In what could be seen as a mea culpa for CEO Jamie Dimon's disparagement of bitcoin five months ago, the Wall Street megabank has released a big and relatively bullish report on cryptocurrencies.
JPM CEO is expected to remain at the bank for another five years; Michael DeVito had been serving on an interim basis since his predecessor was fired late last year.
Speculation has existed for awhile that JPMorgan Chase could be the first of the megabanks to name a woman chief executive, but the elevation of executives Daniel Pinto and Gordon Smith to co-presidents and co-COOs seemed to put them in the lead to succeed Jamie Dimon.
Some bankers spread the religion of this year's feel-good World Economic Forum, but others were more circumspect. The list of potential threats remains lengthy — including trade wars and the bursting of the bitcoin bubble — and all pose risks to banks and the economy.
Jamie Dimon said his bank could cut more than 4,000 jobs from its U.K. workforce if a suitable deal isn't reached in Britain's exit from the European Union.
SEC, CFTC heads say cyber markets “show little or no regard” for regulation; Dimon and Blankfein say president’s policies help the economy and their businesses.
It was the second-biggest package the 61-year-old billionaire banker has received since he became CEO in 2005, only trailing his $49.9 million of reported compensation for 2007.
The JPMorgan Chase CEO is rejecting arguments that banks are poised to loosen underwriting standards to win more mortgage business. He said what's needed to encourage banks to make more loans to borrowers with spotty credit files are changes to FHA rules and other policy fixes.
Jamie Dimon, the JPMorgan Chase chief executive officer who earlier called the cryptocurrency a "fraud," said Tuesday he wishes he hadn't dismissed the technology in such broad terms.
