive as they're likely to be boosted by the fiscal spending bill as well as a robust earnings outlook, according to Morgan Stanley strategists. Why Did Cars Get So Hard to See Out Of? How German Cities Are Rethinking Women's Safety — With Taxis Philadelphia Reaches Pact With Workers to End Garbage Strike The team led by Michael Wilson said the tax bill is likely to be positive for cash flow, supporting the case for technology, communication services, health care and energy stocks, among others. Additionally, the sharp improvement in earnings revisions breadth — the number of analysts raising estimates minus those cutting forecasts — has lifted investor sentiment at a time of lingering trade uncertainty, Wilson said. He reiterated a preference for financials and industrials sectors, citing strong profit upgrades in recent weeks. 'The new tax bill is constructive for large cap indices as are strong EPS revisions,' Wilson wrote in a note. US stocks have rallied to record highs on bets that resilient economic growth would continue to boost corporate earnings. The $3.4 trillion fiscal package, which includes tax cuts, has also rekindled demand for American assets. That optimism faces a key test with big banks including JPMorgan Chase & Co. and Citigroup Inc. set to kick off the reporting season this week. Analysts expect S&P 500 firms to post a 2.5% increase in second-quarter earnings, the smallest since mid-2023, according to data compiled by Bloomberg Intelligence. Still, Wilson said analysts' views among sectors are more divergent, which 'should help to foster a strong stock-picking backdrop as we progress through the reporting season.' Meanwhile, the impact of President Donald Trump's trade war on profit margins and company guidance remains in focus. In his latest tariff ultimatum, Trump declared a 30% rate for Mexico and the European Union. Goldman Sachs strategist David Kostin said shrinking margins could reduce his forecast for a 7% increase in S&P 500 earnings per share for 2026. On the other hand, 'earnings growth next year will be greater than we forecast if companies continue to expand margins and the recent fiscal package helps boost revenue growth.' Wilson has remained largely bullish on the outlook for US stocks after ditching his pessimistic view in mid-2024. --With assistance from Jan-Patrick Barnert. (Updates with details on mega caps from the first paragraph) 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Trump's Cuts Are Making Federal Data Disappear Trade War? No Problem—If You Run a Trade School Soccer Players Are Being Seriously Overworked Will Trade War Make South India the Next Manufacturing Hub? ©2025 Bloomberg L.P. Sign in to access your portfolio
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Business Standard
13-07-2025
- Business
- Business Standard
Xi Jinping's price-war campaign creates a buzz in China's stock market
Investors are hopeful that a more coordinated policy response to tackle the drivers of deflation is on its way, though Beijing hasn't yet released any plan Bloomberg Bloomberg News For strategists at JPMorgan Chase & Co. and Goldman Sachs Group Inc. as well as money managers in Hong Kong and Singapore, an opaque term has suddenly emerged as the catchphrase for deciphering Chinese policy intentions and navigating the stock market. The term 'anti-involution' has cropped up in government documents over the past year, but gained prominence earlier this month when President Xi Jinping chaired a high-level meeting that pledged to regulate 'disorderly' price competition. It refers to efforts to root out China's industrial malaise, marked by cutthroat price wars and overcapacity that have hurt profitability in sectors ranging from solar, new energy vehicles to steel. Investors are hopeful that a more coordinated policy response to tackle the drivers of deflation is on its way, though Beijing hasn't yet released any plan. Analyst reports on the theme have flooded the market, while solar and steel stocks have rallied in July. Morgan Stanley strategists changed their preference to onshore shares from those in Hong Kong last week. 'One of the biggest issues that investors have investing in China is that of excessive competition,' said Min Lan Tan, head of the Asia Pacific chief investment office at UBS AG. 'It's actually a very positive development that top down the government is now recognizing it and directly saying that destructive competition has to stop. It's a powerful policy signal.' The Chinese term for involution, 内卷 (neijuan), literally means rolling inwards. In practice, it's used to describe a system of intense competition that yields little meaningful progress. Huge spending on building capacity has helped Chinese firms enhance their global standing. The nation's companies now dominate every step of the solar supply chain, while its EV makers have toppled Tesla's dominance. Yet, ending destructive competition has rarely been more important. Producer deflation is worsening, and trade tensions mean China can no longer unleash some of its overcapacity to other countries. 'With foreign markets closing off Chinese trade routes, part of the competition is forced to return to the domestic market,' said Jasmine Duan, senior investment strategist at RBC Wealth Management Asia. The campaign seems to be helping improve investor sentiment for the mainland market, where policy drivers have a stronger sway and industrial stocks have bigger weighting. The onshore CSI 300 Index has risen 2% so far in July, outperforming the Hang Seng China Enterprises Index after lagging it for most of the year. Solar stocks Xinjiang Daqo New Energy Co. and Tongwei Co. have advanced at least 19% this month. Liuzhou Iron & Steel Co Ltd. has surged more than 50% while Angang Steel Co. has gained about 16%. Glass, cement and chemicals shares have also jumped. It's still early stages but if the reforms pan out, 'there'll be consolidation in China and there'll be slightly better pricing and margins, and there'll be better valuation,' said Wendy Liu, head of China and Hong Kong equity strategist at JPMorgan. Sectors that are likely to benefit include autos, battery, solar, cement, steel, aluminum and chemicals, she said. To seasoned China watchers, the current rhetoric recalls the supply-side reforms of 2015-2018, when a government-led push to cut outdated capacity in sectors such as coal and steel helped drive up prices in the following years. This time, however, key differences may limit the campaign's effectiveness. A decade ago, oversupply was mostly concentrated in upstream and construction-related sectors. It's become more pervasive today, encompassing the most promising industries of solar, EV and battery to downstream consumer sectors such healthcare and food. That point is illustrated by the intensifying price war among technology giants listed in Hong Kong — China's private sector leaders. Shares in Meituan, Alibaba Group Holding Ltd. and Inc. have slumped more than 20% from their March highs as they jostle for delivery market expansion. 'This time the overcapacity is concentrated in industries mostly dominated by private firms, so the challenges are going to be greater than when SOEs ruled and could just buy up the private firms and shut them down,' said Li Shouqiang, a fund manager at Shenzhen JM Investment Management. Addressing the supply-demand imbalance will also require measures to reflate the economy by boosting consumption — a tall order the government has struggled to deliver on. For now, investors seem hopeful that a bigger supply-side reform is in the offing. Morgan Stanley strategists said sentiment has improved with the government's message, and added they now prefer A-shares over offshore ones. 'When senior policymakers change some policy tone, there should be some actionable items or something to follow through,' said Louisa Fok, China equity strategist with Bank of Singapore. It won't be a quick overnight fix, but it's 'definitely positive' that the government is aware of the problems, she added.
Mint
13-07-2025
- Business
- Mint
JPMorgan Tells Fintechs to Pay Up for Customer Data Access
(Bloomberg) -- JPMorgan Chase & Co. has told financial-technology companies that it will start charging fees amounting to hundreds of millions of dollars for access to their customers' bank account information – a move that threatens to upend the industry's business models. The largest US bank has sent pricing sheets to data aggregators — which connect banks and fintechs — outlining the new charges, according to people familiar with the matter. The fees vary depending on how companies use the information, with higher levies tied to payments-focused companies, the people said, asking not to be identified discussing private information. A representative for JPMorgan said the bank has invested significant resources in creating a valuable and secure system that protects consumer data. 'We've had productive conversations and are working with the entire ecosystem to ensure we're all making the necessary investments in the infrastructure that keeps our customers safe,' the spokesperson said in a statement. The fees — expected to take effect later this year depending on the fate of a Biden-era regulation — aren't final and could be negotiated. The charges would drastically reshape the business for fintech firms, which fundamentally rely on their access to customers' bank accounts. Payment platforms like PayPal Holdings Inc.'s Venmo, cryptocurrency wallets such as Coinbase Global Inc. and retail-trading brokerages like Robinhood Markets Inc. all use this data so customers can send, receive and trade money. Typically, the firms have been able to get it for free. Many fintechs access data using aggregators such as Plaid Inc. and MX, which provide the plumbing between fintechs and banks. The fees — which vary based on the use cases currently under discussion — could be passed from the aggregators to the fintechs and, ultimately, consumers. The aggregator firms have been in talks with JPMorgan about the charges, and those are constructive and ongoing, another person familiar with the matter said. There have been some concerns about the number of times aggregators request customer data, the person said. Shares of fintech firms and payments companies including Block Inc. and Affirm Holdings Inc. fell Friday on the news, with PayPal dropping as much as 6.5%. JPMorgan's move comes as the fate of a controversial data-sharing rule hangs in the balance. The open-banking measure, finalized in October by the Consumer Financial Protection Bureau, enables consumers to demand, download and transfer their highly-coveted data. It also requires banks to share that data with another lender or financial services provider for free. Proponents argue the rule enables customers to access a wider pool of financial services, fosters greater competition and boosts data security. But the banking industry, which immediately sued to block the measure, said the arrangements could stoke fraud and expose them to greater liability. Under Donald Trump, a much-stripped back CFPB has asked a federal judge to vacate the open-banking rule, leaving its future in question. That judge has authorized the Financial Technology Association, a trade group with members affected by the fees, to defend the rule. The issue has become contentious at times. PNC Financial Services Group Inc. sued Plaid in 2020 alleging it copied the look of PNC's login screen, misleading the bank's customers into providing Plaid with their login credentials. The firms resolved the legal battle with a customer-data sharing deal last year. JPMorgan Chief Executive Officer Jamie Dimon said in April that customers should know exactly what data is shared and how it is used. Third parties should pay for banking system access and be prevented from using the data beyond what was authorized, he said. His bank has no problem with data sharing, provided it's properly done, he wrote in his annual letter to shareholders. 'Third parties want full access to banks' customer data so they can exploit it for their own purposes and profits,' he said. 'Banks provide fantastic services, and it's time to defend ourselves – in the public realm or in court if need be.' Steve Boms, executive director of the Financial Data and Technology Association of North America, said JPMorgan's move exploits regulatory uncertainty 'to levy an arbitrary and punitive tax on competitive offerings.' He called it a 'blatant effort to curtail innovation and undermine a stronger American financial system.' JPMorgan's proposed fees in some cases would eclipse the revenue certain companies generate on a single transaction by as much as 1000%, one of the people familiar said. Lower-income customers may also be harmed by restricted access to payments and budgeting apps through fees, said David Silberman, a senior advisor to the Financial Health Network and a former top CFPB official. 'Consumers are getting a lot of value today by permissioning access to their financial data by trusted third parties,' Silberman said. (Updates with additional background, comments, throughout.) More stories like this are available on
