Latest news with #JPMorganChase
Kuwait Times
3 hours ago
- Business
- Kuwait Times
Banks tiptoe toward crypto, awaiting more green lights from US regulators
Banks seek more clarity around AML-crypto regulations NEW YORK: Big US banks are holding internal discussions about expanding into cryptocurrencies as they get stronger endorsements from regulators, but initial steps will be tentative, centering on pilot programs, partnerships or limited crypto trading, according to four industry executives. Wall Street giants that had been largely blocked from many crypto activities by strict regulations are poised to grow quickly. Yet the biggest lenders are still hesitant to be the first among rivals to expand too heavily into crypto in case they fall afoul of changing rules, said the four executives, who declined to be identified since they were discussing internal business plans. If a major firm expands without issues, others will be fast followers to run small-scale pilot projects and weigh other business prospects, the executives said. Jamie Dimon, CEO of the largest US bank, JPMorgan Chase, ruled out getting into custody - storing crypto assets for clients - or expanding significantly even if regulations ease. 'When I look at the bitcoin universe, the leverage in the system, the misuse in the system, the money laundering issues, trafficking, I'm not a fan of it,' Dimon, a longtime crypto skeptic, told investors last week. 'We're going to allow you to buy it, we're not going to custody it. ... I don't think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin,' he added. US President Donald Trump vowed to become the first 'crypto president' before he took office. He has since wooed the industry's elite at the White House, promised to boost the adoption of digital assets and said he aims to create a strategic bitcoin reserve. While there are welcoming signs, banks are seeking even clearer guidelines from the government clarifying what they can do in crypto, more than half a dozen industry executives said. 'The shift in the stance is encouraging for traditional lenders, but they are still approaching it with caution and viewing the changes in regulation as an opportunity to engage and not a free pass,' said Dario de Martino, A&O Shearman M&A partner who works on crypto-related issues. Custody businesses to store and manage crypto assets are promising, bankers and executives said, but they have thin margins and potentially pose high risks. Most banks are likely to enter custody businesses through partnerships with existing crypto firms, sources said. Charles Schwab CEO Rick Wurster told Reuters earlier this month that the traffic lights from financial regulators were flashing 'pretty green' for large firms to grow in crypto. The signals have reinforced Schwab's plans to offer spot crypto trading within a year, he said. New regulators under Trump have also signaled more bank-friendly crypto policies. The US Office of the Comptroller of the Currency paved the way for lenders to engage in some crypto activities, such as custody, some stablecoin activities and participation in distributed ledger networks. The Securities and Exchange Commission also scrapped earlier accounting guidance that made it expensive for banks to deal in crypto. Bank of America could launch stablecoins, its CEO Brian Moynihan said earlier this year, and the US banking industry will embrace cryptocurrencies for payments if regulations permit them. Meanwhile, Morgan Stanley MS.N wants to work with regulators to see how it can be a middleman for crypto-related transactions, CEO Ted Pick said earlier this year. The lender is also exploring adding crypto to its e-trade platform, a source said. Some of the large banks are also exploring issuing a joint stablecoin, with the conversations in initial stages, another banking source said. Big banks seek more clarity around anti-money laundering rules and supervision before diving deeper into crypto. They are also asking for consistent guidelines across banking and market regulators before launching new businesses in digital assets, whose values are volatile. For now, banks are weighing their crypto prospects and running small-scale pilot programs. 'While a much-improved environment, banks will continue to have concerns around anti-money laundering and regulatory compliance,' said Matthew Biben, co-head of the global financial services group at law firm King & Spalding. Shifting landscape Banks want to understand if they can engage in crypto lending, or if they are allowed to become market makers for digital assets, one of the banking sources said. The rules for traditional banking businesses are very well defined and there is complete clarity over what a bank is allowed to do and what is outside their ambit, similar well-defined guidelines are needed for digital assets too. The working group on crypto under David Sacks, the Trump-appointed crypto czar, has no representation from banking regulators, which needs to be amended if the big banks are allowed to play any meaningful role in the business, two banking sources said. - Reuters
Yahoo
9 hours ago
- Business
- Yahoo
JPMorgan is expanding an initiative to woo more wealthy clients
JPMorgan Chase is opening 14 new financial centers specifically to serve wealthy clients. The bank is attempting to woo more rich clients with higher levels of service and personalization. The offices are in locations such as Palm Beach, Florida, and on Manhattan's Madison Avenue. JPMorgan Chase is doubling down on plans to woo wealthier clients by opening 14 new financial centers. The New York-headquartered global bank previously ran two similar centers in the United States — one in New York City and one in San Francisco. The new locations are set to open in four states — California, Florida, Massachusetts, and New York — including one in Palm Beach, Florida, and one on Manhattan's Madison Avenue. These office-based branches were first acquired when JPMorgan took over the commercial bank and wealth management services provider First Republic in 2023. The move is part of the financial services firm's mission to cater to its affluent clients and attract more of America's millionaires. By the end of 2026, it plans to have 31 such centers. While JPMorgan leads the way in deposits and assets compared with Wall Street's biggest banks, competitors have a larger share of wealth management. "Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase," Jennifer Roberts, the CEO of consumer banking at Chase, said in a statement. "These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care." Customers who hope to join the program need to have $750,000 in deposits and investments. Services available to clients include personalized attention from a banker and a team of experts in personal banking, business banking, lending, and planning, and JPMorgan wealth management advisors. Each brick-and-mortar office is led by a "relationship manager." For those who don't live close to one of the financial centers, they'll be able to access the same services through the relationship managers, who are also meant to support remote members. In 2024, Chase opened more than 150 banks as part of its goal to open 500 new locations by the end of 2027. Read the original article on Business Insider Sign in to access your portfolio
Yahoo
9 hours ago
- Business
- Yahoo
JPMorgan is expanding an initiative to woo more wealthy clients
JPMorgan Chase is opening 14 new financial centers specifically to serve wealthy clients. The bank is attempting to woo more rich clients with higher levels of service and personalization. The offices are in locations such as Palm Beach, Florida, and on Manhattan's Madison Avenue. JPMorgan Chase is doubling down on plans to woo wealthier clients by opening 14 new financial centers. The New York-headquartered global bank previously ran two similar centers in the United States — one in New York City and one in San Francisco. The new locations are set to open in four states — California, Florida, Massachusetts, and New York — including one in Palm Beach, Florida, and one on Manhattan's Madison Avenue. These office-based branches were first acquired when JPMorgan took over the commercial bank and wealth management services provider First Republic in 2023. The move is part of the financial services firm's mission to cater to its affluent clients and attract more of America's millionaires. By the end of 2026, it plans to have 31 such centers. While JPMorgan leads the way in deposits and assets compared with Wall Street's biggest banks, competitors have a larger share of wealth management. "Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase," Jennifer Roberts, the CEO of consumer banking at Chase, said in a statement. "These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care." Customers who hope to join the program need to have $750,000 in deposits and investments. Services available to clients include personalized attention from a banker and a team of experts in personal banking, business banking, lending, and planning, and JPMorgan wealth management advisors. Each brick-and-mortar office is led by a "relationship manager." For those who don't live close to one of the financial centers, they'll be able to access the same services through the relationship managers, who are also meant to support remote members. In 2024, Chase opened more than 150 banks as part of its goal to open 500 new locations by the end of 2027. Read the original article on Business Insider
Time of India
14 hours ago
- Business
- Time of India
Frustrated with Trump's U.S. policy, Greenland rethinks investment alliances and considers China as an alternative
Greenland seems to be rethinking where it can get foreign investment, as the White House's foreign policy under US president Donald Trump's administration has led other countries to step away from ties with the United States and seek an alternative, as per a report. There are many reasons for countries like Greenland to reconsider their alliance with the US, like Trump's move to rename the Gulf of Mexico to the Gulf of America, threatening Canada will become the US' 51st state, making bids to bring Greenland under the US' control and the tariff trade war with its trading countries, as per Fortune. America First or America Alone? JPMorgan Chase CEO Jamie Dimon has even questioned if Trump's 'America First' policy may end up as 'America alone', reported Fortune. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like O carro de Paolla Oliveira choca o mundo inteiro, a prova em fotos! 33 Bridges Undo According to Fortune, one of the main concerns is that America's economic and military allies may go against the United States and instead consider going to another foreign powerhouse like China for support. ALSO READ: GameStop surges as meme stock darling dives into crypto with $500 million Bitcoin purchase spree Live Events Greenland's Call for Diverse Investment Partners During an interview with Financial Times, Greenland's minister for business and mineral resources, Naaja Nathanielsen said, 'We want to develop our business sector and diversify it, and that requires investments from outside,' as quoted in the report. In the interview, when Nathanielsen was asked if that might include working with China, she responded, saying, 'We do want to partner up with European and American partners. But if they don't show up I think we need to look elsewhere,' quoted Fortune. ALSO READ: Big Nvidia earnings drop today — will the stock soar or sink? Traders weigh in Greenland's Mixed Feelings on US Engagement She also pointed out that, 'We sort of hoped that the Trump administration would be more willing to engage in dialogue with Greenland about the mineral sector development. We got a bit more than we asked for because we have no wish to be American,' as quoted in the report. The minister added that the US president's remarks about getting Greenland into America are 'disrespectful and distasteful,' reported Fortune. FAQs Why is Greenland reconsidering its investment partners? Due to uncertainty and frustration with US policies under President Trump, Greenland is looking at alternative options for investment. Is Greenland open to working with China? Yes, Greenland is open to considering China if traditional partners don't step up with investment.
Finextra
15 hours ago
- Business
- Finextra
JPMorgan Chase oepns new format branches to cater for affluent customers
JPMorganChase today announced it is expanding its affluent banking offering by opening 14 new J.P. Morgan Financial Centers across four states, bringing a uniquely tailored and high-touch experience to millions of potential clients. 0 JPMorganChase leaders will officially open the new centers this week in California, Florida, Massachusetts and New York in local ribbon-cutting ceremonies. Combined with the two J.P. Morgan Financial Centers that opened in late 2024, the firm has a total of 16 locations, with plans to nearly double that by the end of next year. 'Through these Financial Centers, we are redefining how affluent clients are served, offering a highly personalized level of service that is backed by the global capabilities of JPMorganChase,' said Jennifer Roberts, CEO of Chase Consumer Banking. J.P. Morgan Financial Centers are the newest branch format from the nation's largest bank, thoughtfully designed to cater to the needs of affluent clients. Each location features private meeting spaces and distinctive finishes, creating an environment of privacy, sophistication and comfort. Clients who qualify for the J.P. Morgan Private Client offering will benefit from personalized support from a dedicated Senior Private Client Banker who brings the full breadth of JPMorganChase's expertise and extensive banking and wealth management offerings to each and every relationship. 'When we meet with clients, they consistently say they want a relationship that spans across banking, lending and investments, and provides a seamless experience as they navigate the complexities of managing and growing wealth,' Roberts said. 'These new Financial Centers offer a highly personalized service model, providing greater flexibility to meet clients' needs with exceptional attention and care.' A New Standard in Affluent Banking JPMorganChase has been steadily expanding its affluent offering to help clients build better futures for themselves and their families by continuing to offer best-in-class services, products and benefits, based on relationship value. Chase Private Client is a relationship product designed for clients with $150,000 or more in qualifying deposit and investment balances. It is available in all 5,000 Chase branches nationwide. J.P. Morgan Private Client introduces the next level of affluent relationship offerings for clients with more than $750,000 in qualifying deposit and investment balances. Clients receive highly personalized attention from a dedicated banker and a seasoned team of experts across personal banking, business banking, lending and planning. This dedicated partnership includes J.P. Morgan Wealth Management advisors, who deliver industry-leading investment advice and solutions. J.P. Morgan Private Client services are available at the new Financial Centers, and in 14 remote offices nationwide. The office-based model, inspired by First Republic, caters to clients who may find it difficult to meet in person. Each office is led by a Relationship Manager, providing a single point of contact with dedicated support. 'The power of our coverage model means we can serve affluent clients according to their personal preferences,' said Stevie Baron, Head of Affluent Banking. 'Clients can visit a Financial Center, or work with a Relationship Manager in one of our office locations, if that is more convenient. We're excited to expand this new service model across our Financial Centers and remote offices to deliver highly personalized care and full access to the capabilities that JPMorganChase can offer in service of our clients' ambitions for their wealth and legacies.' New Financial Centers Located in Prominent Locations The new Financial Centers are primarily former First Republic locations that were acquired in May 2023. They include some of the most prominent locations in America, including Palm Beach, Florida; Napa, California; Madison Avenue, New York; and Cambridge, Massachusetts. Clients without a nearby Financial Center can still access all the benefits of a J.P. Morgan Private Client relationship through Relationship Managers in offices designed to support clients remotely. To learn more and access a list of J.P. Morgan Financial Center locations, please visit JPMorganChase Tailors its Branch Network to Meet Client Needs Chase branches operate in several different formats, depending on the specific needs of clients and the community. Some locations include meeting rooms and private spaces for personal conversations, while high-volume, full-service branches feature multiple transaction windows. Chase also operates 19 Community Centers across the country as part of an overall effort to expand access to banking, tools and advice to people who might not otherwise have access to them. These Community Centers are part of Chase's community-inspired branch network, which includes 300 locations in underserved areas. 'We firmly believe that our strategy of an extensive branch network, combined with great digital capabilities, and a team of experts who can advise customers on a variety of topics, leaves us uniquely positioned to be the primary financial partner for our customers today, tomorrow and for many years to come,' Roberts said. Chase has the largest branch network in the United States and is the only bank to have branches in all lower 48 states. Last year Chase opened more than 150 branches and is well on its way to meeting its goal of opening 500 new branches by the end of 2027.
