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US facing economic ‘hurricane’ – JPMorgan

The boss of Wall Street giant JPMorgan Chase, Jamie Dimon, has warned investors that the US is facing an economic “hurricane” as the latest challenges posed by the Fed’s tightening monetary policy and the Ukraine-related crisis are unprecedented. “That hurricane is right out there down the road coming our way,” …

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JPMorgan issues US ‘wealth shock’ warning

US household wealth has fallen by at least $5 trillion so far this year amid an intense market selloff, according to a JPMorgan Chase note seen by Bloomberg. The losses could amount to $9 trillion by year-end, it estimated. According to the report, US billionaires are the biggest losers in …

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Russian economy stronger than expected – JPMorgan

Russia’s economy is coping better with Ukraine-related Western sanctions than could be expected, JPMorgan Chase said in a note to clients dated last week and made public on Monday. According to the biggest US investment bank, business sentiment surveys from the country “are signaling a not very deep recession in …

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JPMorgan issues crude warning to EU

The price of oil could soar if the European Union abruptly bans Russian crude from its energy markets, JPMorgan said on Tuesday in a note seen by Business Insider. According to the investment bank, a full and immediate embargo would displace four million barrels of Russian oil per day, sending …

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JPMorgan profits crash

JPMorgan Chase said on Wednesday its first-quarter profit has dropped by 42% from last year, partly because the bank wrote down nearly $1.5 billion in assets due to higher inflation and the winding down of business in Russia amid the conflict in Ukraine. The bank, the largest in the US …

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JPMorgan leaps into metaverse

JPMorgan Chase announced on Tuesday the opening of a lounge in the Decentraland virtual world, becoming the first bank to arrive in the metaverse. According to the Wall Street bank, the metaverse has a market opportunity of $1 trillion in yearly revenue, as creators tap Web3 to monetize their work …

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Musk issues ‘final warning’ to JPMorgan

“If JPM doesn’t withdraw their lawsuit, I will give them a one-star review on Yelp,” Musk said in response to requests for comment from The Wall Street Journal. He added: “This is my final warning!” The lawsuit centers on a dispute over how JPMorgan re-priced its Tesla warrants as a …

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