Latest news with #JaneFraser
Yahoo
10 hours ago
- Business
- Yahoo
Wall Street's plans for stablecoin, from Goldman to JPMorgan
The GENIUS Act, aimed at regulating digital currency, could allow banks to issue stablecoins. Bank CEOs discussed launching stablecoin products during second-quarter earnings calls this week. Here's what Wall Street leaders like Jamie Dimon and Jane Fraser said about their firms' strategies. Stablecoin is officially entering the chat. Literally. A few years ago, cryptocurrency was a left-field niche that much of white-collar Wall Street avoided like the plague. Now, banks are racing to catch up. During second-quarter earnings calls, executives at five of the six largest US banks said they've either launched stablecoin products or have plans to do so. It's on the mind of investors and leaders alike because Congress just passed the GENIUS Act, the first federal law regulating digital currency. If signed by President Trump, it could open the door for traditional banks to issue stablecoin, which is a dollar-linked digital token that can be used to transfer money and make payments. The fact that leaders like Jamie Dimon and Jane Fraser are talking about it with analysts signals regulators that big banks are ready to embrace the tech — and reassures investors that CEOs are paying attention to potential cash-cow innovations. Some might say banks have little choice. Stablecoins enable people to transfer money without a bank or a money transfer — threatening a core bank function. As Dimon said on JPMorgan's earnings call: "I don't know why you'd want a stablecoin as opposed to just payment." BI compiled remarks on stablecoin from the earnings calls of Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, and Citi this week, including their respective plans around it. From simply "monitoring" the situation to touting the proprietary stablecoin their firm already launched, the responses varied. Jamie Dimon, JPMorgan Dimon signaled JPMorgan wants to be involved, but also expressed slight skepticism. The bank launched last month what they call "JPMD," a type of deposit token. "So, deposit token is effectively the same thing. You're moving money by token, you can pay interest. It's JPMorgan Deposit," he said. He quickly added that the bank will do both. "We're going to be involved in both JPMorgan Deposit coin and stablecoins to understand it, to be good at it." "These guys are very smart," he said, referring to the fintech creators. "They're trying to figure out a way to create bank accounts and get into payment systems and rewards programs. And we have to be cognizant of that. The way to be cognizant is to be involved." Jane Fraser, Citigroup Citi's Jane Fraser seemed the most enthusiastic and touted that they're already live with "Citi Token Services" in four indicated the bank's intention to be a leader in cross-border, real-time payments. "As a leading global bank in this space, we are laser-focused on innovations, which enable clients to access real-time 24/7 payments, clearing and settlement across borders and across currencies," she said. "We are looking at the issuance of a Citi stablecoin. But probably most importantly is the tokenized deposit space, where we're very active," she said, adding, "This is a good opportunity for us." David Solomon, Goldman Sachs CEO David Solomon said that Goldman has deployed employees to think through how they'll implement stablecoin, but didn't have an answer on what the company's product might look like. "We've got a very significant group of people at the firm that are really deeply focused on watching the evolution of this," he said, adding that the firm sees opportunities around funding and the easing of financial transactions. "It's early to say specifically where we're going to invest and exactly how this will play out, but we'll continue to keep you posted," he said, adding that there's "a heightened level of focus here inside the firm." Brian Moynihan, Bank of America Brian Moyihan, BofA's CEO, was more cautious in tone. He said the bank is preparing for stablecoin demand but awaiting clear legal guidance before moving further. "We're still trying to figure out how big or small it is," he said, adding "We're not seeing clients knocking on our door and saying, 'Please give me this right now.'" He said the bank has "partnerships" with stablecoin firms. "It will be a complex array — and hopefully not complex to the customer, frankly." Sharon Yeshaya, Morgan Stanley Morgan Stanley's CFO, Sharon Yeshaya, said the bank is evaluating the stablecoin space and that there is no active deployment or public-facing product yet. Their approach is cautious and observational right now. "We're actively discussing it. We're looking both at the landscape and the uses and the potential uses for our own client base," the CFO Sharon Yeshay said in the call. "But it really is a little early to tell, especially for the businesses that we run versus businesses that you might see from competitors on how stablecoin would necessarily play in." Read the original article on Business Insider
CNBC
15 hours ago
- Business
- CNBC
Nvidia and other stocks just became the most overbought names on Wall Street this week
Some stocks that have seen meaningful gains in recent days could be set to change course, a technical indicator shows. The S & P 500 ended Friday little changed , weighed down by trade policy concerns among investors after President Donald Trump reportedly called for more tariffs on the European Union. However, the broad market index posted a weekly gain of 0.6% as optimistic economic data and the latest slew of earnings results from names like Goldman Sachs and PepsiCo pushed the benchmark into the green for the period. CNBC Pro used its stock screener tool to identify the most overbought and oversold stocks this past week by measuring their 14-day relative strength index, or RSI. An RSI reading above 70 can suggest that a stock may be overbought and be poised for a downturn in the near term. On the flip side, an RSI below 30 could mean that a stock is oversold and be due for upside. Artificial intelligence darling Nvidia was one of the overbought names on Wall Street in the last week, recording an RSI of 80. Shares reached a new 52-week high Friday and posted a week-to-date gain of more than 4%. Most of that weekly gain came from the stock's performance on Tuesday, when it rose around 4% on the heels of the company saying that it plans to resume deliveries of its H20 general processing units to China "soon." Citigroup rounded out the overbought names this past week, with a 78.1 RSI. That stock gained nearly 8% over the week and has moved more than 47% higher in the last three months. On Tuesday, the firm's second-quarter results topped the Street's expectations on the top and bottom lines, and its net income grew 25% compared to the year-ago period. During a call with analysts, CEO Jane Fraser said that "volatility is going to, I suspect, be a feature not a bug of the new world order, and we will benefit from that." Lab equipment maker Waters Corp was among this week's oversold names, having an RSI of 26.2 and seeing a week-to-date plunge of more than 18%. That adds to its sizable losses in recent months, as the stock has fallen nearly 29% in the last six. Shares kicked off the week with a drop of almost 14% on Monday after the company said that it's going to buy a bioscience and diagnostics unit that was spun off from medical technology company Becton Dickinson for $17.5 billion. The deal is expected to close toward the end of the first quarter of 2026 . Animal health company Zoetis , which had an RSI of 27.7, was also an oversold name. The stock fell more than 4% over the week. Earlier this week, Leerink Partners downgraded Zoetis to market perform from outperform due to worries over the company's long-term growth trajectory. That's based on "rising competition in legacy categories" and a launch of its osteoarthritis treatment known as Librela that "appears to have lost momentum." Most analysts covering Zoetis are still bullish on it, however, as 14 out of 20 analysts have a strong buy or buy rating, per LSEG. The remaining six are neutral with a hold rating.
Business Insider
18 hours ago
- Business
- Business Insider
Wall Street's plans for stablecoin, from Goldman to JPMorgan
Stablecoin is officially entering the chat. Literally. A few years ago, cryptocurrency was a left-field niche that much of white-collar Wall Street avoided like the plague. Now, banks are racing to catch up. During second-quarter earnings calls, executives at five of the six largest US banks said they've either launched stablecoin products or have plans to do so. It's on the mind of investors and leaders alike because Congress just passed the GENIUS Act, the first federal law regulating digital currency. If signed by President Trump, it could open the door for traditional banks to issue stablecoin, which is a dollar-linked digital token that can be used to transfer money and make payments. The fact that leaders like Jamie Dimon and Jane Fraser are talking about it with analysts signals regulators that big banks are ready to embrace the tech — and reassures investors that CEOs are paying attention to potential cash-cow innovations. Some might say banks have little choice. Stablecoins enable people to transfer money without a bank or a money transfer — threatening a core bank function. As Dimon said on JPMorgan's earnings call: "I don't know why you'd want a stablecoin as opposed to just payment." BI compiled remarks on stablecoin from the earnings calls of Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, and Citi this week, including their respective plans around it. From simply "monitoring" the situation to touting the proprietary stablecoin their firm already launched, the responses varied. Jamie Dimon, JPMorgan Dimon signaled JPMorgan wants to be involved, but also expressed slight skepticism. The bank launched last month what they call " JPMD," a type of deposit token. "So, deposit token is effectively the same thing. You're moving money by token, you can pay interest. It's JPMorgan Deposit," he said. He quickly added that the bank will do both. "We're going to be involved in both JPMorgan Deposit coin and stablecoins to understand it, to be good at it." "These guys are very smart," he said, referring to the fintech creators. "They're trying to figure out a way to create bank accounts and get into payment systems and rewards programs. And we have to be cognizant of that. The way to be cognizant is to be involved." Jane Fraser, Citigroup Citi's Jane Fraser seemed the most enthusiastic and touted that they're already live with "Citi Token Services" in four indicated the bank's intention to be a leader in cross-border, real-time payments. "As a leading global bank in this space, we are laser-focused on innovations, which enable clients to access real-time 24/7 payments, clearing and settlement across borders and across currencies," she said. "We are looking at the issuance of a Citi stablecoin. But probably most importantly is the tokenized deposit space, where we're very active," she said, adding, "This is a good opportunity for us." David Solomon, Goldman Sachs CEO David Solomon said that Goldman has deployed employees to think through how they'll implement stablecoin, but didn't have an answer on what the company's product might look like. "We've got a very significant group of people at the firm that are really deeply focused on watching the evolution of this," he said, adding that the firm sees opportunities around funding and the easing of financial transactions. "It's early to say specifically where we're going to invest and exactly how this will play out, but we'll continue to keep you posted," he said, adding that there's "a heightened level of focus here inside the firm." Brian Moynihan, Bank of America Brian Moyihan, BofA's CEO, was more cautious in tone. He said the bank is preparing for stablecoin demand but awaiting clear legal guidance before moving further. "We're still trying to figure out how big or small it is," he said, adding "We're not seeing clients knocking on our door and saying, 'Please give me this right now.'" He said the bank has "partnerships" with stablecoin firms. "It will be a complex array — and hopefully not complex to the customer, frankly." Sharon Yeshaya, Morgan Stanley Morgan Stanley's CFO, Sharon Yeshaya, said the bank is evaluating the stablecoin space and that there is no active deployment or public-facing product yet. Their approach is cautious and observational right now. "We're actively discussing it. We're looking both at the landscape and the uses and the potential uses for our own client base," the CFO Sharon Yeshay said in the call. "But it really is a little early to tell, especially for the businesses that we run versus businesses that you might see from competitors on how stablecoin would necessarily play in."
Bloomberg
3 days ago
- Business
- Bloomberg
Wall Street Signals Stablecoin Fightback as Crypto Bills Advance
In a rare public embrace of the once-shunned world of crypto, the heads of America's largest banks made one thing clear this week: stablecoins are no longer at the fringe of finance. On earnings calls, JPMorgan 's Jamie Dimon, Bank of America 's Brian Moynihan and Citigroup 's Jane Fraser each described the upstart 'digital dollar' as a potential threat to the banking industry's grip on payments — and signaled they're preparing to respond.
Yahoo
3 days ago
- Business
- Yahoo
Wall Street is coming to the Fed's defense
Some of the biggest names on Wall Street are getting louder about the importance of an independent Federal Reserve as the White House pressure on Jerome Powell intensifies. JPMorgan Chase (JPM) CEO Jamie Dimon, Bank of America (BAC) CEO Brian Moynihan, Citigroup (C) CEO Jane Fraser and Goldman Sachs (GS) CEO David Solomon all offering separate arguments this week about why it was so critical to financial markets for the central bank to operate autonomously. "Fed independence is very important, and it's something we should fight to preserve,' Solomon told CNBC Wednesday. The stability of the US 'is actually necessary and important to the whole world,' Moynihan added in a separate interview with CNBC Wednesday, and 'I think a stable Fed, an independent Fed, is key to that.' 'In a year, we'll have a new Fed chair, because that's the right of the president," he added, referring to the fact that Powell's term expires next May. "But I think if… the market would really look at a change prematurely as being something very different." Investors did in fact react negatively on Wednesday to multiple reports that Trump was close to firing Powell, with longer-term Treasury yields rising and the dollar dropping, before Trump told reporters that he was "not planning" to fire Powell. Trump left the door open to that possibility, however. "I don't rule out anything, but I think it's highly unlikely, unless he has to leave for fraud," he said. Citigroup's Fraser was among the other big bank executives to make her views known publicly this week. In a statement shared with Yahoo Finance, she said that 'the independence of the Federal Reserve drives its credibility. It is critical to the effectiveness of our capital markets and U.S. competitiveness.' But the CEO who first weighed in this week was JPMorgan's Dimon, someone with a lot of sway on Wall Street and in Washington. Trump in April acknowledged listening to Dimon before pulling back on his "Liberation Day" tariffs, which triggered widespread market chaos. Dimon told reporters Tuesday that the independence of the Federal Reserve is "absolutely critical" for Powell and whoever succeeds him as chairman of the central bank. "Playing around with the Fed can often have adverse consequences," Dimon said after JPMorgan reported its first quarter earnings, adding that it can produce "the absolute opposite of what may be hoping for." David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance. His email is Click here for in-depth analysis of the latest stock market news and events moving stock prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
