Attorneys representing the victims of convicted sex offender Jeffrey Epstein have filed a notice in a Manhattan court, providing new details in what is a $290 million settlement with JPMorgan Chase to resolve a lawsuit. The notice of settlement (pdf) was filed late Thursday in Manhattan federal court and covers women who were sexually abused…
New Details Emerge of JPMorgan’s $290 Million Settlement With Epstein Victims
JPMorgan Flags Some Signs of Emerging De-dollarization
LONDON -Signs of de-dollarisation are unfolding in the global economy, strategists at the biggest U.S. bank JPMorgan said on Monday, although the currency should maintain its long-held dominance for the foreseeable future. The strains of steep U.S. interest rate rises and sanctions that have frozen Russia out of the global banking system have seen a…
JPMorgan Shuttering 25 Percent of First Republic Bank Branches in 2023
JPMorgan Chase will shutter more than 20 First Republic branches by the end of this year, following its takeover of the failed bank, the company announced on June 1. First Republic has 84 branches across eight states, including California, Connecticut, and Florida, according to its official website. The upcoming closures make up roughly a quarter of its…
JPMorgan’s Jamie Dimon Denies Ever Meeting Longtime Bank Client, Convicted Sex Offender Jeffrey Epstein
The head of JPMorgan Chase, Jamie Dimon, has denied ever meeting Jeffrey Epstein and said he was unaware that the bank was conducting an internal investigation into its former relationship with the disgraced financier and convicted sex offender. Dimon made the remarks in a deposition in New York on May 26 for lawsuits filed by the…
First Republic Hit With 1,000 Job Cuts After California Bank Was Seized and Sold to JPMorgan
NEW YORK—About 1,000 employees of First Republic Bank are being let go about a month after it was seized by regulators and acquired by JP Morgan Chase. The vast majority of First Republic employees, roughly 7,200 before it ran into trouble, were offered jobs by JPMorgan, meaning that about 15 percent of the bank’s employees…
JPMorgan Expects $3 Billion Income Boost From First Republic Deal
NEW YORK—JPMorgan Chase & Co.’s net interest income would rise by $3 billion this year due to its purchase of failed First Republic Bank, according to a presentation published ahead of its investor day on Monday. The largest U.S. lender agreed to take into its books $173 billion of the failed bank’s loans, $30 billion…
Virgin Islands Subpoenas Documents From Elon Musk in JPMorgan, Jeffrey Epstein Lawsuit
The U.S. Virgin Islands has subpoenaed documents from Elon Musk, the billionaire owner of Twitter, Tesla, and SpaceX, as part of its case against JP Morgan, linked to the late financier Jeffrey Epstein and allegations of sex trafficking. The subpoena, filed in the U.S. District Court for the Southern District of New York, requests documents…
This Is a Bailout, Not a Market-Based Acquisition
Commentary The weekend brought us the news that JPMorgan bought the failing First Republic bank, with numbers that are truly mind-boggling and further shore up JPMorgan’s megabank status. For many readers, this came across as fancy high finance and nothing much to concern us, especially since the numbers are essentially incomprehensible to the regular person….
Risk of Debt Default Is ‘Non-Trivial,’ Warns JPMorgan
April 20, 2023
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Business & Marketsdebt ceilingdefaulteconomic policieseconomyJPMorganPolicies & ImpactsPoliticsUSUS News
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JPMorgan has warned that there’s a “non-trivial risk” of a default on U.S. government obligations as the debt-limit deadline looms with no agreement in sight. Analysts at the bank said in the Wednesday note that they expect the debate over the debt ceiling as well as the one on the federal funding bill to come…
JPMorgan Chase CEO Jamie Dimon Set to Be Deposed in Jeffrey Epstein Lawsuits
April 19, 2023
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Business & MarketsCompaniesCrime and IncidentsHuman TraffickingJamie DimonJeffrey EpsteinJes StaleyJPMorganJudiciaryPublic SafetyUS
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JPMorgan Chase CEO Jamie Dimon is set for deposition in Jeffrey Epstein sex-trafficking lawsuits. A federal judge instructed Dimon to set aside two days for questioning in litigation that accused America’s largest bank of knowingly benefiting from Jeffrey Epstein’s forced prostitution ring of underaged children. U.S. District Judge Jed Rakoff made the decision to allow…
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