Jennifer Piepszak, JPMorgan's chief financial officer, said the largest U.S. bank planned to borrow funds through the Federal Reserve's emergency lending facility in an exercise designed to break the stigma attached to that program.
They’ve long used their marketing muscle to wrest deposit share from smaller competitors. Now, amid growing concerns that the economy is weakening, they could be benefiting from consumers’ flight to safety.
The likelihood of Fed rate cuts is causing banks to plan for less net interest income, but it would be a mistake for JPMorgan to back off its move into new markets and tech investments, Jamie Dimon says.
